BEDFORD, Mass., Feb. 13, 2013 /PRNewswire/ -- FirstBest® Systems, Inc., provider of insurance software solutions for global insurance carriers, today announced that in 2012 the company increased its professional services, customer advocacy, support, and sales personnel by 46% percent in response to growing demand from tier-one carriers. The Company has also added John Chu, an insurance and technology strategist and veteran executive from The Hartford, to its Board of Directors. The new additions and expertise will enable FirstBest to provide optimal service to a growing roster of mid-size and large carriers using its underwriting management system.
According to U.S. Insurer IT Budgets and Projects 2013, a report published by insurance technology research and advisory firm Novarica, 40% of the more than 100 insurers surveyed are either replacing or planning major enhancements to their underwriting systems in 2013. More than 60% of the 21 large property/casualty insurers in the sample are planning replacements or significant enhancements this year.
Large multiline insurance carriers, including XL Group, OneBeacon Professional Insurance and others, have already begun to roll out FirstBest UMS across their enterprises.
FirstBest began to see interest from large carriers in early 2011 and soon delivered the FirstBest Front Office Suite 4.0, which enables account-based underwriting for multiline insurers and monoline insurers selling multiple policies for a single risk. The Suite empowers insurers to manage advanced underwriting processes across an insured account, using a single enterprise-wide view of the insured and enabling multiline quoting.
In December 2012, FirstBest released a new native mobile app for iOS (iPad) users so that underwriters and business analysts can make decisions quickly from anywhere, at any time, with real-time secure data access and transactions, using the same system as used on their desktop. The new features and innovations address the unique needs of large carriers with dispersed teams on the go.
"I'm excited to join FirstBest, a leading insurance solution provider in a growing space," said John Chu, newly appointed to the FirstBest Board of Directors. "Today many Tier 1 insurance carriers are looking to accelerate the delivery of new and improved products so they can improve the underwriting profitability of their book of business. It's clear that the old methods of disparate, disconnected, and static systems won't work. Instead, Tier 1 carriers are seeking modern front office systems, such as the FirstBest Front Office Suite, which connect disparate back-end systems with data, analytics, modeling tools and more, bringing together everything that an underwriter needs to rapidly evaluate and price a risk into a single underwriting desktop powered by a nimble platform for underwriting across the enterprise."
The latest addition to the FirstBest Board of Directors, John Chu is an advisor and operating partner who has worked within private equity firms for the last several years. Mr. Chu focuses on guiding companies in the areas of IT, finance, and strategy. Previously, he was the Senior Vice President, eBusiness & Technology for The Hartford's Property-Casualty operations where he was responsible for technology strategy and operations. He also served as VP, Strategic Business Development and CFO for The Hartford's Personal Lines Division. Prior to The Hartford, Mr. Chu held the position of Managing Consultant for Tillinghast - Towers Perrin, managing engagements with Fortune 100 financial services companies.
"More and more multiline carriers see the efficiencies and market advantages to be gained through a flexible enterprise-wide underwriting system. There is clear value – from agent/broker collaboration or improving loss and expense ratios to applying analytics that make useful the big data in underwriting," said John Belizaire, FirstBest Founder and CEO. "Our new Board member, John Chu, is in essence an independent voice of the Tier 1 carrier. He will provide FirstBest with critical market insight and help to steer our growth within this key segment, while we exceed the expectations of our existing customers."
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 patented and proven FirstBest Front Office Suite has processed more than $9 billion in quotes and includes modular underwriting workstation, mobile underwriting, agent portal, and agency upload applications. Global companies such as XL Group plc and OneBeacon rely on FirstBest to improve underwriting efficiencies and quality, institutionalize knowledge and best practices, and empower everyone in the process to rapidly quote, collaborate, issue, and bind business on a single real‐time platform from anywhere. To learn more, call +1-781-863-6000.
FirstBest is a registered trademark of FirstBest Systems, Inc. FirstBest UMS, Underwriting Management System, FirstBest UMS Mobile, FirstBest Agent, FirstBest AppReader, and FirstBest Front-Office Suite are trademarks of FirstBest Systems, Inc. All other trademarks are property of their respective owners.
SOURCE FirstBest Systems, Inc.