Verisk business FAST, which offers software for individual life insurance, is purchasing assets and capabilities of 4C Solutions, a software advisory firm in group life insurance.
The deal, whose financial terms have not been revealed, covers 4C’s methodology and proprietary data architecture as well as its employees. It will enable FAST to cater to the unmet needs of group life insurers and institutional annuity providers.
According to Verisk, insurers will be able to configure voluntary life and institutional annuity products, deliver straight-through processing, leveraging FAST’s solutions. In addition, they can update coverage and policy details and efficiently manage claims.
FAST managing director and co-founder Tom Famularo said: “Managing group life insurance can be a major challenge for insurers, many of whom rely on decades-old technology to help employees obtain the coverage they need.
“The addition of 4C’s capabilities will help us serve the group life market. Our scalable, no-code solutions can be implemented in months and will provide group insurers with tools to improve operational efficiency and transform the customer experience.”
4C Solutions president and CEO Stacey Cheese said: “FAST has become a leader in transforming technology for the individual life insurance market, providing flexible, end-to-end software that’s easy to configure.
“We’re excited to bring our experience to FAST and help the business expand into group life.”
Other moves by Verisk
In December last year, Verisk forged an alliance with cybersecurity services company BlueVoyant Forge with the aim of offering cyber risk insights for insurers.
Last March, Verisk collaborated with SCOR to introduce an AI-powered analytics platform for automating life insurance underwriting.
In 2019, the firm struck a definitive agreement to buy FAST – which provides a policy administration system that enables life insurers to speed up underwriting and claims – in a deal worth $193.5m.