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Modern Woodmen Licenses FAST for Policy System

Staff Writer | May 08, 2014

FAST announces that Modern Woodmen of America has licensed FAST Insurance Components to serve as its policy administration and new business system for life insurance and annuities.  The solution, which will be implemented as part of a multi-phased initiative, will provide Modern Woodmen with a technology platform that will enable the organization to continue to offer world class service to its members.

“Our team did a thorough analysis of the top policy administration systems in the market and concluded that FAST offered the best solution to serve the needs of our members,” says Denny Prior, national secretary of Modern Woodmen.  “We believe that FAST is the right partner for this important journey.”

“I am pleased that FAST will be able to help Modern Woodmen with this important initiative.  As a large fraternal financial services organization, Modern Woodmen has unique needs that go beyond what we see in more traditional life insurers,” said Tom Famularo, CEO of FAST.  “This is a wonderful opportunity for our team.”

“Leading carriers are looking for solutions that are more configurable and flexible than ever,” said Chad Hersh, managing director with Novarica.  “Carriers with such systems have a competitive advantage that has potential to drive increased profitability going forward.”

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