FAST to Replace Kansas City Life's Legacy Platforms with Simplified Product Configuration and Conversion Approach
Jersey City, NJ, Aug. 27, 2020 (GLOBE NEWSWIRE) -- FAST, a Verisk (Nasdaq:VRSK) business, announced today that Kansas City Life Insurance Company has licensed FAST software to replace its legacy platforms, streamline administration of its existing business, and enable the development of a new digital ecosystem for the future.
Kansas City Life plans to use FAST's software to replace its platforms for new business, policy administration, billing, claims, and distribution management. This replacement will include the use of FAST's data conversion tools and flexible product configuration to rapidly convert the in-force business of Kansas City Life to FAST's software.
"We chose FAST because we believe they can help enable growth opportunities, meet customer and agent expectations, improve digital relevancy, and reduce expenses with more efficient processes," said Phil Bixby, President of Kansas City Life Insurance Company. "FAST's ability to offer highly configurable software will help us get up to speed quickly, develop our digital ecosystem, and attain our goal of becoming 100% self-sufficient on the platform."
"We're happy that Kansas City Life has selected FAST to support its growing business and we're excited about their implementation and conversions plans," said Tom Famularo, managing director of FAST. "Our open platform will support the digital needs of Kansas City Life, and our software will help automate the company's end-to-end processes and reduce servicing costs."
Verisk, which acquired FAST in December, has developed a suite of solutions (http://verisk.com/life) 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.
About Kansas City Life Insurance Company
Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company's primary business is providing financial protection through the sale of life insurance and annuities. The Company operates in 49 states and the District of Columbia. For more information, please visit www.kclife.com (http://www.kclife.com).
About FAST
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 (http://www.fasttechnology.com).
About Verisk
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500 Index and the Nasdaq 100 Index. For more information, visit www.verisk.com (http://www.verisk.com).
Contact:
Joe Madden
Joseph.madden@verisk.com (mailto:Joseph.madden@verisk.com)
201 232-4486
Brett Garrison
Edelman (for FAST)
917-639-4903
Brett.Garrison@edelman.com (mailto:Brett.Garrison@edelman.com)
