Modern Woodmen of America Licenses FAST for Policy Administration

By CIOReview | Thursday, May 22, 2014

EDISON, NJ: Modern Woodmen of America, one of the fraternal benefit society based in Rock Island, Illinois recently licensed FAST to handle Policy Administration.

MWA is a charitable society which provides life insurance with annuity, investment and banking products to the family market. Their aim is to improve quality of life of stakeholders which is achieved through social, charitable and voluntary activities.

MWA’s assets are invested primarily in high-quality, low-risk investments, holding more than 80 percent in corporate and government bonds. As of Dec. 31, 2013, approximately 99.6 percent of bonds were if high or medium quality. A.M. Best has given them an A+ rating.

Privately held firm FAST from Edison, New Jersey stands for “Flexible Architecture, Simplified Technology”, offer a unique combination of software and expertise as an alternative to large packaged software. FAST provide consulting, insurance components and feature innovations like FAST 8x, which streamlines and automates the software development process.       

FAST provide a sophisticated configuration governance model including insurance components which are client centric and uniquely customizable. FAST has also developed software to streamline surgical procedure.

Policy Administration services by FAST offer flexible, limitless product structure with real-time or scheduled processing, next generation insurance product configuration in an innovative Web 2.0 user experience. Over 80 business processes are in the offing.