Verisk to acquire FAST for $193.5 Million
Verisk announced it will acquire FAST, a software company for the life insurance and annuity industry. FAST offers a policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth.
Established in 2010, FAST, which stands for “Flexible Architecture, Simplified Technology,” provides a SaaS suite of out-of-the-box components that life insurers can use to quickly enhance or replace their legacy policy administration systems. FAST software, which is used by a wide range of life insurers, also provides a channel for Verisk to deliver its new innovative analytics to support straight-through underwriting.
“Verisk has become a leader in developing solutions that help insurers make critical decisions with increased speed and precision. As part of Verisk, we’ll be able to enhance our software, expand our reach, and provide robust analytics to meet the rapidly changing needs of life insurers and their customers.” – Tom Famularo, CEO of FAST.
The purchase price is $193.5 million. The transaction is subject to the completion of customary closing conditions.