Verisk’s FAST Platform Powers Pacific Life’s Launch of Level-Premium Term Life Insurance Product
Verisk (Nasdaq:VRSK) announced today that Pacific Life’s level-premium term life insurance product, Pacific Elite Term, is in production with Verisk’s FAST platform for new business, policy administration and claims. The launch marks another important milestone in Pacific Life’s digital transformation, which is focused on continuing growth with digital capabilities that power distinctive customer experiences, operational excellence and data-driven decisions across Pacific Life.
Seamlessly integrated into Pacific Life’s workflow, the FAST platform supports Pacific Life’s full range of offerings—from today’s relatively simple term product launch to more complex products.
“Pacific Life has been a strong and stable provider of innovative financial solutions for more than 150 years,” said Wes Wright, CIO of the Life Insurance Division at Pacific Life. “With our implementation of the FAST platform, we take the next step in our digital transformation journey to simplify our product development cycle, enabling Pacific Life to continue its legacy of innovative and competitive life products designed to protect what matters most to our customers.”
Verisk is dedicated to helping insurers accelerate product introduction, streamlining new business and policy administration to enhance the customer experience and support profitable growth. Using FAST, which stands for Flexible Architecture, Simplified Technology, insurers can rapidly configure and launch complex products to help meet the needs of an evolving market on a no-code platform.
Leveraging FAST’s real-time, event driven architecture, Pacific Life independently configured most events and triggers required to integrate the platform into its ecosystem.
“Pacific Life embraced digital transformation of its insurance ecosystem in an impressive manner to deliver the highest flexibility and a superior experience for distributors and policyholders,” said Tom Famularo, managing director of Verisk’s FAST. “Many of our customers are empowered to implement FAST systems and we’re excited to see Pacific Life reap the rewards of learning and performing configuration on our flexible and intuitive platform.”
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 current workflows in life insurance underwriting, life and pension analytics, claim insights, compliance and fraud detection, and actuarial and portfolio modeling.
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