Verisk’s FAST Ranked Top Life Insurance and Retirement Platform in ISG Provider Lens Report for Second Consecutive Year

Rhea-AI Summary

Verisk's FAST technology platform has been ranked the top life and retirement solution by Information Services Group for two consecutive years. FAST outperformed 20 competitors in competitive strength and portfolio attractiveness due to its predictable results and unique software. This scalable platform drives digital transformation for insurers, enhancing workflows from product development to claims. The platform's capabilities have been highlighted by industry analysts for its effectiveness and agility in life insurance and annuities.

Positive

• FAST ranked top among 20 evaluated life and retirement platforms.
• Recognized for its predictable results and unique software features.
• Scalable platform facilitating end-to-end digital transformation for insurers.
• Improves customer experience and underwriting efficiency.

Negative

• None.

JERSEY CITY, N.J., March 17, 2022 (GLOBE NEWSWIRE) -- Verisk’s FAST technology platform for life insurers and annuity providers has received top rankings from Information Services Group Inc. (ISG) for the second consecutive year based on the strength and breadth of its offering.

In competitive strength and portfolio attractiveness, FAST was ranked the best of 20 life and retirement (L&R) platforms evaluated in the ISG Provider Lens™ Insurance Platform Solutions 2021 report. Citing its data, analysis and secondary research, ISG noted the capacity for predictable and successful results from the easily upgradable FAST platform, backed by unique software and delivery and supported by the FAST team’s deep expertise.

FAST, which stands for Flexible Architecture, Simplified Technology, supplies a scalable platform to help insurers drive end-to-end digital transformation, from product development and launch to customer self-service, policy administration and claims. The platform also connects insurers to an ecosystem of Verisk data, analytics, claims tools and modeling. These solutions can help insurers accelerate the underwriting process from weeks to minutes and improve customer experience.

“With its differentiated product offerings, demonstrated capabilities and proven successes, FAST stands out in the L&R platforms space,” said Peggy Bresnick Kendler, ISG lead analyst, in the report.

“Technology leaders continue to affirm that FAST is a unique and powerful engine for digital transformation in life insurance, annuities and related lines of business,” said Tom Famularo, managing director of Verisk’s FAST. “Our goal is to provide an optimal solution for insurers and third-party administrators to support open and closed blocks of business on one efficient platform that empowers users to move with speed and agility.”

To support life insurers across the policy life cycle, Verisk has developed a suite of solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources. The solutions are designed to help 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 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 50th 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.

Attachment

• ISG Provider Lens Quadrant Study

FAQ

What did Verisk announce on March 17, 2022, regarding FAST?

On March 17, 2022, Verisk announced that its FAST technology platform was ranked the top life and retirement solution by Information Services Group for the second consecutive year.

How does FAST benefit life insurers?

FAST provides a scalable platform that helps life insurers accelerate underwriting processes, enhance customer experience, and drive digital transformation.

What factors contributed to FAST's top ranking?

FAST's top ranking was based on its competitive strength, portfolio attractiveness, predictable results, and unique software capabilities.

What is the relevance of Verisk's FAST technology for the insurance industry?

Verisk's FAST technology is significant for the insurance industry as it supports digital transformation, improves efficiency in workflows, and enhances customer service.

What does FAST stand for in Verisk's technology platform?

FAST stands for Flexible Architecture, Simplified Technology.