Chip Hazard of IDG Ventures to Join FirstBest Board of Directors
LEXINGTON, MA, November 13, 2007 – FirstBest® Systems, Inc., developer of advanced Underwriting Management Systems™ that enable commercial insurance carriers to profit from better underwriting, today announced the completion of a $7 million round of Series A funding led by IDG Ventures Boston. Private equity firms NextStage LLC and Brookstone Partners also participated in the round. The funds will be used to expand sales and marketing and to further the development of the FirstBest Underwriting Management System (UMS™), the first comprehensive software solution for underwriting all commercial lines of business.
“FirstBest was formed to address an un-met need in the commercial property and casualty insurance market,” said Chip Hazard, general partner at IDG Ventures Boston, who will join the FirstBest board of directors. “Current market forces are putting intense pressure on insurance carriers’ profitability, especially in the mid-tier market, focusing their attention on the underwriting process. FirstBest has developed a new category of business solution specifically to address their underwriting challenges, leveraging the latest Web 2.0 technologies.”
“FirstBest has assembled a world-class team with deep experience in the insurance and software industries,” said John Belizaire, CEO of FirstBest Systems. “With this funding and an outstanding board of directors, we will continue the substantial momentum we have gained in this largely underserved segment of the commercial insurance market.”
About FirstBest Systems
Founded in 2006, FirstBest® Systems, Inc. delivers advanced Underwriting Management Systems™ (UMS) that enable commercial insurance carriers to profit from better underwriting. FirstBest’s UMS™ is a web-based business solution for underwriting all commercial lines of business. It uniquely delivers automation for straight-through processing and exception-based underwriting, real-time collaboration, knowledge management, a management dashboard, and an execution platform for predictive modeling – in one integrated solution. The UMS deployment results in increased profitability, improved ease of doing business, management visibility into the underwriting process, and the continuous capturing and sharing of underwriting best practices. For more information, please visit www.firstbest.com or call us at 888.863.6095.
About IDG Ventures Boston
IDG Ventures Boston is a leading venture capital firm focused on investing in early-stage information and healthcare technology companies. With $280 million under management, the firm is an independent partnership making investments on behalf of its limited partners. The fund is affiliated with IDG Ventures, a global $1 billion network of funds spanning Asia, Europe and North America. International Data Group, the world's largest IT media, research, and event company, is the flagship limited partner for IDG Ventures Boston. Through the IDG global network, IDG Ventures Boston is able to uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, visit www.idgvb.com.
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