Reliance Standard Life Insurance Co. has licensed FAST Insurance Components’ policy administration and distribution management applications for its annuity business. The applications are being implemented as part of a modernization initiative that includes improvements in technology, process and service delivery.
“Our goal with this initiative is to implement a modern platform that will enable growth and innovation in Reliance Standard’s business for years to come, so we were laser focused on finding the right partner,” said Dan Falkenstein, SVP and CIO of Reliance Standard. “Naturally, functionality and architecture were key factors in making the selection, but we also put a lot of emphasis on the people we would be working with. In this regard FAST emerged as an ideal partner during our assessment process.”
Reliance Standard specializes in employee benefits, including disability income and group term life insurance and a suite of employee paid coverage options.
“Historically, carriers have been reluctant to move to a more modern technology platform because of the inherent cost and risk. However, modern technology, agile implementation processes and increased business demands are changing the balance in favor of carriers taking on these challenges. It’s exciting to see carriers truly transforming their business and underlying technology,” said Tom Scales, research director in the insurance practice at Celent.
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