Verisk Acquires Assets and Capabilities of 4C Solutions to Expand into Group Life Insurance Market

Rhea-AI Summary

Verisk (Nasdaq: VRSK) is acquiring assets from 4C Solutions to enhance its FAST platform, catering to group life insurance carriers. This expansion aims to accelerate digital transformation, addressing the evolving needs of insurers. The integration of 4C’s expertise will enable insurers to efficiently configure products, manage claims, and improve operational efficiency. FAST’s no-code technology promises implementation within months, enhancing customer experience in a sector reliant on outdated systems.

Positive

• Strategic acquisition of 4C Solutions to enhance FAST's capabilities in group life insurance.
• FAST's no-code solutions can be implemented within months, improving operational efficiency.
• Expansion into the group life market presents growth opportunities for Verisk.

Negative

• None.

Group insurers to enhance CX and efficiency by leveraging Verisk FAST’s flexible software, implementation expertise in life insurance with 4C’s experience in group life

JERSEY CITY, N.J., March 16, 2021 (GLOBE NEWSWIRE) -- Group life insurance carriers can now accelerate their digital transformations with the expansion of flexible, easy-to-implement technology from FAST, a Verisk (Nasdaq:VRSK) business. FAST, a leading software provider in individual life insurance, is acquiring assets and capabilities of 4C Solutions, a software advisory firm in group life insurance, to help insurers meet the rapidly changing coverage needs of companies and their employees.

4C's experienced staff, proven methodology and proprietary data architecture will help FAST serve the unmet needs of group life insurers and institutional annuity providers. Using FAST’s solutions, insurers can easily configure voluntary life and institutional annuity products, deliver straight-through processing, seamlessly update coverage and policy details and efficiently manage claims.

"Managing group life insurance can be a major challenge for insurers, many of whom rely on decades-old technology to help employees obtain the coverage they need," said Tom Famularo, managing director and co-founder of FAST. "The addition of 4C’s capabilities will help us serve the group life market. Our scalable, no-code solutions can be implemented in months and will provide group insurers with tools to improve operational efficiency and transform the customer experience."

"FAST has become a leader in transforming technology for the individual life insurance market, providing flexible, end-to-end software that's easy to configure," said Stacey Cheese, president and CEO of 4C Solutions. "We're excited to bring our experience to FAST and help the business expand into group life." 

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

About 4C Solutions
4C Solutions is a software advisory firm focused on the group life insurance industry. 4C – which stands for Character, Commitment, Collaboration, Creativity – delivers technology and innovation by accomplished experts averaging more than 20 years experience in the insurance industry.

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.

About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company's advanced technologies to manage risks, make better decisions and improve operating efficiency. The company's analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social and governance (ESG) matters. Celebrating its 50^th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook and YouTube.

Contact:
Brett Garrison
Verisk@Edelman.com
917-639-4903

FAQ

What is the significance of Verisk's acquisition of 4C Solutions for stock symbol VRSK?

The acquisition enhances Verisk's FAST platform, enabling it to serve group life insurance carriers more effectively and potentially increasing revenue.

How will FAST's technology impact group life insurers after the acquisition?

FAST's no-code technology will allow group life insurers to configure products and manage claims more efficiently, improving customer experience.

What are the expected benefits of the integration of 4C Solutions' capabilities into FAST?

The integration aims to provide advanced solutions tailored to the needs of group life insurers, enhancing operational efficiencies and addressing unmet market needs.

When was the acquisition of 4C Solutions by Verisk announced?

The acquisition was announced on March 16, 2021.