FAST Recognized Again in Gartner Magic Quadrant™ Analysis
FAST, a Verisk Business, Recognized as Leader in North America Life Insurance Policy Administration Systems for Third Consecutive Year
JERSEY CITY, N.J. – September 3, 2020 – FAST, a Verisk business and leading software provider for the insurance and annuity industry, has been acknowledged again in the Gartner Magic Quadrant™, an analysis used by many companies to help evaluate technology providers. Specifically, FAST improved its position on the Quadrant's ability to execute axis compared to the previous year.
For the third consecutive year, FAST was recognized by Gartner in the August 2020 edition* as a Leader for life insurance policy administration systems in North America for its completeness of vision and ability to execute. FAST has been acknowledged in the Gartner Magic Quadrant for the past five years.
FAST, which stands for "Flexible Architecture, Simplified Technology," provides a scalable technology platform that life insurers can use to quickly enhance or replace their legacy policy administration systems.
"We believe this recognition from Gartner is a testament to the continuous improvements we're making to help life insurers thrive in a digital world," said Tom Famularo, managing director and founder of FAST. "At a time when many IT budgets are under pressure, more insurers are turning to us for scalable solutions that enable efficient and cost-effective policy administration."
Verisk, which acquired FAST in 2019, has created new underwriting solutions for life insurance that can be integrated into FAST software.
"FAST is relied on by many insurers as an integral platform for modernizing operations across the policy lifecycle," said Maroun Mourad, president of global underwriting at Verisk. "The FAST team's relentless focus on customer-centric solutions and extensive experience is helping us expand our presence and deliver a wide range of innovative tools to the life insurance market."
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 current 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.
* Gartner, Inc. "Magic Quadrant for Life Insurance Policy Administration Systems, North America," Richard Natale, Rajesh Narayan, 3 August 2020.
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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.
Edelman (for Verisk)