According to FirstBest, UMS helps speed underwriting and increase accuracy by capturing the knowledge of experienced underwriters, helping maintain best practices and enforcing rules across the enterprise. The underwriting management system is designed to develop risk profiles based on risk data, modeling tools, third-party data and best practices so underwriters can focus on analyzing the risk and more quickly delivering answers to their brokers.
"We intend to roll out FirstBest UMS across OBPI during the next two years, in order to streamline the underwriting process, better accommodate brokers' timeframes and deadlines by making it easier for them to directly access and collaborate with our experts, and help both brokers and OBPI achieve measured, profitable business growth," said Paul Romano, OBPI President. "Brokers have made it clear that there needs to be a more efficient way for them to work with carriers. They rely on us to provide the information they need to effectively manage their business."
FirstBest states in a release that UMS helps carriers deploy products faster so as to keep up with market shifts and customer demand, leveraging a complete transactional agent/broker portal that facilitates new business and renewals.
"FirstBest addresses the insurance front office with a common, configurable application and enterprise underwriting technology platform that can be readily integrated with policy administration and other back-end systems," said John Belizaire, FirstBest CEO and co-founder.
Scott McClintock, OneBeacon Insurance Group's CIO says FirstBest's technology will facilitate consistent, quality underwriting across OBPI.
"Instead of navigating through multiple systems to view and analyze risk data, our underwriters can leverage the solution as a single point of reference, enabling them to spend more time on analysis and work more closely—and efficiently—with our brokers," McClintock said.
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