Verisk Analytics Inc. has agreed to pay $193.5 million for a company with technology that can help insurers upgrade old life and annuity administration systems.
The Jersey City, New Jersey-based company is scooping up Flexible Architecture Simplified Technology LLC (FAST) of Iselin, New Jersey.
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Verisk is a company that helps insurers manage and analyze their data.
Flexible Architecture Simplified Technology, which is better known as FAST, sells packages of reusable components that can eliminate the need to develop administration systems from scratch. FAST also has tools insurers can use to make tech services available to agents and brokers through the Internet.
Neil Spector, president of Verisk’s ISO unit, said in a statement about the deal that many life insurers want to replace their old computer systems.
“The plug-and-play software that FAST has developed lets life insurers make this transition in stages and without a large up-front capital commitment,” Spector said in the statement.
Verisk noted that many of the life insurers that are replacing their computer systems want to speed up application underwriting.
The life insurers that use the FAST administration system tools could be a good market for Verisk’s data analysis tools, Verisk said..
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