Thought Leadership in Underwriting Management Systems

Download our thought leadership whitepapers here
 

Knowledge Management: Bringing Science to the Art of Underwriting
FirstBest Systems is pleased to announce the availability of this new thought leadership white paper, published by The Underwriting Knowledge Center.

Learn:

• Why knowledge management is a key strategy to underwriting profitability
• How to capture and share the collective experience of your seasoned underwriters
• How to improve the effectiveness and consistency of underwriting practices

Profit from Better Underwriting: Next Generation Underwriting
Read about how next-generation underwriting management systems can empower insurance carriers to profit from better underwriting and build sustainable competitive advantage.

Analyst Insights
 

TowerGroup
“Commercial lines carriers are looking for improvements in their underwriting systems in order to stay competitive and grow their portfolio. Carriers are seeking to use enhanced data and predictive analytics for more precise pricing and more granular risk segmentation. What they desire is to enhance the entire underwriting lifecycle through a solution that utilizes flexible open system tools and capabilities, dynamic user interfaces and robust industry content.”

Mark Gorman, Strategic Research Advisor, at TowerGroup

Financial Insights
“Insurance companies must change the way they do business if they are to attract and retain the policyholders and producers necessary to profitably stay in business.... Insurers who try to ignore the use of standards or Web services will find themselves with too high a cost structure. Standards, Web services and even service-oriented architecture (SOA): Can't live without them, can't compete the same way once every insurer uses them.”

– Barry Rabkin, senior research analyst, insurance, at Financial Insights, an IDC company (Source: Insurance Networking & Data Management, Nov. 2006)

 TowerGroup
"Mid-tier carriers are driven to invest in underwriting process improvements to stay competitive with large carriers to avoid loss of future business. They know they must improve the underwriter's ability to make the best decision possible for all transaction business, which are by nature case-by-case exceptions to the normal flow of underwriting. The desired solution would be the implementation of an Underwriting Workstation that gives underwriters easy access in a single user interface to all of the data and information they need to make the underwriting decision quickly, consistently and accurately."

– Deborah Smallwood, Managing Director, TowerGroup Insurance Practice (Source: BusinessWire, May 23, 2006)

Celent
“Agents want 24/7, ‘always on’ systems so they can work when they want to. They also want Web-enabled systems, accessible without proprietary hardware and software.... What's more, 52% of property/casualty insurers view agent portals as key differentiators. The carriers cite faster cycle time for new business and reduced re-keying errors as advantages and they also note that strong portals improve visibility and reputation among agents and policyholders.”

– Craig Weber, Senior Analyst with Celent, from a report entitled "Designed for Success: The Must-Have Attributes of Producer Tools." (Source: Insurance Networking & Data Management, May 2007)

Gartner
"SOA is not a technology; it is a strategy that relies upon the use of standards such as XML in order to support fast and efficient data exchange from system to system. As insurers undergo infrastructure transformation and shift to the use of SOA, it only promotes and encourages the use of industry standards, which ultimately will drive increased adoption in the future."

- Kimberly Harris-Ferrante, research vice-president (Source: Technology Decisions, May 2007)