Data analytics provider Verisk have signed a definitive agreement to buy FAST, a software company for the life insurance and annuity industry, for $193.5m
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.
FAST is the company behind a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy policy administration systems.
Mark Anquillare, COO at Verisk, said the acquisition will enable the company extend its life insurance offerings as the company aims to “build a comprehensive suite of innovative solutions to support insurer modernization.”
The deal will also enable Verisk to use FAST’s software to deliver its new innovative analytics to support straight-through underwriting.
Anquillare added, “By working with FAST technology and its customers, we’ll be able to improve our predictive models and offer integrated data analytics to life insurers through an end-to-end workflow solution.”
Tom Famularo, CEO of FAST, seemed equally excited about the deal. “Verisk has become a leader in developing solutions that help insurers make critical decisions with increased speed and precision,” he said. “As part of Verisk, we’ll be able to enhance our software, expand our reach, and provide robust analytics to meet the rapidly changing needs of life insurers and their customers.”
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