American Family Life Insurance Co., a provider of auto, homeowners, life, business and farm/ranch insurance, has selected FAST Insurance Components as its new business and policy administration system.
FAST Flexible Architecture, Simplified Technology was founded by the former leaders of NaviSys and will be initially deployed by American Family for a new life insurance product.
The insurer assessed FAST and other life policy administration service (PAS) offerings in search of a combination of life insurance functionality and configurability. During the course of the selection process, American Family said it put great value on having a flexible technical architecture.
“Increasingly, we see leading carriers investing in modern, configurable PAS platforms to enable innovation,” commented Tom Benton, a principal in the insurance practice at Novarica. “Companies like American Family that make the investments now should have a leg up on their competition in the future.”
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