Verisk to Acquire FAST to Strengthen Its Data and Analytics Solutions in Life Insurance and Annuities
Verisk (Nasdaq:VRSK), a leading data analytics provider, has announced that it has signed a definitive agreement to acquire FAST, a leading software company for the life insurance and annuity industry. FAST offers a flexible policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth.
FAST, which stands for “Flexible Architecture, Simplified Technology,” provides a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy policy administration systems. FAST software, which is used by a wide range of life insurers, also provides a channel for Verisk to deliver its new innovative analytics to support straight-through underwriting.
The acquisition of FAST will extend Verisk’s offerings to the life insurance market as it builds a comprehensive suite of innovative solutions to support insurer modernization. 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 existing workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling.
To learn more about Verisk’s life insurance solutions, visit verisk.com/life. The purchase price is $193.5 million. The transaction is subject to the completion of customary closing conditions.
About FAST: FAST, which stands for “Flexible Architecture, Simplified Technology,” is a privately held company located in Iselin, N.J. 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. To learn more about FAST, visit www.fasttechnology.com
Source: Verisk Press Release