Verisk to Acquire FAST to Strengthen Its Data and Analytics Solutions in Life Insurance and Annuities Market
December 04 2019 - 9:15AM
Verisk (Nasdaq:VRSK), a leading data analytics provider, announced
today it has signed a definitive agreement to acquire FAST, a
leading software company for the life insurance and annuity
industry. FAST offers a flexible policy administration system that
helps insurers accelerate underwriting and claims to enhance the
customer experience and support profitable growth.
“As customer expectations for a fast and easy insurance
experience rapidly increase, life insurers are being pressured to
modernize operations across the policy life cycle,” said Neil
Spector, president of ISO, a Verisk business. “But transitioning
from legacy solutions is a major investment in time and money. The
plug-and-play software that FAST has developed lets life insurers
make this transition in stages and without a large up-front capital
commitment.”
FAST, which stands for “Flexible Architecture, Simplified
Technology,” provides a SaaS suite of out-of-the-box components
that life insurers can use to quickly enhance or replace their
legacy policy administration systems. FAST software, which is used
by a wide range of life insurers, also provides a channel for
Verisk to deliver its new innovative analytics to support
straight-through underwriting.
“The acquisition of FAST will extend our offerings to the life
insurance market as we build a comprehensive suite of innovative
solutions to support insurer modernization,” said Mark Anquillare,
chief operating officer of Verisk. “By working with FAST technology
and its customers, we’ll be able to improve our predictive models
and offer integrated data analytics to life insurers through an
end-to-end workflow solution.”
“Verisk has become a leader in developing solutions that help
insurers make critical decisions with increased speed and
precision,” said Tom Famularo, CEO of FAST. “As part of Verisk,
we’ll be able to enhance our software, expand our reach, and
provide robust analytics to meet the rapidly changing needs of life
insurers and their customers.”
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 transform existing 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.
The purchase price is $193.5 million. The transaction is subject
to the completion of customary closing conditions.
About FAST FAST, which stands
for “Flexible Architecture, Simplified Technology,” is a privately
held company located in Iselin, N.J. FAST focuses on solving the
challenges our financial services and insurance clients face as
they seek to modernize their systems environments or completely
replace legacy systems. To learn more about FAST,
visit 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. In 2018, Forbes magazine named Verisk to
its World’s Best Employers list. For more information, please
visit www.verisk.com.
Contacts:
Investor Relations
Stacey Brodbar
Head of Investor Relations
Verisk
201-469-4327
IR@verisk.com
Media
Brett Garrison
Edelman (for Verisk)
917-639-4903
Brett.Garrison@edelman.com
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