Verisk’s FAST Helps Pacific Life Launch New Variable Annuities, Increasing Speed to Market and Improving Customer Experience

Rhea-AI Summary

FAST, a Verisk business (Nasdaq: VRSK), has successfully launched a new variable annuity product for Pacific Life, supporting Registered Investment Advisors (RIAs). This integration will enhance Pacific Life's business administration and distribution capabilities, marking a significant step in its digital transformation. The partnership aims to speed up product innovation and increase market readiness. Verisk emphasizes its commitment to enabling insurers to rapidly introduce new products through its no-code platform, which enhances flexibility and streamlines operations.

Positive

• Successful launch of variable annuity product for Pacific Life, enhancing market competitiveness.
• Partnership facilitates rapid product innovation and increases speed to market.
• No-code platform empowers insurers to quickly configure and launch complex products.

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• None.

JERSEY CITY, N.J., March 18, 2021 (GLOBE NEWSWIRE) -- FAST, a Verisk (Nasdaq: VRSK) business, announced today that Pacific Life’s new variable annuity product, designed for Registered Investment Advisors (RIAs), is in production with FAST-hosted solutions. Seamlessly integrated into Pacific Life’s workflow, FAST’s solutions support Pacific Life’s new business, policy administration and distribution management capabilities. The launch marks an important milestone in Pacific Life’s digital transformation, which is focused on enabling greater product innovation, increasing speed to market for new products and processes, and expanding digital relationships with distributors and customers.

“FAST’s platform and partnership have been instrumental in expediting our digital transformation,” said Don Edstrom, AVP of Digital Transformation and Policy Administration within the Retirement Solutions Division at Pacific Life. “Its robust set of end-to-end platform capabilities and agile approach enabled us to increase our product design flexibility while significantly reducing our time to market. We have aggressive plans for additional variable and indexed annuities this year, while rapidly expanding capabilities to benefit our customers.”

Verisk is dedicated to helping insurers accelerate product introduction, streamline new business and policy administration to enhance the customer experience and support profitable growth. Using FAST’s no-code platform, insurers can rapidly configure and launch complex products to meet the needs of an evolving market.

“I am impressed with Pacific Life’s commitment to transforming its insurance ecosystem to deliver the greatest flexibility and experience for its distributors and policyholders,” said Tom Famularo, Managing Director and Co-Founder of Verisk’s FAST. “It is great to see how well our teams partnered together to achieve such a rapid and powerful milestone on its digital transformation.”

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 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.

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

FAQ

What is the significance of FAST's partnership with Pacific Life regarding the variable annuity product?

The partnership enables faster product innovation and enhances Pacific Life's distribution capabilities.

How does Verisk's no-code platform benefit insurers like Pacific Life?

It allows insurers to rapidly configure and launch complex products, increasing their market responsiveness.

When was the variable annuity product launched by Pacific Life with FAST solutions?

The product was launched on March 18, 2021.

What are the main objectives of Pacific Life's digital transformation?

The objectives include enhancing product innovation and increasing speed to market.