FirstBest Upgrades Underwriting System

Bedford, Mass., FirstBest Systems Inc., a provider of advanced Underwriting Management Systems (UMS), announced enhancements to its flagship product that ease the submission process and time-to-bind for both carriers and agents.

 
UMS Version 2.0 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 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 on insurers' competitive strategies, and the bar for using technology to enable the new business and underwriting process is continually being raised,” said Matthew Josefowicz , insurance practice director for insurance IT and operations strategy advisory firm Novarica. “Even in a down market, our research show that insurers are continuing to invest in this critical area.”

 
Julian Pelenur, CTO and co-founder of Bedford, Mass.-based FirstBest Systems, remarked, “We believe 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, and UMS 2.0 breaks new ground in ease of use.”

 
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 immediately.

Source: FirstBest Systems Inc.