FirstBest Achieves Record Adoption of Insurance Underwriting, Agent Portal and Agency Upload Applications

Announces 125% Growth, New Global Carriers and Technology Innovations for 2011

BEDFORD, Mass.--(BUSINESS WIRE)-- FirstBest® Systems, Inc.,provider of insurance software solutions for global insurance carriers, today announced record growth and industry adoption of its modular underwriting workstation, agent portal and agency upload applications. In 2011, FirstBest doubled its customer base, grew headcount by 40% and achieved 125% year-over-year growth in orders, fueled by demand for its Front Office Suite of applications, which help insurers drive revenue growth and increase profitability across the enterprise, while improving ease of doing business with the distribution channel.

“FirstBest is seeing great interest from large world-class carriers eager for greater profitability, flexibility, efficiency, and integration from their underwriting and policy systems. Our explosive growth in 2011 validates the need for a common and strategic front office solution for the entire insurance enterprise. We are laying the groundwork for multi-line carriers to transform their infrastructure to deliver account-centric underwriting across the enterprise, and to deliver truly collaborative and efficient service to their agents and brokers,” stated John Belizaire, Founder and CEO, FirstBest. “In 2012, we expect this trend, along with demand for mobile capabilities, to grow, particularly with tier-one insurers that write more than $3 billion in premiums.”

Customer and Company Momentum

FirstBest ends 2011 with many new customers, including three global multi-line insurers, such as XL Group plc. Combined, FirstBest customers have quoted more than $6 billion in premiums to date using the FirstBest Front Office Suite. The Suite supports some 85,000 agent, underwriter and corporate users.

2011 highlights related to company growth and thought leadership include:

• Increased orders by 125%, as compared to 2010
• Increased staff by 40% to continue to provide best-in-class service and new offerings to existing and new customers
• Expanded world-class professional services organization, adding experienced staff in the US and Europe
• Held visionary Webinars with Novarica and Strategy Meets Action, to help carriers separate fact from fiction in underwriting, learn best practices for achieving profitable underwriting and ensuring the success of rollout and training initiatives
• Conducted Mobile Technology Survey, revealing carrier and agent/broker smartphone and tablet use today, as well as the devices they’d prefer and tasks they’d most like to accomplish with mobile insurance applications, while away from the office – from account look up to binding policies.

Technology Innovation

In 2011, FirstBest won the MarketScout Entrepreneurial Insurance Award for Technology, recognizing the FirstBest AppReader agency connectivity application for its ability to save time and money for agents and insurers alike. The company was also granted patents for systems and methods related to underwriting automation and electronic letters of authority; including underwriting authority rules and referrals, underwriting desktop user interface designs, underwriting collaboration technology, and several other related inventions.

Throughout the year, FirstBest announced a variety of industry-first innovations for underwriting, encompassed within three announcements about its FirstBest Front Office Suite, which enables carriers to better seize new market opportunities, improve underwriting profitability and improve agent and broker service. Technology innovations include:

• Front Office Solution for Specialty Lines – With rapidly configured applications that bring in external data, incorporate modeling tools and deliver precision pricing and stronger underwriting discipline.
• Front Office Suite 4.0 – Enabling account-based underwriting for multi-line insurers and mono-line insurers selling multiple policies, giving underwriters a single enterprise-wide view of the insured, for multi-line quoting.
• Mobile Capabilities – Fully integrated with FirstBest’s underwriting workstation and agent portal applications, the native and secure mobile capabilities enable carrier and agency traveling managers, field personnel and road warriors to perform time-sensitive tasks remotely and securely, so that they can write more business in less time.

“FirstBest’s client growth demonstrates that the company is delivering compelling solutions, at a time when market needs are changing quickly,” said Deborah Smallwood, Founder of insurance strategic advisory firm, Strategy Meets Action (SMA). “Underwriting-driven insurers, grappling with ever-increasing uncertainty in the market, are investing in integrated solutions that leverage existing core systems to provide notable productivity gains and help boost profitability. The success of FirstBest’s Front Office Suite confirms SMA’s research findings that many commercial and specialty lines companies are investing in underwriting solutions, broker/agent connectivity, and portals. These technology investments are creating differentiation and competitive advantage.”

FirstBest Systems, Inc.

FirstBest® Systems is the leading provider of insurance software solutions that help global insurance companies improve underwriting profitability, scale their business and achieve high service levels with agents, across the enterprise. The proven FirstBest Front Office Suite includes modular underwriting workstation, agent portal and agency upload applications, with capabilities for mobile users. The scalable Suite has processed more than $6 billion in quotes for companies such as XL Group plc, a global insurance and reinsurance company, ICW Group Insurance Companies, a multi-line super regional insurer, Pacific Compensation Insurance Company, a specialty workers compensation insurance writer, and Preferred Concepts, LLC., a national managing general underwriter. To learn more, call +1-781-863-6000.

FirstBest is a registered trademark of FirstBest Systems, Inc. FirstBest Front Office Suite, FirstBest UMS, Underwriting Management System, FirstBest Agent, and FirstBest AppReader, are trademarks of FirstBest Systems, Inc.

FirstBest SystemsSteve Robins, +1-781-280-6350
[email protected]

Source: FirstBest Systems