Insurance Supermarket International Inc. (ISI) announced that it is using Verisk's FAST technology platform to help expand its presence in the U.S. life insurance market. ISI has moved from its initial engagement with Verisk to launch in a two-month sprint, demonstrating the power of FAST to meet the needs of nimble innovators. ISI will initially use FAST to build a digitally enabled distribution management platform for U.S. agents, helping ISI become the supplier of choice as it brings whole life and eventually term products to market.

From discussions that began in May 2022, small and agile teams at ISI and Verisk moved rapidly to immediately begin development in July 2022, using out-of-the-box FAST integration processes and functionality that will help onboard agents quickly and easily. The distribution management portion of the project went live in early September, and phases encompassing policy administration and agent portals should follow in Q4. To support life and annuity insurers across the policy life cycle, Verisk has developed a suite of solutions that apply advanced analytics, automation and machine learning to existing and emerging data sources.

The solutions are designed to help transform current workflows in life insurance underwriting, claim insights, policy administration, unclaimed property/equity, compliance and fraud detection and actuarial and portfolio modeling.