Verisk, a Jersey City, N.J.-headquartered data analytics provider, has signed a definitive agreement to acquire FAST, a privately held software company for the life insurance and annuity industry based in Iselin, N.J.
FAST offers a flexible policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth.
FAST, which stands for Flexible Architecture, Simplified Technology, provides a SaaS suite of components that life insurers can use to enhance or replace their legacy policy administration systems. FAST software, which is used by a range of life insurers, also provides a channel for Verisk to deliver its analytics to support underwriting.
The acquisition of FAST will extend Verisk’s offerings to the life insurance market, said Verisk Chief Operating Officer Mark Anquillare in a company press release. As part of Verisk, FAST will be able to enhance its software, expand its reach and provide analytics to meet the changing needs of life insurers and customers, added FAST CEO Tom Famularo in the release.
The purchase price is $193.5 million. The transaction is subject to the completion of customary closing conditions.
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