SOURCE: FirstBest Systems
November 10, 2008 11:05 ET
Update: FirstBest Enhances Underwriting Management System
UMS 2.0 Brings True Straight-Through Processing to Underwriters and Online Quote and Binding to Agents
BEDFORD, MA--(Marketwire - November 10, 2008) - FirstBest® Systems, Inc., a provider of
advanced Underwriting Management Systems™ (UMS) that enable commercial
insurance carriers to write more business and write better business, today
announced significant enhancements to its flagship product that ease the
submission process and time-to-bind for both carriers and agents.
UMS Version 2.0 now offers full, rules-driven straight-through processing
(STP), including flexible online quotes for agents. Agents can upload and
receive complete, bindable online quotes in seconds. Agency-automated
letters of authority now allow carriers to decide when and for whom online
quoting is available.
New line-of-business content includes complete business owner policy (BOP)
and commercial auto policy content. For both lines this includes ACORD
supplemental and multiple coverage forms, ACORD printing, ACORD XML
upload/download, class code generation, risk appetite rules, risk
pre-qualification rules, and best practices content.
"Improving ease of doing business for agents is a major focus of insurers'
competitive strategies, and the bar for using technology to enable the new
business and underwriting process is continually being raised. Even in a
down market, our research shows that insurers are continuing to invest in
this critical area," said Matthew Josefowicz, director of the
insurance practice at Novarica, an advisory firm focused on insurance IT
and operations strategy.
"This upgrade to our advanced UMS brings true straight-through processing
to underwriters, and offers unprecedented online functionality to agents --
including online quotes and binders. We believe that among the carriers who
succeed in the current financial climate will be those who make it as easy
as possible for agents to do business with them," said Julian Pelenur, CTO
and cofounder of FirstBest.
For large or complex risks, UMS 2.0 also supports import of Microsoft
Excel-based Fleet or Statement of Value spreadsheets directly into the
electronic submission. UMS 2.0 also features enhanced underwriting workflow
capabilities, including enterprise tasking, advanced agent correspondence
features, individual risk scorecards, and multiple-option quote proposals.
The solution is available now.
About FirstBest
FirstBest® Systems, Inc. delivers advanced Underwriting Management
Systems™ (UMS) that enable P&C insurance companies to write more
business and write better business. The FirstBest UMS™ combines a rich
agency portal with next-generation underwriting capabilities 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, please visit www.firstbest.com or call
1.888.863.6095.