To boost underwriting profitability and improve agent service, the Injured Workers’ Insurance Fund (IWIF), a workers’ compensation insurance writer, selected and begun deployment of the FirstBest Systems’ Underwriting Management System (UMS) and FirstBest Agent.
“We will replace the underwriting functions in our legacy systems with a more maintainable, flexible underwriting system that will adapt to future needs, and do it in a timely manner,” said Paige Beck, CPA, Chief Administrative Officer and CFO. “Our business analysts and underwriting managers will be able to quickly and easily configure the system, rather than relying on a single system administrator to program new rules. We’ll respond to submissions and market conditions much faster.”
With the new front-office applications in use by underwriters and agents by spring 2013, IWIF expects to:
· Transform the roles of underwriters with one-stop underwriting, so they can drive the business, focusing on comprehensive risk analysis and pricing accuracy vs. info gathering and paper pushing
· Appeal to and empower IWIF’s agents for all account sizes by collaborating, bringing them into the underwriting process, providing portfolio dashboards and analysis, and delivering competitive quotes much quicker than today
· Fuel growth and increase productivity by increasing underwriting automation to better scale and pursue a broader array of accounts
· Improve technology by delivering more value in less time via a modern and packaged front office solution based on industry best practices, enabling IWIF to quickly seize new market opportunities
“With new automation and easily accessible comprehensive information in place, we’ll empower underwriters to price each risk competitively and profitably, while improving the speed of service,” said Thomas Phelan, president and CEO of IWIF. “At the same time, by providing our agent partners with real-time access to data, instant quotes, and faster service, we expect they will send more business to IWIF.”
The patented FirstBest UMS is designed to capture the knowledge of experienced underwriters, help maintain best practices and enforce rules across the enterprise, helping carriers deploy products faster to keep up with market shifts and customer demand.
“We’re seeing more and more workers’ comp insurers seeking outside expertise and leveraging solutions that set them apart, particularly in a hardening market,” commented John Belizaire, founder and CEO, FirstBest Systems. “FirstBest’s professional services team carefully listened to IWIF’s needs and mapped out a high-level strategy that paves the way for growth and enables the carrier to continue its legacy of innovation.”
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