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When Daniel Pitcher, CEO of FBL Financial Group, reflects on a decade’s journey in the vast insurance realm, the narrative resounds with innovation, resilience and forward-thinking.
From being a traditional waterfall operation to embracing cutting-edge digital transformations, the insurer’s success story hinges on not just navigating change but mastering it.
This mastery? It’s interwoven with a pivotal partnership with Verisk’s FAST platform.
“Like most, we began with the same challenges everyone faces in the industry. Overcoming initial change management struggles, we bore witness to an organizational metamorphosis,” Pitcher says.
The direction of FBL’s journey shifted when the team reconsidered its agile roadmap. Instead of being singularly focused on legacy system conversion, they realized a profound insight: the cost of supporting legacy systems was not as detrimental as forgoing the introduction of new products.
This dual-strategy approach not only allowed FBL to capitalize on the value of conversion but also opened avenues for pioneering product introductions.
FAST’s role in this transformation was indispensable. Building on its knowledge from a collaboration with AAA, FAST devised strategies for agile migrations. Starting just last year, it has already spearheaded six distinct migrations, with more in the pipeline for the coming year.
Building on FBL’s transformation, it is now positioned to significantly enhance and innovate its business. The integration of Verisk’s data and analytics allows customers to boost operational efficiency and effectiveness in several ways, with straight-through processing as a key differentiator.
This, along with the capability to enable automated underwriting, leads to an enhanced customer experience, which is crucial in boosting a carrier’s cross-sell rate.
FAST champions the cause of saving companies from the lurking threats of technological obsolescence.
What’s its secret sauce? A genuine commitment to software as a service (SaaS), which translates to out-of-box solutions synergized with a highly configurable platform.
“We saw the future in data. That’s precisely why we sold FAST to Verisk,” says Tom Famularo, Managing Director of Verisk’s Life Solutions and Co-Founder of FAST.
“With an era dominated by real-time insights and GenAI, it’s a platform poised to be driven by data. Not just any data, but actionable and insightful data.”
With technology and data now the linchpins of success, it’s not just about having tools but the right ones. FBL’s alliance with Verisk’s FAST is a testament to this fact. A narrative of growth, resilience and future-readiness.
“We view FAST not just as a service provider but as a pivotal partner in our journey,” Pitcher concludes. And as for FAST? It stands poised, ready to script many more success stories.
For every organization seeking a beacon in the world of insurance tech, remember: Change is inevitable, but growth is a choice. Make yours with Verisk’s FAST.