Lincoln Heritage Life Goes Live with FAST’s eApp as First Step of Transformation Program

Rhea-AI Summary

Verisk (Nasdaq:VRSK) announced that Lincoln Heritage Life Insurance Company is now using FAST’s electronic Application (eApp) as part of a legacy transformation program. This eApp enhances efficiency for agents by allowing digital signatures and pre-filling of data, enabling them to focus on customer needs. FAST’s managing director noted that Lincoln Heritage will begin to see significant benefits from this implementation. This transformation aligns with Verisk's commitment to providing integrated solutions for life insurance, including analytics and automation.

Positive

• Lincoln Heritage is now using FAST's eApp, enhancing operational efficiency.
• The implementation is the first step in a broader legacy transformation program.
• Agents can focus more on customer interactions due to improved technology.

Negative

• None.

JERSEY CITY,  N.J., Oct. 14, 2020 (GLOBE NEWSWIRE) -- FAST, a Verisk (Nasdaq:VRSK) business, announced today that Lincoln Heritage Life Insurance Company, a leading provider of whole life insurance, is in production with FAST’s electronic Application (eApp).  The implementation is the first step in a multi-phase legacy transformation program at Lincoln Heritage, which will also include FAST’s distribution management and policy administration.

“While selecting a holistic insurance platform was important, we had an urgent need to provide a premium eApp capability to our valued agents,” said Matt Londen, senior vice president and CFO at Lincoln Heritage.  “Successfully implementing a state-of-the-art eApp capability, including digital signature and pre-filling of data, allows our agents to spend time talking about customers’ needs instead of filling out a form. We’ve already started the next phase of our transformation program and feel ideally positioned to meet the needs of both our agents and customers while adding more digital capabilities.”

“Lincoln Heritage has embraced our platform and methodology to address a critical need,” said Tom Famularo, managing director and founder of FAST. “While their legacy transformation plans are ambitious, they’ve already started to realize significant benefits. We couldn’t be happier to have helped Lincoln Heritage achieve their goals.”

To support life insurers across the policy life cycle, Verisk has developed a suite of interconnected solutions that apply advanced analytics, automation, and machine learning to existing and emerging data sources. The solutions, seamlessly integrated with the FAST platform, 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.

To learn more about Verisk's life insurance solutions, visit verisk.com/life.

About Lincoln Heritage Life Insurance Company
Founded by Jack Londen in 1963, Lincoln Heritage Life Insurance Company is the leading provider of agent-produced final expense life insurance in the U.S. with operations in 49 states.  More than one million policyholders depend on Lincoln Heritage Life Insurance Company to be by their sides in their times of need, and thousands of agents take pride knowing their hard work serves families in their communities. 

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 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 more than 30 countries and is a member of Standard & Poor’s S&P 500® Index and part of the Nasdaq 100 Index. In 2018 and 2019, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.

Media Contact:

Joseph Madden
Verisk Public Relations
401-965-4284
Joseph.Madden@verisk.com

Brett Garrison
Edelman (for FAST)
917-639-4903
brett.garrison@edelman.com

FAQ

What is the significance of Lincoln Heritage using FAST’s eApp?

The implementation of FAST's eApp streamlines the application process for agents, allowing them to focus on customer needs rather than paperwork.

How does the FAST eApp improve agent performance?

The FAST eApp includes features like digital signature and data pre-filling, significantly reducing time spent on forms.

What future plans does Lincoln Heritage have after implementing the eApp?

Lincoln Heritage plans to continue its legacy transformation with additional phases integrating more digital capabilities.

What role does Verisk play in the life insurance sector?

Verisk provides advanced analytics and integrated solutions, supporting insurers throughout the policy lifecycle.

When was the press release about Lincoln Heritage and FAST issued?

The press release was issued on October 14, 2020.