FAST announced today that Reliance Standard Life Insurance Company (Reliance Standard) successfully converted its legacy block of traditional and indexed annuity business onto FAST Insurance Components (following a new business go-live in February of 2017). The platform now provides policy administration capabilities for all of Reliance Standards annuity products. The scope of this project was to complete the policy data migration while developing the in-force capabilities of Reliance Standards in-production system. The successful completion of this program has allowed Reliance Standard to realize all the advantages of having one system supporting all of its annuity business operations.
It made sense at this point to take advantage of FAST and its ability to handle both our past workload and expected future volumes. The system has exceeded expectations for batch processing performance and has allowed us to better serve our agents and policy holders without adding additional staff. It has also allowed us to sunset our legacy system and use one contemporary platform to manage our annuity business out into the future, said Dave Whitehead, SVP, RSLI Retirement Services Products Marketing.
Being able to complete this project quickly eliminated dual reporting and administration for 2019. The value of that cannot be overstated as it alleviated pain points for the Reliance Standard Operations Team, said Tom Burghart, Reliance Standards EVP / CEO of Retirement Services.
It is always gratifying to see the FAST platform enabling significant operational benefits and top-line growth, said Tom Famularo, CEO of FAST. Naturally, that takes a great deal of commitment from the customer, so we are grateful to be a part of that.
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About Reliance Standard Life Insurance
Reliance Standard Life Insurance Company (Reliance Standard) is a leading insurance carrier offering innovative and flexible employee benefits solutions including disability income and group term life insurance, a suite of voluntary (employee paid) coverage options and fully integrated absence management through its Employee Benefits segment. Through its Retirement Services segment, Reliance Standard offers a portfolio of traditional fixed and indexed annuities to individuals seeking to preserve capital and retirement income with guaranteed returns as well as fixed and floating rate institutional funding agreements. Rated A+ (Superior) by A.M. Best and A (Excellent) Standard & Poor’s, Reliance Standard began its centennial year in 2006.
FAST, which stands for “Flexible Architecture, Simplified Technology, is a privately-held company located in Iselin, NJ. 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. Visit: www.fasttechnology.com
John Gorman, COO