American Life Launches FAST Platform in “Record Time”
ISELIN, N.J.--(BUSINESS WIRE)--Nov 14, 2018--FAST announced today that American Life & Security Corp. (“American Life”) is in production with FAST Insurance Components for its first annuity product after an unprecedented 12-week implementation. This release includes modules for new business, policy administration, and distribution management and sets the stage for continuous optimization of FAST through ongoing agile releases. Additionally, American Life is the first FAST policy administration implementation to be hosted by FAST as part of a software as a service (SaaS) arrangement on the Amazon Web Services (AWS) platform.
American Life was able to exceed prior FAST implementation timelines by leveraging FAST’s out-of-the-box processing functionality, configurable product engine, easy integration capabilities, and a unique implementation methodology.
“From the beginning, FAST shared our objective to rapidly implement a robust policy administration system while minimizing costs,” said Michael Salem, Chairman of American Life and Co-CEO of Vespoint LLC, controlling entity of American Life. “While others considered our approach to be aggressive or unrealistic, it made perfect sense to FAST — and we succeeded. We are proud of the teams at American Life and FAST for this impressive accomplishment and we are excited about what this means for the future of our company.”
“American Life has done an incredible job leveraging FAST’s functionality and applying best practices that we’ve learned over many years of implementing policy administration and distribution management systems,” said Tom Famularo, CEO of FAST. “With our customers, the FAST team continues to shorten the time to implement core systems. The American Life implementation was done in ‘record time’ – two weeks quicker than our previous best.”
“We are extremely fortunate to have partnered with FAST,” added Justin Oliver, Enterprise Architect of American Life. “It is the best technology platform in the industry and their ability to quickly integrate into other systems and vendors is unmatched. Their relationship with Amazon Web Services enabled us to become a fully cloud-based insurance company overnight, reducing our fixed costs, securing our clients’ data behind the industry’s best protection, and providing a full disaster recovery solution we could not replicate even at a multiple of the cost.”
American Life and FAST will continue to expand the offering to include additional products and services to enhance the policyholder experiences in addition to supporting third-party blocks of business.
FAST, which stands for “Flexible Architecture, Simplified Technology,” is a privately-held company located in Iselin, NJ. FAST focuses on solving the challenges our financial services and insurance clients face as they seek to modernize their systems environments or completely replace legacy systems. Visit: www.fasttechnology.com
About American Life & Security Corp.
Founded in 1960, American Life is a life and annuity insurance company located in Lincoln, Nebraska. American Life addresses a market need in the life and annuity space for a technology-enabled, operationally-focused life and annuity carrier. American Life is a subsidiary of Midwest Holding Inc. (OTCQB:MDWT). Visit: www.american-life.com
About Vespoint LLC
Vespoint is a private insurance-focused investment, management and technology company founded by insurance and asset management veterans Michael Minnich and Michael Salem. Combining industry expertise with an innovative approach, Vespoint is uniquely positioned to take advantage of a rapidly changing insurance marketplace. Visit: www.vespointllc.com
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