Insurance Supermarket Leverages Agility of Verisk’s FAST Technology to Grow in U.S.

JERSEY CITY, N.J., and CONCORD, ONTARIO, CANADA, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Insurance Supermarket International Inc. (ISI), a North America-based InsurTech company that partners with multiple major life insurers, 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, 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.

“The FAST team presented capabilities that were an exceptional match for our ambitious objectives, such as making the agent experience seamless and simple, and Verisk delivered on its promises,” said Vito Trentadue, vice president of operations at ISI. “This solution has helped us launch with extraordinary speed and simplicity, and we’re excited to discover the wider capabilities of FAST.”

“Our collaboration with ISI embodies much of what we aim to achieve with and for our clients,” said Tom Famularo, co-founder and managing director of FAST. “Lean and focused teams on both sides were able to move the process at lightning speed from end to end. Our business-ready package of features and processes is again proving its practical value in a real-world implementation.”

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.

To learn more about Verisk’s life insurance solutions, visit www.verisk.com/life.

About Verisk

Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global issues including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

About Insurance Supermarket International Inc.

Insurance Supermarket International is a leading North American provider of insurance and a leader in InsurTech innovation.

Comprised of several subsidiaries, Insurance Supermarket International operates through a network of international offices, including Toronto, Canada; Miami, Florida; and Brasov, Romania, with a team of over 700 globally.

Since being founded in 2009, Insurance Supermarket International has established itself as a leading digital life insurance player and as one of the very few that has successfully scaled its business in multiple countries and languages. Driven by continual technological innovation, Insurance Supermarket International brings machine learning AI capabilities to the forefront of the insurance industry. By bringing financial personal protection to the 21st century, we pave the way for the world of insurance - and InsurTech - on a global scale.

Insurance Supermarket International works closely with a comprehensive list of leading, trusted North American insurance providers. Our guiding philosophy is to provide real and meaningful insurance protection to families through our simplified products while working alongside our advisors, partners, and investors.

David Novich
Verisk
201-469-2437
david.novich@verisk.com

Mickey Rubin
Chief Marketing Officer
Insurance Supermarket International Inc.
8000 Jane Street, Tower A, Suite 101
Concord, Ontario, L4K 5B8
mickey.rubin@isi.ca