Verisk’s FAST Recognized as a Leader in 2021 Gartner® Magic Quadrant™ for Fourth Consecutive Year
FAST platform recognized for ability to execute and completeness of vision in North America Life Insurance Policy Administration Systems
JERSEY CITY, N.J. – August 12, 2021 – Verisk’s FAST platform for the insurance and annuity industry has been recognized for the fourth year in a row as a Leader in the Gartner Magic Quadrant report.
Gartner recognized Verisk’s FAST, in the August 2021 edition* as a Leader for Individual and Group Life Insurance Policy Administration Systems in North America. Gartner has recognized FAST in this Magic Quadrant report for the past six years.
FAST, which stands for “Flexible Architecture, Simplified Technology,” provides a scalable technology platform that life insurers can use to help enhance or replace their legacy policy administration systems quickly. Since its acquisition by Verisk in 2019, FAST has continued to build seamless integration that allows processes, decisions and consumer experiences to be driven by data and analytics.
“Once again, ongoing innovation from Verisk’s FAST team, including our growing capability in the group space, is capturing the industry’s attention. We’re grateful to Gartner for continuing to recognize our efforts to help life insurers accelerate their digital transformation agendas,” said Tom Famularo, managing director and founder of Verisk’s FAST. “Our customers’ successes propel our success, and we thank them for helping us continue to learn, adapt and get better. The result is scalable solutions that help automate processes, improve digital engagement with the marketplace, accelerate product development and control expenses.”
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.
“Many life insurers are pushing end-to-end modernization forward with help from Verisk’s FAST platform,” said Maroun Mourad, president of global underwriting at Verisk. “Our customer-focused team is by their side throughout with a deep bench of creative and experienced professionals who are helping us grow in the life market.”
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, 10 August 2021.
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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.
Ali Krueger Herbert