If you had a magic wand and could design your own underwriting automation system, what are the top two key benefits you'd want it to deliver?
Lexington, MA (PRWEB) May 6, 2008
FirstBest® Systems Inc., provider of advanced Underwriting Management Systems™ (UMS) that enable commercial insurance carriers to profit from better underwriting, today announced the results of an underwriting productivity survey conducted at the recent NAMIC Commercial Lines Underwriting Seminar. Efficiency, speed, and ease of use were most frequently cited as tops on underwriters' wish lists.
Speaking to an audience of C-level executives, senior line-of-business, and underwriting managers representing property and casualty (P&C) insurance carriers nationwide, FirstBest CEO John Belizaire and co-presenter Deb Smallwood, formerly Chief Transformation Officer of ICW Group and now principal of Smallwood Maike & Associates, asked, "If you had a magic wand and could design your own underwriting automation system, what are the top two key benefits you'd want it to deliver?"
FirstBest analyzed the survey responses and grouped them in the following categories:
1. Efficiency: Improved underwriting productivity
2. Speed: Business agility, flexibility, and the ability to make changes quickly
3. Scalability: Ability to grow and scale the business profitably with existing resources
4. Ease of use: Technology that is easy to learn and use
5. Ease of doing business with agents: Including real-time collaboration
6. Integration: Seamless integration with existing systems and the ability to unite disparate systems
7. Visibility: Greater management visibility into underwriting processes
8. Discipline: Underwriting integrity and consistency in applying rules
9. Specific functionality: Predictive modeling and analytics
Overwhelmingly the most sought-after benefit was efficiency, named by 21% of respondents. Most of the underwriters said they are looking for a system that enables greater efficiency and productivity, including straight-through processing and reduced rekeying of information. This requirement not only garnered the most total responses, but it was most often positioned as number one on the respondents' wish list.
Runners up and tied for second place were speed and ease of use, each named by 15% of respondents. Underwriting leaders want systems that enable them to change rules quickly and that provide the agility to respond rapidly to changing market conditions. In conclusion, the survey found that all participants were looking for user-friendly, intuitive systems that would make it easy for them to do their jobs.
According to John Belizaire, CEO of FirstBest, "Commercial carriers are seeking ways to be more efficient and productive--not for mere cost savings, but to achieve strategic advantage. Carriers want to be the insurer of choice; they want to be so easy to work with their agents and brokers won't take their business elsewhere. With more streamlined underwriting processes, underwriters can handle more business, grow and scale their businesses profitably, and free their most seasoned underwriters for more complex risks. And by integrating all the capabilities they seek across all lines of business, carriers can achieve true enterprise underwriting."
For a copy of the full survey report, please contact FirstBest at primes @ firstbest.com.
About FirstBest Systems
Founded in 2006, FirstBest® Systems, Inc. delivers advanced Underwriting Management Systems™ (UMS) that enable commercial insurance carriers to profit from better underwriting. The FirstBest UMS™ is a next-generation underwriting solution for commercial-lines carriers that enables them to write more business and write better business. Insurers can scale their underwriting profitably while achieving greater speed and business agility; foster real-time collaboration to make it easy for agents to do business with carriers; promote enhanced underwriting discipline and consistency; and empower management with greater visibility into underwriting processes.
For more information, please visit http://www.firstbest.com or call 1.888.863.6095.