SOURCE: FirstBest Systems

FirstBest Systems

September 24, 2009 08:30 ET

FirstBest Systems Urges P&C Insurers to Explore Underwriting Workstations

Outlines Functions and Benefits; Notes Compelling Alternative for Carriers Considering Policy Administration System Replacement

BEDFORD, MA--(Marketwire - September 24, 2009) - FirstBest® Systems, Inc., provider of insurance software solutions that help Property & Casualty insurance carriers write more business and write better business, today urged insurers to explore the benefits of its advanced Underwriting Management System™ (UMS). The company pointed to resources that define underwriting workstation functionality and benefits and outlined when investing in an underwriting workstation is a compelling alternative to costly policy administration system (PAS) replacement.

"An underwriting workstation provides enhanced electronic ordering and receipt of risk assessment data, improves electronic evaluation of data, and includes real-time underwriting status features and electronic communication with agents. The workstation tracks underwriting decisions as they are made, which helps the insurer respond quickly to underwriting trends or changes in risk exposure, and properly train its underwriters. [It] also provides collaboration between distribution channels and underwriters, as well as business intelligence and analytics, in underwriting processes," wrote Stephen Forte, Research Director, Gartner, in July 2009 report "Hype Cycle for P&C Insurance, 2009." The report included FirstBest Systems as a sample Underwriting Workstation vendor.

FirstBest was also covered in the April 27, 2009 report "Now is the Time for P&C Insurers to Invest in Underwriting Workstations," by Stephen Forte, Research Director, Gartner, Inc.

"Policy administration systems are crucial to carriers, but moreso for processing and fulfillment than sales and underwriting. Carriers usually consider replacing their PAS when obsolete platforms can't accommodate multi-state policies or other core functions, or when they feel the PAS can't support strategic initiatives, an agent portal, scalable underwriter processes, web services, or predictive models," said Meira Primes, VP of Marketing, FirstBest Systems. "Insurers can extend the life of their well-oiled PAS by deploying a front-office, modern underwriting solution like FirstBest UMS, which integrates with legacy environments to improve and extend the life of core systems. The underwriting workstation delivers better service distribution channels in real-time with faster quoting, collaboration, STP, more front-end features, and the ability to enter new markets. This 'PAS turbo boosting' approach spares years of migration and programming and millions of dollars, while greatly increasing competitive advantage."

FirstBest UMS™ gets to the heart of profitability today -- the underwriting process. After a six-month implementation, carriers can eliminate inefficiencies, provide real-time collaboration, and establish best practices in the underwriting process, while making it easier for agents to do business with them. With FirstBest UMS, carriers can achieve greater speed and business agility, promote enhanced underwriting discipline and best practices, expand into new lines of business and markets, and empower underwriters and agents with greater visibility into their business.

About the Hype Cycle

The Hype Cycle is copyrighted 2009 by Gartner, Inc. and its affiliates and is reused with permission. Hype Cycles are graphical representations of the relative maturity of technologies, IT methodologies and management disciplines. They are intended solely as a research tool, and not as a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About FirstBest

FirstBest® Systems, Inc. delivers P&C solutions that help insurance companies write more business and write better business. Our solutions enable carrier-agent distribution and interaction and include an underwriting workstation, agent portal and agency connectivity. Our flagship product, FirstBest UMS™, combines a next-generation underwriting workstation with FirstBest Agent™, a web 2.0 agent portal. Companies such as AMERISAFE, Inc., a specialty writer of workers' compensation insurance for hazardous industries, as well as ICW Group Insurance Companies, a multi-line Super Regional Insurance Carrier, are leveraging FirstBest to expand their book of business and improve ease-of-doing-business with agents.

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

FirstBest is a registered trademark of FirstBest Systems, Inc. UMS, Underwriting Management System and FirstBest Agent are trademarks of FirstBest Systems, Inc. All other trademarks are property of their respective owners.

Contact Information

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