SOURCE: FirstBest Systems

FirstBest Systems

February 19, 2009 12:14 ET

FirstBest Adds Automated Property Lookups to Underwriting Management Systems for Insurers

BEDFORD, MA--(Marketwire - February 19, 2009) - FirstBest® Systems, Inc. today announced a new alliance with RiskMeter Online to integrate its real-time natural hazard risk reports into the FirstBest Underwriting Management System™ (UMS™). This partnership will enable insurers to streamline the underwriting process by eliminating duplicate data entry, as well as reduce the back and forth cycles between underwriter and agent.

"In the Property & Casualty insurance industry, many risk factors are related to geography. For example, distance to shore, distance to earthquake faults, and street addresses are all used to determine pricing. Through the use of internet mapping software, RiskMeter helps an underwriter determine the proximity to natural hazards for any property in the United States," explained Dan Munson, Founder of RiskMeter.

Many insurers find their underwriters and agents having to spend a considerable amount of time gathering information from different systems, maintaining files and answering questions from various parties.

UMS 2.0, released in November 2008, offers underwriters full, rules-driven straight-through processing (STP), including flexible online quotes for agents. The system provides unprecedented online functionality to agents (including online quotes and binders) making it as easy as possible for them to do business with carriers. As part of its commitment to ease of use, FirstBest's UMS 2.0 integration with the RiskMeter Online and its popular reports will help speed the underwriting process with automated property lookups.

"The addition of automated property lookups provides underwriters and agents with accurate, efficient and defendable positions faster than any other method, saving underwriters considerable time and money," said Julian Pelenur, CTO, FirstBest Systems, Inc. "The agent or underwriter just needs to type in an address, and the natural hazard information will automatically download the information into our forms -- it's that simple. This new addition to UMS 2.0 will help insurers thrive in today's competitive insurance marketplace, by helping insurers to quote and bind new and existing business even more quickly and accurately."

About RiskMeter

A product of CDS Business Mapping, LLC, RiskMeter is used by underwriters and agents to automate property lookups. Mapping technology enables underwriters to determine the proximity to natural hazards for properties in the United States. It performs myriad types of lookups, including distance to coast, windpool eligibility, rating territories (company specific), proximity to brush, earthquake information, flood zones, and more. Boston-based CDS Business Mapping, LLC, was founded in 1994 and is dedicated to the creation and implementation of mapping solutions.

For more information, visit www.riskmeter.com or call 800.746.7797.

About FirstBest

FirstBest® Systems, Inc. delivers advanced Underwriting Management Systems™ (UMS) that enable insurance companies to write more business and write better business. The FirstBest UMS™ combines a next-generation underwriting workstation with a point-of-sale agency portal for commercial lines carriers. Insurers can achieve greater speed and business agility, provide real-time collaboration to make it easy for agents to do business with them, promote enhanced underwriting discipline and best practices, scale their book of business profitably, and empower underwriters and agents with greater visibility into the business.

For more information, visit www.firstbest.com or call 1.888.863.6095.

Contact Information

  • Press contact:
    Meira Primes
    VP, Marketing
    FirstBest Systems, Inc.
    781.863.6005
    Email Contact