NTT DATA and FAST to Help Life Insurers Scale Innovation, Improve CX
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 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.”
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.
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“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
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“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.”