SOURCE: FirstBest Systems

September 12, 2007 09:00 ET

FirstBest Systems Partners With Valen Technologies to Boost Underwriting Decision Making for Commercial Insurance Carriers

Powerful Combination of Valen's Predictive Analytics and FirstBest's Advanced Underwriting Management Systems™ Offers Major Leap Forward for Commercial Insurers

LEXINGTON, MA--(Marketwire - September 12, 2007) - FirstBest Systems™, Inc., developer of advanced Underwriting Management Systems™ (UMS™) that enable commercial insurance carriers to profit from better underwriting, and Denver-based Valen Technologies, experts in predictive analytics for the commercial insurance industry, have announced a strategic technology alliance. Commercial property & casualty insurance carriers that deploy FirstBest's UMS™ with Valen's predictive analytics solution will achieve a major leap forward by unlocking the power of analytics in a unified, comprehensive underwriting solution that is focused on their industry.

Insurance carriers often make significant investments in analytics solutions that don't tie back to core systems. As a result, these investments are underutilized, and carriers can only analyze historical data. FirstBest UMS™ provides a production environment that integrates real-time operational data with Valen's insurance industry-focused predictive analytics solutions, providing pricing precision at the underwriter's desktop.

"This partnership provides a missing link that has been sorely needed in the insurance industry. Making predictive analytic models operational has been a major hurdle for carriers. With FirstBest and Valen we have a perfect combination of building predictive models and using predictive models," said Dax Craig, CEO, Valen Technologies. "FirstBest understands that predictive scoring and rating are essential components to next-generation underwriting. By aligning our solutions, insurance companies will achieve a strategic advantage."

According to John Belizaire, CEO of FirstBest Systems, "We are excited about our strategic technology alliance with Valen. We believe we have found in Valen the richest, most relevant predictive analytics solution for mid-tier property and casualty commercial carriers. Our combined knowledge and insight about the insurance industry will help these carriers compete more effectively by strategically leveraging technology to improve their mission-critical underwriting process."

FirstBest UMS™ provides an integrated solution for carriers' vital underwriting operations, which uniquely delivers straight through processing, exception-based underwriting, real-time collaboration, knowledge management, and an execution platform for predictive modeling. Deploying this next-generation solution results in increased revenue and profitability, closer agent-underwriter relationships, management visibility into the underwriting process, increased speed and business agility, and the continuous capturing and sharing of underwriting experience and best practices.

The Valen solution incorporates data management and enrichment, predictive analytics, delivery and scoring, and monitoring and analysis to produce a robust, multivariate, nonlinear predictive model using a company's historical data infused with derived data and data from Valen's External Data Warehouse (EDW). The output of the model is a "risk score" that easily integrates into policy management systems or wherever appropriate within the customer's underwriting process, where it can be used for pricing, loss prevention and straight through processing. Valen provides reporting to customers ranging from model lift results to risk score adoption.

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.

About Valen Technologies

Valen Technologies is the expert in predictive analytics for the property and casualty insurance industry. Valen delivers a highly automated solution to validate and enrich data, create and deploy predictive models, develop reports and monitor the models in production. Valen helps its customers improve core business decisions to ultimately increase profitability. To learn more about predictive modeling and Valen Technologies, visit www.valentechnologies.com or call 800-280-3304.

Attendees of the NAMIC Annual Convention, September 16-19, 2007 at the Gaylord Texan Resort and Convention Center, Grapevine, TX, can visit FirstBest Systems at Booth #420.

Contact Information

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

    Jorna Julien
    Valen Technologies
    303-350-3736
    Email Contact