FAST has announced that se2, a provider of end-to-end servicing for life and annuity processing, has licensed FAST Insurance Components to support its growing life insurance outsourcing business. The software is already in production at se2 and is processing policies for a variety of products including term life, whole life and interest-sensitive whole life.
“After assessing the product platforms on the market, we believed that the FAST product engine provided the agility and innovation that aligns with se2’s advanced technical architecture,” comments Brent Littleton, se2's CTO. “Because we provide independent SaaS-based solutions, in addition to an end-to-end platform, our systems have to be exceptionally flexible and readily support both the rapid conversion of complex blocks, as well as the speed necessary to be first to market with new product.”
Insurers increasingly want options as to how they can deploy a system, and the same goes for outsourcers or TPAs, implies Chad Hersh, managing director within Novarica's insurance practice. "Having options for hosted, SaaS, and BPO deployments makes sense for vendors not wanting to leave any piece of the pie on the plate," Hersh comments. "For a BPO provider, having a modern and flexible platform at their disposal can be a real differentiator as well.”
Rapid deployment is another important differentiator, suggests John Gorman, partner and COO, FAST. "At se2, we were able to configure over 100 plans and convert about 20,000 policies in less than five months," he notes. "That says a lot about the power of this partnership."