SOURCE: FirstBest Systems

September 17, 2007 09:00 ET

FirstBest Systems Announces General Availability of Its Underwriting Management Systems

Next-Generation, Industry-Focused Solution Enables Commercial Carriers to Profit From Better Underwriting

GRAPEVINE, TX--(Marketwire - September 17, 2007) - FirstBest Systems™, Inc. today announced the general availability of its advanced Underwriting Management Systems™ (UMS™) at the 112th Annual NAMIC Convention of the National Association of Mutual Insurance Companies. Based on advanced Web 2.0 technologies, the FirstBest UMS™ is the first business solution to address the entire underwriting life cycle, enabling commercial insurance carriers to profit from better underwriting.

Provided as an on-demand, Web-based platform for underwriting all lines of business, FirstBest UMS™ delivers straight-through processing, exception-based underwriting, real-time collaboration, knowledge management, and an execution platform for predictive modeling -- all in one integrated solution. Carriers deploying this solution benefit from closer agent-underwriter relationships, management visibility into the underwriting process, and the continuous capturing and sharing of underwriting experience and best practices.

"For the first time, insurance carriers can truly profit from better underwriting. FirstBest UMS™ is a next-generation business solution that helps carriers improve underwriting discipline and efficiency, reduce error rates, minimize leakage, increase their hit rates, and speed the time to market with new insurance products -- while making it easier for agents to do business with them," said John Belizaire, CEO of FirstBest Systems.

According to Matthew Josefowicz, Managing Director of the insurance practice at Celent, "Insurers that can bring efficiency and consistency to their underwriting processes through better use of technology can better control their risk exposures while creating a better experience for their customers and distributors."

Key Capabilities

The FirstBest UMS™ resulted from extensive research into how underwriters work with agents. Using the FirstBest UMS™, agents and underwriters access the system through a rich Internet application. Advanced collaboration capabilities provide all users with a real-time view of the underwriting process. Business rules and workflow are highly configurable and can be added or revised in real-time.

The system delivers these key capabilities:

STP with exception-based underwriting. Increasing straight-through processing (STP) -- automating applications from submission through quoting without human intervention -- is critical. At the same time, speed must be paired with accuracy: carriers must both quickly identify the profitable risks and offer the first-best quote. FirstBest UMS™ enables carriers to make the strategic shift to STP, even for complex risk classes that were previously underwritten only through manual, subjective evaluation. FirstBest UMS™ is a rules-based system that streamlines quotes, routing, and referrals and generates proposals and letters automatically. The FirstBest UMS™ also includes decision support capabilities, so that only "exceptions" are processed by underwriters. This approach reduces cost, saves time, and ensures consistency, while freeing underwriters to focus on more complex risk submissions and larger business.

Agent/Underwriter Collaboration. Given a choice of carriers, agents will be drawn to the one with the easiest, fastest quoting. FirstBest UMS™ offers agents a hassle free way of submitting information either via a Web portal or through their own agency management system -- without carriers' having to re-key it into their own systems. The easy-to-use, Web-based workspace for real-time collaboration, instant communications, and fast quotes helps insurers become the desirable first-choice carrier.

Knowledge Management. FirstBest UMS™ offers knowledge management capabilities that continuously capture, improve, and share the underwriting experience and best practices of carriers' most seasoned underwriters. FirstBest UMS™ creates a dynamic learning environment that makes it easy to apply underwriting rules and processes consistently. With a central repository of underwriting rules and easy Web-based forms and submission systems, carriers can rapidly develop and deploy new insurance products, or adapt existing lines of coverage to market trends.

Management visibility. For the underwriting manager, FirstBest UMS™ offers a management workstation that provides real-time visibility into the current book of business, as well as the capabilities to make changes on an ongoing basis. Managers gain this business visibility through a dashboard, reports, and by processing referrals delivered to them. They can view the business as a whole, or drill down to individual underwriters, agents, or clients by time period.

Integration with predictive analytics. FirstBest UMS™ provides a production environment that integrates with carriers' predictive analytics solutions, to provide a forward-looking view of the business. For example, FirstBest UMS™ integrates with Valen Technologies' industry-focused predictive analytics solution, which incorporates data management and enrichment, delivery and scoring, monitoring and analysis, and reporting ranging from model lift results to risk score adoption. [See related press release, "FirstBest Systems Partners With Valen Technologies," September 12, 2007.]

Service-Oriented Architecture (SOA).

The FirstBest UMS™ co-exists with carriers' existing systems, including legacy and external systems. There is no need to "rip and replace" existing technology, because the FirstBest UMS™ adheres to the latest standards in Web services and SOA. Where carriers have legacy systems based on older technologies, the FirstBest UMS™ adapter architecture allows the legacy system to be integrated with minimal effort. The unique solution was developed using Java™ and Adobe® Flex, resulting in a Rich Internet Application (RIA) with real-time data capabilities.

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 lines of business. It uniquely delivers straight through processing, 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 revenue and profitability, closer agent-underwriter relationships, management visibility into the underwriting process, and the continuous capturing and sharing of underwriting experience and best practices. For more information, please visit www.firstbest.com.

Contact Information

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