FirstBest Systems Inc., a developer of advanced underwriting management systems (UMS) for property/casualty insurance carriers, reports that it has secured $6 million in Series B funding.
Flybridge Capital Partners and Brookstone Partners led the round with participation from existing investors. The new funds will be used to expand sales and internal staffing, fuel marketing to new lines and increase development of UMSa next-generation underwriting workstation combined with an agent portal, according to FirstBest.
Enthusiasm from the property and casualty sector tells us that the FirstBest UMS is a compelling system for carriers to capture new revenue streams and improve underwriting profit while strengthening their agency relationships, says FirstBest CEO and founder, John Belizaire. Todays financial climate is straining those carriers that were more dependent on profits from investments versus profits from underwriting. When P&C insurance carriers look to grow their business, they can write a new line of business or expand an existing line into new segments or marketsrequiring substantial changes to the insurer's underwriting workflow, methodologies and pricing strategies.
After what is usually a six-month implementation period for the FirstBest UMS, carriers can eliminate inefficiencies, provide visibility and real-time collaboration and establish best practices in the underwriting process, while making it easier for agents to do business with them, says the company.
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