NTT DATA and FAST to Help Life Insurers Scale Innovation, Improve Customer Experience
PLANO, Texas – January 14, 2021 – NTT DATA Services, a digital business and IT services leader, is collaborating with FAST, a Verisk company and leading software provider for the insurance and annuity industry, to deliver their shared vision of digital Third-Party Administration (TPA) and Business Processing as a Service (BPaaS). NTT DATA will leverage FAST’s microservices-based technology platform to help life insurers rapidly increase efficiency, develop new innovations, and streamline the customer experience
The addition of FAST’s highly configurable, no-code software can enable NTT DATA to significantly enhance its middle-office and back-office services. Together, the companies will create an expanded digital ecosystem to support the needs of today’s life insurance and annuity marketplace with a focus on rapid new product launch and new market entry.
“As an innovator in BPaaS, NTT DATA strategically invests in modern and flexible solutions to help clients remain agile in their business,” said Wayne Busch, President, Financial Services and Insurance, NTT DATA Services. “The addition of FAST to the NTT DATA ecosystem allows our clients to access new solution channels, quickly expand their distribution models, and offer a more modern customer experience.”
Key features of NTT DATA’s Life and Annuity digital ecosystem:
- Digital Third-Party Administration (TPA) services with a robust platform for integration
- Accelerated time to market for innovative top selling and new products
- Common user experience for new and in-force products
- Flexible, granular division of operations - carrier can decide which functions are retained and which are deployed by the TPA
- Single-tenancy configuration can enable client-focused and responsive platform support
- Insurers have direct access to the platform to support their unique needs around reporting, product design, and analytics
- Upgrades every 18-24 months allow insurer to take advantage of cutting-edge platform capabilities
"Today's insurers look to their IT services partner as a strategic extension of their business for key initiatives such as product incubation and customer digital engagement,” said Tom Famularo, Managing Director and Founder of FAST. “FAST and NTT DATA share a vision to provide modern, configurable technology to support innovative and strategic products for today's insurers. We are excited to continue our collaboration with NTT DATA to address the changing needs of the market through purposeful innovation at speed and scale.”
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.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. 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 and part of the Nasdaq 100 Index. For more information, please visit www.verisk.com.
About NTT DATA Services
NTT DATA Services is a digital business and IT services leader, and a leading TPA (third-party administrator) in the Life & Annuities processing market. Headquartered in Plano, Texas, we are the largest division of trusted global innovator NTT DATA Corporation, a top 10 provider and part of the $109B NTT Group. With our consultative approach, we leverage deep industry expertise and leading-edge technologies powered by AI, automation and cloud to create practical and scalable solutions that contribute to society and help clients worldwide. Our global team delivers one of the industry’s most robust and integrated portfolios. This includes consulting, applications, data intelligence and analytics, hybrid infrastructure, workplace, cybersecurity and business process services to help organizations accelerate and sustain value throughout their digital journeys.