Life Insurance
Customer Success
Our customers challenge the status quo
More than 30 insurance customers have begun their core systems transformation into a digital future with crucial help from the flexible business model of Verisk’s FAST technology platform. We strive to reduce implementation risks and bet on our customer’s success through a “win‑win” relationship.
Here’s what’s possible (because our customers have done it)
Customers have reduced the risk of implementation time and cost to a small fraction of traditional models by using Verisk’s FAST technology. They benefit from the FAST version of “Moore’s Law”—striving to consistently and dramatically reduce the time and cost of implementation through better software and processes.
The result: Tangible results for today and stronger positioning for the future.
A new strategic life platform in less than 4 months
A new strategic life platform in less than 4 months
An insurer opened a new direct-to-consumer channel with straight-through processing that spans the buying experience, underwriting, policy administration, and claims while creating the platform of the future. Powered by the rapid testing and learning capabilities of FAST technology, the insurer reported it was able to try different product concepts more efficiently.
Project duration: 14 weeks
Operational efficiency and flexibility for distribution
Operational efficiency and flexibility for distribution
After consolidating four distribution management systems, a customer converted legacy policy administration for all annuities leveraging DTCC. At the same time, streamlined new business, PAS, and distribution management allowed the insurer to double its business while adding just one operations staff member.
Project duration: 9 months
It made sense at this point to take advantage of FAST and its ability to handle both our past workload and expected future volumes. The system has exceeded expectations for batch processing performance and has allowed us to better serve our agents and policy holders without adding additional staff. It has also allowed us to sunset our legacy system and use one contemporary platform to manage our annuity business out into the future.
- Dave Whitehead
- Senior Vice President of Reliance Standard Life Retirement Insurance Services
Speed to market sets a new bar for growth
Speed to market sets a new bar for growth
A carrier was able to beat all growth projections for fixed and indexed annuities as it added nine products in the first 18 months after a FAST technology implementation for new business, PAS, and distribution management.
Project duration: 3 months
Up and running in record time
Up and running in record time
After consolidating four distribution management systems, a customer converted legacy policy administration for all annuities leveraging DTCC. At the same time, streamlined new business, PAS, and distribution management allowed the insurer to double its business while adding just one operations staff member.
Project duration: Less than 3 months
In selecting a technology partner, we were keenly focused on finding a digital platform that would improve the customer experience and reduce operating costs. FAST’s SaaS offering allows us to accomplish our objectives, while also enabling a rapid implementation that gets us into the market quickly.
- Michael Salem
- Chairman of American Life and Co-CEO of Vespoint, LLC
Top-tier carrier rapidly reaches scale for annuities
Top-tier carrier rapidly reaches scale for annuities
An annuity writer achieved end-to-end processing, integrated with more than 200 subsystems to provide scale for the business. A SAFE-powered implementation and effective training put worldwide delivery centers on the path to self-sufficiency with the FAST platform.
All this was achieved with no software modifications, unlike the significant new coding required with many other solutions. Such a project would typically take two or more years.
Project duration: 6 months
In selecting a core life system, we were keenly focused on the openness of the technical architecture and the ability to integrate to the broader ecosystem we are building as part of our digital initiative. We have an ambitious agenda, so it was important to find the most modern and flexible software components and partners out there.
- Andy Mudra
- Vice President at Amica Life
3-month BPO success for two new customers
3-month BPO success for two new customers
Two new top-tier insurance carriers connected policy administration into an ecosystem that allowed new products to launch.
Project duration: 3 months
A new cross-selling channel across life and property/casualty
A new cross-selling channel across life and property/casualty
A direct-to-consumer insurer integrated straight-through processing for term and whole life—across new business, underwriting, PAS and claims—into a crossline-of-business property/casualty customer portal. The result: A completely new channel for customer engagement.
Project duration: 7 months
We are extremely fortunate to have partnered with FAST. It is the best technology platform in the industry and their ability to quickly integrate into other systems and vendors is unmatched. Their relationship with Amazon Web Services enabled us to become a fully cloud-based insurance company overnight, reducing our fixed costs, securing our clients’ data behind the industry’s best protection, and providing a full disaster recovery solution we could not replicate even at a multiple of the cost.
- Justin Oliver
- Enterprise Architect of American Life
Five lines of business, one FAST platform conversion
Five lines of business, one FAST platform conversion
A life and annuity writer implemented a brand new policy administration system and converted all conventional and interest-sensitive whole life, term life, universal life, and fixed annuity products—on a timeline only Verisk’s could meet using FAST technology.
Project duration: 5 months
Consolidating 9 legacy PAS systems in 18 months
Consolidating 9 legacy PAS systems in 18 months
A customer converted PAS 350,000 life and annuity policies across all major lines of business, including an array of exceptionally complex legacy products.
Project duration: 18 months
In our current environment, far too much of our spending on digital initiatives is allocated to retrofitting our legacy systems. AAA Life selected FAST because its technical architecture and robust out-of-the-box functionality can allow us to reverse that equation and enable a digital transformation.
- Matt Scully
- Vice President and Chief Information Officer at AAA Life
News
Insurance Supermarket Leverages Agility of Verisk’s FAST Technology to Grow in U.S.
Insurance Supermarket International Inc. (ISI) is using Verisk’s FAST technology platform to help expand its presence in the U.S.
Read the press releaseVerisk Earns “Luminary” Status for Claims Fraud-Detection Solutions in Celent Reports
Verisk has been recognized by Celent as a “Luminary” for developing innovative solutions that help property/casualty and life insurers detect claims fraud.
Read the press releaseM Financial, Pacific Life Launch Life Insurance Product for High-Net-Worth Market with Verisk’s FAST Technology Platform
M Financial Group and Pacific Life have leveraged Verisk’s FAST platform to develop a new life insurance product
Read the press releaseVerisk Collaborates With Magnifact to Help Integrate Groundbreaking Data Analytics Solution for Life Insurance Distribution
Magnifact® is joining its award-winning insurance analytics capabilities with Verisk’s top-ranked FAST technology platform to help carriers and their distributors...
Read the press release