SOURCE: FirstBest Systems

November 07, 2007 08:21 ET

Insurance Carriers Eye Profitable Growth Through Underwriting, FirstBest Systems Study Finds

Real-Time Agent Collaboration, Knowledge Management, Are Top of Mind for Underwriting Management

LEXINGTON, MA--(Marketwire - November 7, 2007) - FirstBest® Systems, Inc., developer of advanced Underwriting Management Systems™ that enable commercial insurance carriers to profit from better underwriting, today released the results of a survey, entitled "Underwriting 2.0: A FirstBest Study of Key Requirements for P&C Insurance Carriers," which details the key underwriting issues and pain points faced by the property and casualty (P&C) insurance industry.

Capping an 18-month in-depth process of researching the underwriting needs of P&C insurers, FirstBest commissioned an independent research firm, The Phelon Group, to survey 300 insurance carriers ranging from $200 million to $1 billion in premiums written. More than half the respondents were C-level executives, while the remaining represented underwriting management. Among the survey's top findings:

--  The top-most concern for P&C carriers is how to get profitable
    business on the books in a softening market.
--  The top underwriting issues are improving the ease of doing business
    with agents, cited by 33% of respondents as most important, along with
    automating their underwriting operations, ranked most important by 30% of
    respondents.
--  While carriers believe their underwriting processes are inefficient
    and weighing down their organizations, they are not willing to "rip and
    replace" their home-grown legacy systems. Rather, they need a solution that
    will leverage the systems and infrastructure they already have in place.
    

The respondents cited these requirements for technologies to improve underwriting management:

--  More automation, including both straight-through and exception-based
    underwriting
--  Greater ease of use for agents to place business and interact with
    carriers
--  Real-time collaboration for underwriters and agents
--  A better way to maintain underwriting discipline
--  Faster creation of new products to increase speed-to-market
--  Management visibility into the underwriting process
--  The ability to capture and share underwriters' knowledge and
    experience
    

"FirstBest was founded on the principle of listening to our customers in the commercial insurance market and addressing their un-met needs with innovative, comprehensive underwriting solutions. We welcome the results of this survey as the latest milestone in our ongoing mission to deliver advanced underwriting management systems that enable underwriters to foster greater collaboration with agents, leverage the intellectual capital of their most seasoned underwriters, and position their companies for profitable growth -- without sacrificing their existing investments in homegrown and legacy systems," said John Belizaire, CEO of FirstBest Systems.

For a copy of the summary report on the study, entitled "Underwriting 2.0: A FirstBest Study of Key Requirements for P&C Insurance Carriers," please contact Meira Primes, vice president of marketing, at primes@firstbest.com.

About FirstBest® Systems, Inc.

Founded in 2006, FirstBest® Systems, Inc. delivers advanced Underwriting Management Systems™ (UMS) that enable commercial insurance carriers to profit from better underwriting. FirstBest's UMS™ is a business solution provided as a Web-based platform for underwriting all commercial lines of business. It uniquely delivers automation for straight-through processing and exception-based underwriting, real-time collaboration, knowledge management, a management dashboard, and an execution platform for predictive modeling -- in one integrated solution. The deployment of this solution results in increased profitability, closer agent-underwriter relationships, management visibility into the underwriting process, and the continuous capturing and sharing of underwriting best practices. For more information, please visit www.firstbest.com or call 1.888.863.6095.

Note to editors: Charts and graphs available with this release.

Contact Information

  • Press contact:
    Meira Primes
    Vice President of Marketing
    FirstBest Systems
    781.863.6005
    Email Contact