Archive for the ‘FAST’ Category

Life Insurance Policy Administration Systems That Make a Difference

Wednesday, September 28th, 2016

As an insurance carrier, you need to look at how technology can be implemented to better manage your overall business. Service oriented architecture, referred to as SOA, provides an array of benefits, including a better return on investment, better service assembly, as well as scalability so that you can grow your insurance company at the speed you desire without concerning yourself so heavily with costs.

SOA Approach

Feature Rich Products

When you decide to purchase an insurance policy administration system, you want to make sure that it is rich with features. Technology in insurance has come a long way in recent years, and you can use this as a way of creating more innovative products and services, which will then be passed on to your clients.

Such features to look forward to include:

–           Policy management

–           Distribution management

–           Claims assistance

–           Web portals

–           Case management

–           Assistance with commissions

–           Billing

–           New business data entry

All of this allows you to become more client-centric. This is a trend that is becoming more and more important within the customer service landscape. Clients want it to be all about them, and when you use service oriented architecture, it can make it easier to center things around the client. As you provide a higher level of intuitive services, you can establish loyalty.

In the world of insurance, loyalty is a necessity. You want people to continue to subscribe to their policies year after year, without worry of them straying to another carrier.

When you use the right SOA system, you can have a next-generation product configuration with online reporting and more tools for employees to use. This will allow them to be more productive, and you can remain flexible to the needs of your clients as well as your insurance business.

The Benefits of Advanced Software

Many insurance companies are slow to implement advanced software solutions. Much of this has to do with the fact that they are unaware of just how new technology can make a difference. Custom software solutions can be created, allowing you to unlock as many features as you want. This will give you the benefits in the areas where you need them the most. When service-oriented architecture is used to build a new system, you can begin to take insurance needs for your clients to an all new level.

When you have the right software in place, you can get a better return on your investment. This provides you with more layers to ensure that you are giving clients exactly what they need. You can take functionality of an app to the next level, providing credit card authorization, policy management, billing, disbursement, and much more. This will be of benefit to you, your insurance agents, as well as your clients.

You have the means to be more client-centered when you tap into modern technology, providing user collaboration, online reporting, as well as real-time processing. This gives you the chance to learn more about what is going on within your insurance company at a moment’s notice. The policy administration component can allow you to manage policies more effectively and provide more services on the front end, thus intentionally increasing revenue at the same time.

When you give clients what they need and what they never knew they wanted until you gave it to them, you can establish a significant amount of loyalty within your insurance company. Further, you can make it easier for insurance agents to manage the entire process, thus allowing them to be more productive and bring in more commissions.

To learn more about life insurance policy administration systems, contact Fast Technology today.


Technology Trends in Life Insurance

Thursday, September 22nd, 2016

Life insurance, like most other industries, is trying to adapt to the age of big data. Technology is now part of how business is conducted, so keeping up with technological trends is necessary to maintain a large number of clients. Customers expect certain accommodations, employees deserve updated tools, and your business should be allowed to maximize its potential. Here are four trends the life insurance industry is following that will benefit your company and clients alike.



The world is now constantly connected to media. This constant connectivity has changed the way the consumer absorbs information and the expectations they have in regards to services. Around 90 percent of youths use social media in some form. Keeping relevant and updated social media accounts allows your company to keep lines of communication open with a market that is otherwise inaccessible. Though it may seem like a trend to older generations, the dawn of social media has changed communication and advertisement for good. The consumer is more likely to see a Tweet about an upcoming deal on a policy than they are to see a commercial on television.


Life insurance, like most industries, is becoming more accessible to mobile devices.  Finding time to actually sit down at a desktop computer and browse the Web has nearly become inconvenient. Smartphones are tools utilized by a huge percentage of Americans. The devices are constantly held by the public and allow them access to the Internet from almost anywhere. Rather than inconvenience your customers, creating an application that enables them to create or manage their policy while on the go will expand your market.


Because the Life Insurance industry is highly regulated by the government, filing processes can be tedious.  Automating the regulation processes alleviates a lot of the stress associated with documenting life insurance policies, licensing of sales associates, and consistency of process. Your company has to meet certain standards and automating certain processes helps you to ensure the quality of your work is always up to par. Automation documents how a process was completed and leaves a more traceable paper trail. A modern automated operation has an advantage over those that are using a classic filing system. A modern infrastructure is more easily changed than a system that depends on teaching each individual a new filing process each time new regulations are implemented. Automation reduces the likelihood of human error that will hinder your business.

The Cloud

Not only do cloud services make collaboration and mobility more accessible, they also provide an extra level of protection for the information your company is charged with maintaining. In the case of disaster, utilizing cloud based services for your information will save you from having to collect the information again and from having to redo work that was already completed. Cloud based services save your company on IT department expenses. The cloud increases collaboration and eases mobility. Due to the large amounts of data created by your life insurance company, it is fiscally irresponsible to manage all of it on your own. Your company can actually save a great deal of money by hiring cloud services.

The age of big data has greatly impacted the way business is conducted. If you are behind the times or are in the process of transitioning to a more tech savvy process, these four trends may help you to catch up. Modernization can be a scary ordeal. Try and not be afraid. Some of these technological tools can greatly impact your business for the better. Increasing quality of your process, security of your information, and increased productivity are all side effects of technological advancements. If you have any questions about technology trends in life insurance, contact us today.

How Much Do You Really Know About Microservices?

Thursday, September 15th, 2016

We would all like to think of ourselves as experts in something but when it comes to microservices, how much do you really know? We put together a few FAQs about this topic and we think the answer might surprise you.


What are microservices?

Microservices are part of an architectural style of creating large software applications by creating a suite of smaller applications (modules). Microservice modules deploy independently and distribute independently to software users.

The term refers to the idea that some software applications (especially larger ones) are easier to build and maintain when broken down into smaller component pieces. Software engineers build each module of the suite so that it is responsible for and runs its own process. These component modules communicate with each other through Application Program Interface (API) which acts like a kind of translator between applications. Best of all, they communicate over the client’s network to accomplish the business’ goal.

This architectural model contrasts to the traditional model in which the software system develops as one piece.

What are the advantages of microservices architecture?

We see microservices architecture becoming the industry standard for building continuously deployed software systems. The advantage of distributing different responsibilities of a software system by dividing it into smaller pieces is twofold: (1) it increases cohesion (the elements that belong together stay together) and (2) it decreases the degree to which the smaller, separate pieces, or modules, are interdependent on each other (coupling). When a software system exhibits traits of high cohesion with low coupling, the system is usually easy to read and easy to maintain.

Using microservices also means that modifying the software system is easier because the developer can add new functions and features at any time. The system can also tolerate continuous code refactoring which means developers can release the software system modules early and continuously. Changes to the modules are simpler, too. A change to one small part of the software application generally means a small change to just that service module. The modification requires rebuilding just that one service module and then redeploying to the network. The rest of the software modules remain intact and operational.

From an engineering standpoint, microservices saves time because the various module pieces develop concurrently instead of in a series. This means that modifications to one module do not require stopping work on the rest of the project as would happen under the traditional architectural model.

Is this architectural scheme used to create life and annuity software applications?

Yes. Insurance software, such as the latest software in policy administration products, leverages your existing software. It does this by wrapping around your existing system. Alternatively, the new system can overhaul your existing system one component at a time. Components and services are pre-built and pre-configured so they can integrate with your system as full applications. And you receive early benefits because each component delivers early as a stand-alone application.

So, what do these microservices modules do?

The services organize around capabilities that the client needs. One module may function as the front-end user interface. Another may concentrate on logistics or billing, and so forth.

Does my system need certain programming languages to operate microservices modules?

No, that’s one of its selling points. Microservices use the best environment that suits the customer’s needs and capabilities. For example, microservices operate via several different programming languages and can coordinate with different databases, hardware, and software.

Can you give examples of companies that use microservices architecture for their software needs?

Amazon and Google are the first that come to mind. You can count Netflix and Salesforce as users, too, as well as Red Hat OpenShift, The Guardian, Spotify, Uber, Wix, Microsoft Azure and others.

To read more about Spotify’s experience with microservices,’s article entitled“How Spotify uses automation and microservices to gain speed advantage on larger rivals.”

To talk more about this, or anything else, please contact us. We look forward to helping you grow your business.

Big Data for Life Insurance: How it’s Bringing Better Relationships with Clients

Thursday, September 8th, 2016

The life insurance industry has become a little slower to adapt to using big data over the last few years. Yet, big data for life insurance has expectations to change the industry forever once they start adopting the right platforms. They can take the lead from another insurance industry that managed to get into big data first. In the property and casualty insurance industry, they’ve already taken on big data to better analyze risk selection.

In life insurance, big data awaits for use in similar ways. However, we’re likely going to see it used in a number of different ways based on how complex life insurance is.

For those who wonder when life insurance is going to start using big data, it’s now. While they’ve started using the basics, they still have a way to go to get to full use. It’s not to say they haven’t planned out what they intend to use big data for in the near future.

Let’s take a look at what many life insurance companies say they plan to do over the next two years.


What Are the Top Strategic Goals?

In a Willis Towers Watson survey, many life insurers said they first plan to use big data to improve risk selection. More precisely, 50% of those surveyed said they’d do this, which tells you how important it is in the life insurance industry.

Giving better insight into who’s most at risk can help life insurance companies set more competitive premium rates and weed out those costing them more money. Before the age of big data, far too many insurance companies had to do insurance underwriting through a more time-consuming vetting process.

Determining who was at risk usually meant months of research on medical history, or inspection reports. Big data assembles all of this information in one centralized place and with immediate insights, saving weeks of protracted research.

As an addendum to risk selection, the above survey showed 25% of insurers want to use big data to target profitable customers. Using more data to assess risk helps scope out clients the insurer knows has a better chance of living longer.

Using Big Data to Improve Customer Relationships

While the above goals show that life insurance companies need to look out for themselves, it doesn’t mean they don’t want to improve relationships with their clients.

In the survey, it’s noted insurers want to use predictive analytics in big data to expand customer relationships over the next two years. Similarly, they want to enhance customer value proposition over the long-term.

It proves how symbiotic the life insurance industry is, and big data can make this happen without clients even knowing their insurers know more. Equally important, though, is using big data to transform business models and improve internal performance management.

At the heart of this is data mining, which is a key element in using big data successfully.

How Data Mining Works

With further evidence showing insurers want to do data mining to better understand their clients, what sources do these companies need to use to find thorough information? Through the Willis Towers Watson survey, it’s shown administrative systems and claims data is where most of the big data comes from internally.

On an external basis, medical records and prescription data are the biggest data mining sources. Putting these together can obviously tell a lot about a person’s health record. Nevertheless, insurers plan to eventually use other sources like email, credit scores, and social media to extract data.

Big data is going to extract voluminous data from every online source imaginable to give a definitive portrait of people who depend on life insurance.

Contact us at Fast Technology to learn more about big data in life insurance, and our software using service-oriented architecture.

Are You Missing Out on Big Data for Increasing Life Insurance and Annuity Sales?

Thursday, September 1st, 2016

Life Insurance companies have always used key data to calculate risk and return, but there is new technology that can make a big difference. Utilizing Big Data for Life Insurance and Annuities can discover big opportunities for sales, marketing and underwriting life insurance products. It can be a potential gold mine for this industry, which has shown stagnation recently.

Many companies know the value of this information but still fail to use it to their advantage. Big Data can tell you more about your business and customers than historical claims and mortality reports. New technology is the biggest driver of this information, which can be found from various sources on the internet.

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What is Big Data?

The amount of Big Data is growing at an exponential pace and there are many sources that can give life insurance companies what they need to be competitive. The sources of Big Data collected during customer relationships include smart phones, social media, credit reports and website analytics.

With this information, life insurance companies can more accurately correlate premiums to risks. The information includes key points beyond what is given during the application time of life insurance and annuities. This additional Big Data can be information on health, behavior and lifestyle.

How can life insurance companies profit from Big Data?

The more life insurance companies know about their customers the greater chance of success. To be competitive they need analytical tools that will store and analyze the data effectively. This leads to efficiency, growth and innovation while it helps life insurance companies expand into new markets that never seemed possible. Big Data, if used with strategic objectives can find valuable solutions.

There are 4 basic ways in which life insurance companies can benefit from Big Data.

 Deepen customer relationships when policyholders share additional information over the life of the policy. An example of this are customers joining a wellness program and with the insurer building a relationship by learning more about their current health condition. With a medical checkup and using a regular exercise program they can lower their premium rates and build valuable advantages for themselves and the company.

Underwriting new risks with Big Data analytics for customers that were not worth the risk before. With new technology like real-time analytics, life insurance companies can track their client’s health and manage risk more efficiently. An example would be a client that manages their diabetes to stay healthy and is an asset to the company. Companies can grow substantially by finding these new clients and working with them using analytics. The clients are rewarded with better health progress while providing this relevant information to the insurer.

Enhances the business process using Big Data analytics with life insurance companies improving the efficiency of running a business. Improving the insurance application process with better technology can help increase customer sales.

Sales agents have better technology and data to make better predictions for making sales. This software can indicate who is more likely to purchase a policy, by using the metrics provided by Big Data collection.

In marketing, life insurance companies are using advanced analytics to predict who will buy and what chance there is they will cancel the policy. Leads and qualifications are also enhanced with Big Data that reflects a customer’s buying habits.

Increasing market penetration with companies expanding into new markets with faster underwriting by using Big Data analytics and with automation lowering costs. Big Data finds groups of potential customers that add up to billions of dollars. The automation of this process saves money and time with less human intervention.

With Big Data, your life insurance and annuity company can develop a better understanding of the market and existing customers leading to an increase in business. With analytics, you are able to discover information and new markets which were never possible before.

Fast Technology can help build a solution just for your business in the life insurance and annuities market. In this industry, you will be successful with this technology building better relationships with consumers and regulators, contact us for more information.







Life Insurance Policy Administration Systems

Wednesday, August 24th, 2016

The evolution of shopping from direct to digital methods has impacted profoundly on product and service marketing. Digital shopping, which is characterized by online purchasing has influenced product consumption for both goods and service providers. A purchase mode that has substantially taken over is subscription buying, where consumers place a one-time order, and they get the order delivered regularly.


Most of the customers who use this method use electronic means of payment, so they do have to place an order from time to time. Sellers and distributors who have been able to integrate this method into their businesses have enjoyed their share of benefits, some of which are quite obvious. Subscription models, though, have required companies to change their marketing methods and procedures. Below are ways in which subscription has led to change of marketing strategies;

  1. Inevitable set-up of virtual offices – Subscription buying is more about prompt product delivery. Therefore, the seller does most of the work while the shopper enjoys the comfort of their couches. However, most product consumer will have issues to raise about the products delivered to them. It, therefore, calls for the supplier to set up a virtual customer service office for Such offices include online forums and a round-the-clock working helpline to enable consumers to tell about their experiences, make complaints or inquiries about products. Companies such as Hubspot have introduced CRMs for such purposes.
  2. Online marketing – When a product consumer gets accustomed to making purchases through subscription, they get used to electronic means of shopping, and it is quite obvious that their first stop when they need new products or services will be the internet. To measure up to this, sellers have been compelled to depend on online marketing. It includes building websites and blogs, advertising on social media and use of platforms such as Google Adsense to reach out to prospective consumers, as opposed to direct means of marketing where buyers and sellers have a physical meeting.
  3. Relationship maintenance – Well, everything has its pros and cons. Subscription models have their dark side too, which all ends up on the seller’s shoulders. The seller focuses more on ensuring that the buyer is always satisfied with the product. It is quite difficult to maintain standards at 100%, which is the consumer’s expectation. Most product providers will time and again find themselves using a lot of resources trying to prove themselves and reassuring their customers, while they should be widening their market scope. All these efforts are to seek to stop the users from hitting the cancel button on their subscriptions.
  4. Working to improve quality – sellers who have chosen to use subscriptions as their mode of marketing have the responsibility of maintaining a “servant” nature while dealing with their consumers since they will depend on the regular subscribers as a market for their goods. One of their marketing options is to keep constantly improving their quality to ensure they maintain their subscriptions. They strive to have something more such as improved delivery services and timelines above their direct competitors in a bid to assure their subscribers that they are still the best choice. This leads to the subscription models rendering business competitions a “survival of the fittest” run, where being diminished to zero consumers is a real threat.

Subscription models have become a game changer in the marketing niche since, while in the pre-digital promotion, we have the subjection of buyers to customer manipulation, in the new subscription models gratification is a must-have for every business. It is a threat to the obliteration of sub-standard manufacturers and distributors since long-term loyalty is the only option left for any success-oriented product and service providers.

We make software for life and annuity insurance carriers. Our software is based on a service oriented architecture (SOA). Looking for articles that are technology driven around our industry, how organizations are using SOA to build new systems, information around Policy Administration Systems, etc. Contact us for further details.

Economic Trends and Life Insurance: Building Applications for Every Economy

Friday, August 19th, 2016

Have you ever considered what our country would do in the face of another recession? It hasn’t even been ten years since the housing market collapsed, and some economists are now predicting another recession on the horizon. Just when we thought that economic growth would usher in a new era of prosperity for a weary population, we were surprised to learn this.


Understanding Economic Trends and Life Insurance

Where were the economic gurus prior to the 2008 housing collapse? They were probably talking up a storm, but nobody was listening. We were in the middle of the race between Barack Obama and Hillary Clinton for the Democratic nomination and the Summer Olympics were in Beijing. Starting to sound familiar? The only difference now is that Hillary is battling Donald for the White House, England has left the European Union, and the world looks very different. We are in the age of IoT, and people have more noise to block out than ever before. What is common to both eras is that people who are shopping for life insurance are not necessarily thinking about the impact of a recession, especially before it occurs. They become very tight with their spending immediately after the collapse hits, and it takes many of them years to start spending again. This month, we were reading Tony Sagami’s piece on “3 Recent Danger Signs of a Looming Recession.”

Where the Problem Is 

In any economy, but especially now, the national economy must expand. If economic growth is very slow, then it’s easy for a change to occur from positive growth to negative growth. Sagami references how the U.S economy has grown less than 2% in the last three quarters. That is not an encouraging mark of progress, and it is a precarious two points over the zero mark, below which are those dreaded negative numbers.

Designing Policy Administration Systems for the Future

Insurance companies should keep in mind that consumers eliminate the non-essential items from their budget whenever there is a recession. Some consumers may be reluctant to buy a new life insurance policy or an annuity when times are tough, and they might start shopping around for one that offers them lower payments than the ones they currently hold. That’s why we are committed to building policy administration systems for insurance carriers that work in every economy and that meet consumers wherever they are. Insurance carriers can expect more customer requests for policy information and potentially higher volumes of policy changes and cancellations right after an economic collapse. Your company’s customer service platform, which is connected to mobile and web applications, should be ready.

Customization is the Key

The key to building policy administration systems that benefit your company in every economy is customization. We want to help you by studying your target consumer base and identifying their common needs. Today’s subscribers want the right combination of convenient features and security measures whenever they access your website or mobile site. We design a graphic user interface that collects all information required from consumers and then returns the information that they want in a customized format. Our policy administration systems can easily accommodate both prospective policyholders and existing policyholders. We also use the latest security protocols to ensure that your company meets the current federal and state business regulations, especially those regarding consumer data privacy.

Don’t wait to upgrade your policy administration system that interfaces with existing policyholders. You want a flexible platform that will accommodate different levels of traffic, and you don’t want your website to shut down when too many visitors are online. We can build new applications that interface effectively with your existing infrastructure. For details, please contact us today.

How is Big Data Impacting the Sale and Management of Life Insurance and Annuities?

Wednesday, August 10th, 2016

Leveraging Big Data For Life Insurance And Annuities

Big Data is the volume of data that flows from sensors and other inputs that IT systems attempt to analyze in real-time to extract any useful business intelligence. Life insurance and annuities companies can benefit from the power of Big Data as much as any others.

Big Data for the life insurance and annuities industry is a new way of looking at a well-established set of processes. However, the industry has been at the forefront of data analysis since its inception, but that still leaves room for improvement. Insurance underwriters can take advantage of the new capabilities of information technology are more competitive. By processing enormous volumes of data, they have an advantage over their more conservative competitors.


Dynamic Hedging To Back Your Guarantees

Big Data brings three fundamental changes to any industry that attempts to exploit it: More database rows, more data in the database fields, and an increase in the tempo of the updates for the database. The expanded data flow and increased processing speed mean a larger volume of potentially useful intelligence. Big Data provides information that resolves a more fine-grained understanding of the business. These three developments enable insurers to make decisions in underwriting more confidently, meaning that larger the sample, the more precise the predictions will be.

Big Data gives you more information more rapidly and of a quality that makes it more valuable as business intelligence. Insurers are beginning to use this capability to hedge risks. Underwriters gain confidence that they will always fund their commitments. In a life insurance marketplace where margins are decreasing, and competition is more intense, using dynamic hedging to find and respond to risk is an excellent tool for the life and annuities profession that create financial products that involve financial guarantees.

3 Things To Unleash The Value In Big Data

Capture the big picture but remain engaged – Make sure you have the big picture in mind. Think holistically to avoid a narrow application that limits the benefits. On the other extreme, avoid applying it in too broad an approach, which could result in neglecting your information assets. In both cases you lose the value of Big Data analytics which, when applied well, reveal unexpected details and opportunities that can revolutionize any business process.

Coordinate your channels, timings, and offers – Commercial enterprise is moving to real-time, and the life and annuities industries are no exceptions. Successful Big Data analytics finds the most profitable opportunities a does it quickly. The prescriptive ability of analytics helps you see what will make the most appealing offers.

Lighten your IT load – When you bring Big Data infrastructure online it should ease the burden on your IT department. The trend in IT is to replace hard assets with services, which brings down the entry barrier for small and medium-sized businesses. Your information gathering and analytics system should achieve the same goal in data.

Companies that use the tools of Big Data efficiently in support of life insurance and annuities see benefits at all stages of the insurance cycle. Insurance operations can cut costs and reduce time spent in policy administration, distribution management, and all of the other information intensive functions that drive this business.

Big Data makes information intensive industries such as insurance more competitive and more responsive to changing risks. Insurers do not need to throw out their legacy computing systems and begin again to have the benefits of prescriptive analytics that will drive the business forward. FAST Technology develops solutions for life insurance and annuity companies. We build modular integrations to improve the business while reducing expensive IT overhead costs. To discuss the future of your IT resources contact us before the competition leaves you behind.

Policy Administration Systems and the Architecture of Life Insurance

Wednesday, August 3rd, 2016

In the life insurance and annuities business, an automated policy administration system can give life to the structure of life insurance, even if the applications on top of a legacy IT system are decades old. In an industry that is as specialized as life insurance and annuities, companies often depend on a patchwork of software from multiple vendors. The good news is that the best new policy administrations systems rely on a modular architecture to integrate with existing business processes smoothly and efficiently.


Integrating New Abilities With The IT Legacy

Even the best general purpose IT services companies may not understand the detailed workings and the technical nature of the of the life policies profession, an insurance company may need to gather a development team and lead them to integrate disparate elements into one coherent structure. An IT general services vendor might not have the needed depth of knowledge within the insurance profession, but they can still provide value in project management and developing your business process systems.

Partnering With A Policy Administrations Systems Vendor

You should go with service providers that have the broadest range of skills and mastery of IT for your integration project. If you have to hire a vendor to develop the carrier-specific elements of the system, then you should choose one that has the most experience with integrating policy administration systems with legacy software. The ability to develop a modular system of service-oriented architecture that supports rapid integration is vital for the best results.

The best software systems for the insurance industry deliver functionality with simplicity. The functions that insurance insurers need are themselves numerous and complex; after all, this is a mature industry with a broad range of financial products and processes that must work smoothly to serve the customers and win their satisfaction.

Interfacing For Every User Situation

A dynamic policy administration system needs an expansive range of functions to cover and to integrate into the whole. It is the complex nature of managing benefits, underwriting, commissions and a host of other necessary activities that tie the process together in one whole.

The modular digital interfaces that insurance software vendor offer now provides a smooth experience and transfers information efficiently to the users that need it, which includes policy administration systems that reduce the time to navigate the insurance services chain. You can automate the processes and tasks of a diverse range of tools for policy administration through the entire life cycle using the appropriate modules and architecture.

Minimizing The Stresses Of Transition

Whether you are replacing existing systems or integrating new software with legacy platforms, an upgrade that includes automated policy administration provides market-leading advantages to insurers once the new capabilities are in place. The power of a system that automates the processing throughout the policy life cycle changes the game for life insurance and annuity insurers and rewards you with new competitive advantages.

However, getting there is often a rough ride. The change management process for technology projects is notoriously fraught with difficulty and cost overruns. The most efficient strategic path takes insurance businesses to balance between legacy and modular applications in a new policy administration system that blends the best of both worlds. The solution for change management that works is partnering with a vendor with the experience to lead the changes on your behalf.

Get The Optimum Insurance IT Solution

By matching a modular set of tools with existing functions, companies can transition without the disruption that can accompany such projects. This approach allows for future legacy applications replacement without interrupting operations unnecessarily. No transition is flawless but the one that minimizes changes is best.

FAST specializes in managing the change process and delivering software that integrates seamlessly with other business IT processes. To discuss how we can help to grow your insurance business IT systems, contact us today.

The Future of Insurance Company Data Infrastructure: Microservices

Thursday, July 28th, 2016

We’re often surprised to discover that there are insurance companies that haven’t yet transitioned to a new IT infrastructure including real-time data and strategic decision-making. These are all types of insurance companies, not just small ones, that are doggedly tied to legacy systems and run by leaders who are afraid of change. On the other hand, sometimes insurance companies want to transition to better systems, but they don’t believe they have the IT dollars required to make it work. They are afraid of investment in new data platforms.

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Build IT Infrastructure

The truth is that firms like ours can build any kind of IT infrastructure that an insurance company wants without them having to discard their legacy systems. This comes as a surprise to some, and, in the long run, helps insurers manage costs while adding data capacity. All it takes is a careful analysis of an insurer’s existing data infrastructure and a two-way dialogue about its present and future data needs.

Think Microservices

One way that we help insurance companies increase their data capacity without abandoning their legacy systems is through development of microservices. There are many ways to explain this process.One comes from writer Ben Kepes:

“Organizations are increasingly moving away from a monolithic approach to the way they build applications and looking to much more flexible, modular approaches. The rise of microservices, distinct application modules responsible for a single operation within an application, has been helped, and has also itself helped, the parallel rise of containerization as a way of creating infrastructure.”

Break It Down

What’s monolithic? Well, in the past, many businesses used one suite of business applications, often called enterprise business software solutions, for all of their data needs. This kind of system was equipped to carry out all computing functions, including HR software, accounting software, and customer relationship management software. These systems were considered monolithic because they did not integrate well with other applications. That’s really not how the business world works anymore because we can create solutions that talk to just about any proprietary system your insurance company presently uses.

At this point, you might be thinking: “Okay, microservices are smaller, and they don’t depend on their integration with a larger suite of applications, as in traditional enterprise business systems. But what do they really do?” We can make a microservice do just about anything that your company needs it to do, either to meet the needs of subscribers or to manage internal business processes.

We’ve Got Answers

We are experts in building microservices, and we can help your insurance company find the right solution. We specialize in the software architecture style in which complex applications consist of small, independent processes communicating with each other using language-agnostic application program interfaces (APIs). This means that the solutions we create will not depend on any specific programming language to work. We can use the API for any system that your company uses to exchange data with a new microservice. We build it just for you to your specifications. Or, you can request an application like one of your competitor’s uses. We help you add data processing capacity one microservice at a time, if that’s what you desire. Or you can add a whole set of microservices because you want all legacy systems to offer the same benefits as newer insurance platforms running on the latest technology.

We can help you move in stages towards having better IT applications at your immediate disposal, usually working on real-time data. It’s important for your company to manage subscriber protected health information (PHI) and other data with care and in conformity with tighter government regulations. For more details on microservices and how they help your organization, please contact us today.