Catholic United Financial, a fraternal insurance organization, has gone live with FAST’s cloud-based insurance platform, supporting all L&A policies.
The insurer is using FAST’s software to replace and modernize its legacy systems. To that end, the vendor will manage Catholic United Financial's entire infrastructure on the cloud, which will reduce cost and risk, according to the companies.
“The cloud-based SaaS model is the logical next step for insurers who are looking to focus on their core competencies rather than maintaining an expensive internal IT organization,” said Tom Scales, research director in the insurance practice at Celent. “I expect we will see many more carriers adopting an approach like this in the near future.”
FAST’s platform supports a straight-through processing model that includes underwriting, electronic delivery of policies as well as electronic applications and signatures. In the second phase of the implementation, Catholic United Financial will convert all of its existing policies to digital and be able to deliver policy admin services.
“The FAST solution aligns nicely with our business objectives, primarily being to grow our membership,” said Mike Ahles, SVP and secretary/treasurer at Catholic United Financial. “As a fraternal benefit society, we had to make sure we selected the right partner and I am excited about the prospects for our business as we work with FAST.”
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