FirstBest Systems Enhances Underwriting Management System to Integrate with Agency Management Systems, Predictive Analytics Solutions; Insurance Software Addresses P&C Industry Demand for Ease of Use
FirstBest Systems has enhanced its flagship Underwriting Management System, an insurance software solution that automates the entire underwriting process for P&C carriers. New features include out-of-the-box integration with popular agency management systems and predictive analytics solutions.
Lexington, Mass. (PRWEB) March 17, 2008 -- FirstBest Systems®, Inc., developer of advanced Underwriting Management Systems™ (UMS) that enable commercial insurance carriers to profit from better underwriting, has added major enhancements to its flagship product. These enhancements to the UMS make it easier for agents to collaborate with property and casualty (P&C) carriers by working seamlessly with agency management systems, while also integrating with carriers' predictive analytics solutions.
Insurance agents are now able to upload submissions automatically from their agency management system to underwriters using UMS, without re-keying data. UMS works with popular agency management systems such as those from AMS Services and Applied Systems, Inc. As a result, submissions are faster and easier, agents and underwriters are more productive and efficient, carriers reduce costs with straight-through processing, and carriers can focus on building more loyal relationships with their agent/broker customers.
In addition, UMS now enables out-of-the-box integration with carriers' own solutions or packaged predictive analytics solutions, enabling underwriters to better match price to risk and lower loss ratios. For example, if a carrier is using a predictive analytics solution, the underwriter can invoke the predictive model directly from the UMS. The UMS will then execute the model and return the results either in numeric form or in graphical renderings. The UMS has a built-in Configurator that allows carriers to create and change business rules on the fly, without coding, providing the ability to rapidly react to market changes.
A recent TowerGroup survey of insurance executives identified critical strategic initiatives that carriers will focus on in 2008. Topping the list was improving the ease of doing business with agents. In addition, deploying predictive analytics was among the top five strategic imperatives.
"Our goal in developing the FirstBest UMS has always been to make it as intuitive and easy as possible for insurers to work with agents, and to give carriers strategic capabilities to be smart, productive, efficient, and competitive--without replacing their existing technology investments. As a Web-based solution, UMS is designed to work with and leverage carriers' technology investments, which include predictive analytics, and now--importantly--UMS works with agencies' technology investments as well," said John Belizaire, CEO, FirstBest Systems. "UMS supports all commercial lines, with prebuilt content, rules, forms, letters of agreement, and more, enabling the fastest time possible to results," he added.
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. The FirstBest UMS™ is an insurance software solution that automates the entire underwriting process for P&C carriers, enabling them to write more business and write better business. Insurers can scale their businesses profitably through automation while achieving greater speed and business agility; foster real-time collaboration to make it easy for agents to do business with carriers; promote greater 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.
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