Verisk to Acquire FAST to Strengthen Its Data and Analytics Solutions in Life Insurance and Annuities Market
JERSEY CITY, N.J., December 4, 2019 — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today it has signed a definitive agreement to acquire FAST, a leading software company for the life insurance and annuity industry. FAST offers a flexible policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth.
“As customer expectations for a fast and easy insurance experience rapidly increase, life insurers are being pressured to modernize operations across the policy life cycle,” said Neil Spector, president of ISO, a Verisk business. “But transitioning from legacy solutions is a major investment in time and money. The plug-and-play software that FAST has developed lets life insurers make this transition in stages and without a large up-front capital commitment.”
FAST, which stands for “Flexible Architecture, Simplified Technology,” provides a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy policy administration systems. FAST software, which is used by a wide range of life insurers, also provides a channel for Verisk to deliver its new innovative analytics to support straight-through underwriting.
“The acquisition of FAST will extend our offerings to the life insurance market as we build a comprehensive suite of innovative solutions to support insurer modernization,” said Mark Anquillare, chief operating officer of Verisk. “By working with FAST technology and its customers, we’ll be able to improve our predictive models and offer integrated data analytics to life insurers through an end-to-end workflow solution.”
“Verisk has become a leader in developing solutions that help insurers make critical decisions with increased speed and precision,” said Tom Famularo, CEO of FAST. “As part of Verisk, we’ll be able to enhance our software, expand our reach, and provide robust analytics to meet the rapidly changing needs of life insurers and their customers.”
To support life insurers across the policy life cycle, Verisk has developed a suite of solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. The solutions are designed to transform existing workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling. To learn more about Verisk’s life insurance solutions, visit verisk.com/life.
The purchase price is $193.5 million. The transaction is subject to the completion of customary closing conditions.
FAST, which stands for “Flexible Architecture, Simplified Technology,” is a Verisk (Nasdaq:VRSK) business and a leading provider of end-to-end software for the life insurance and annuity markets. FAST, located in Iselin, N.J., provides a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy systems. To learn more about FAST, visit www.fasttechnology.com.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.