FAST is taking the risk out of insurance implementations by combining first-rate software with a new way of delivering it

Life insurance carriers must transform their businesses to compete in the new digital, intelligent world. Most industries have embraced digital technology and the leaders in the insurance industry are beginning to follow suit. They recognize that in just a few years, insurers will need business agility and product flexibility to remain competitive. They will need to be able to satisfy the needs and expectations of the next generation of customers by creating new products more quickly, offering lower pricing options, and creating a far better experience for customers. Insurers need to be prepared to react quickly to what the future holds. Unfortunately, technology constraints have prevented companies from making this transition because of the legacy, complexity, technical debt, and aging workforce. Historically, companies have “chipped away” at the edges by adding additional layers and more complexity. To truly get to the new digital world, insurers must have the right foundation in place with the right core systems. Flexible Architecture, Simplified Technology (FAST)is dedicated to removing barriers and creating opportunities for growth. FAST envisions insurance companies taking the lead again while also minimizing the risks inherent with changing platforms. We want to significantly accelerate innovation rather than stifle it.

Because of the uniqueness of the software and completely new way of delivering it, FAST is able to significantly reduce and shift the risk of implementing the software. FAST has proven to live up to the hype by cutting implementation times and costs by more than 75% with customers, realizing tangible benefits much faster. 

FAST is a privately held company located in Iselin, NJ, and was founded by the creators of NaviSys, an earlier life insurance software company. FAST is the insurance industry’s first complete suite of SOA-based business process driven software that aims at delivering end-to-end solutions for its customer. It’s software program is targeted at catering user-centered design to connect its customers, distribution and home office, real-time transactions and calculations, innovative product configuration tools, and business intelligence in a more flexible and limitless application.

Knocking on the company’s door

The founders of FAST recognized flaws in existing life insurance software and were driven to create a groundbreaking product to fill the chasm. The software serves dual purposes: quickly standing up new products and efficiently converting legacy products onto the FAST platform. We achieve this through ground-breaking product configuration tools that put control into the hands of people who understand the products the best. This coupled with pre-built business components (e.g. policy administration, distribution management, case management) allows for efficient stand up of new products and conversion of legacy products.“We offer a unique combination of software and expertise that enables us to be the alternative to large packaged software,” explained Tom Famularo, CEO and Founder of FAST.

“Our goal as a company is to make technology a tool for insurance companies not a burden.”

From the start, FAST’s philosophy was to create a solution that was simple and reduces complexity for insurance companies. FAST wanted to build software that both solves current customer roadblocks and puts customers in a position where they can quickly and easily react to unforeseen future market pressures. One of FAST’s recent clients stood up a new product in three months, illustrating the platform’s ease of configuration and efficiency in getting a product to market.

Beyond the horizon

As technology quickly advances, insurance companies that cling to legacy platforms will become obsolete. Legacy platforms don’t allow for easy or cost-effective innovation. To survive in the next generation of insurance, companies must be able to quickly and efficiently stand up new products. FAST is the software that will take insurance companies into the future by giving them the tools required to quickly pivot. “We see ourselves right in the center of the biggest technology revolution the industry has ever seen,” wraps up Tom Famularo.

Roll out the red carpet for the CEO/Founder

Tom Famularo has never been satisfied with surface level understanding and has always been driven to understand underlying mechanics. As a young child, he taught himself how to build video games, which sparked his passion for software and helped Tom develop a fundamental understanding of computers. In college, Tom landed his first IT job as a midnight mainframe operator. Within 3 months he automated most of his tasks so he could make better use of his time.

Tom’s passion for reducing inefficiency, coupled with his deep understanding of software, drove him to become head of Product Development at NaviSys, where he and his team built the leading life and annuity system.

Tom started FAST because he wanted to change how the industry implements and uses technology to prepare for the unknown, exciting future ahead.  At FAST, Tom has overall responsibility for the strategy and ongoing operations.

“We offer the only insurance software built in this generation – from the ground up – to seamlessly integrate with other business processes, and is adaptable to what comes next.”