UMS 2.0 Brings True Straight-Through Processing to Underwriters and Online Quote and Binding to Agents

BEDFORD, MA., November 10, 2008 – FirstBest® Systems, Inc., a provider of advanced Underwriting Management Systems™ (UMS) that enable commercial insurance carriers to write more business and write better business, today announced significant enhancements to its flagship product that ease the submission process and time-to-bind for both carriers and agents.

UMS Version 2.0 now offers full, rules-driven straight-through processing (STP), including flexible online quotes for agents. Agents can upload and receive complete, bindable online quotes in seconds. Agency-automated letters of authority now allow carriers to decide when and for whom online quoting is available.

New line-of-business content includes complete business owner policy (BOP) and commercial auto policy content. For both lines this includes ACORD supplemental and multiple coverage forms, ACORD printing, ACORD XML upload/download, class code generation, risk appetite rules, risk pre-qualification rules, and best practices content.

“Improving ease of doing business for agents is a major focus on insurers' competitive strategies, and the bar for using technology to enable the new business and underwriting process is continually being raised. Even in a down market, our research show that insurers are continuing to invest in this critical area,” said Matthew Josefowicz, director of the insurance practice at Novarica, an advisory firm focused on insurance IT and operations strategy.

“This upgrade to our advanced UMS brings true straight-through processing to underwriters, and offers unprecedented online functionality to agents—including online quotes and binders. We believe that among the carriers who succeed in the current financial climate will be those who make it as easy as possible for agents to do business with them”, said Julian Pelenur, CTO and cofounder of FirstBest.

For large or complex risks, UMS 2.0 also supports import of Microsoft Excel-based Fleet or Statement of Value spreadsheets directly into the electronic submission. UMS 2.0 also features enhanced underwriting workflow capabilities, including enterprise tasking, advanced agent correspondence features, individual risk scorecards, and multiple-option quote proposals. The solution is available now.

About FirstBest
FirstBest® Systems, Inc. delivers advanced Underwriting Management Systems™ (UMS) that enable P&C insurance companies to write more business and write better business. The FirstBest UMS™ combines a rich agency portal with next-generation underwriting capabilities for commercial lines carriers.Insurers can achieve greater speed and business agility, provide real-time collaboration to make it easy for agents to do business with them, promote enhanced underwriting discipline and best practices, scale their book of business profitably, and empower underwriters and agents with greater visibility into the business. For more information, please visit www.firstbest.com or call 1.888.863.6095.

Press contacts: Meira Primes
VP, Marketing
FirstBest Systems, Inc.
781.863.6005
mprimes@firstbest.com