Underwriting Management Solutions Overview

Premium rates are declining, with no relief in sight. You have to write more business just to stay even, and maintain quality. Meanwhile, you are competing for the hearts and minds of agents and brokers—your customers—and seeking competitive differentiation to stay alive. Automation and better collaboration are the answers, but much of the technology in the commercial insurance world has been disappointing.

Underwriting is a key business process, where your profitability is ultimately determined. It shouldn’t be an afterthought, something tacked onto your policy admin system. According to Stephen Forte, Senior Research Analyst, Gartner, “Policy administration systems have delivered little to no value in helping insurers underwrite complex products such as commercial and specialty lines.”

You need a technology partner, and a solution, that will help you:

1. Improve underwriting productivity
   Increase your book of business with the same or improved quality, and the same resources, and expand into new markets
2. Significantly enhance your ease of doing business—Make it easy, and less expensive, for your agents to do business with you, so they won’t want to go elsewhere
3. Deploy and maintain underwriting discipline—Capture and share underwriting knowledge and best practices while enforcing authority and instilling best practices.

We call this Underwriting 2.0, and that’s what the FirstBest Underwriting Management System^TM, or UMS^TM, delivers. Because it’s based on SOA and the latest on-demand, software as a service (SaaS) technologies, it doesn’t make you replace what you have—it extends and improves upon your existing technology.

• Scale your Book of Business Profitably
  Increase your volume of business while improving quality, and with the same resources. Expand into new markets. Capture more business, bigger business, the right business.
• Ease of Doing Business
  Collaborate with your agents in real-time with tools such as chat, email and alerts. The UMS makes it easy and profitable for your agents to work with you.
• Underwriting Discipline
  Deploy a rules-driven underwriting process while capturing and sharing the knowledge of your most senior underwriters. Instill best practices. Enforce letters of authority.
• Business Agility
  Bring new insurance products to market faster. Gain real-time visibility and insights into the entire underwriting process and book of business.
• Precision Pricing
  Price risk effectively to get the right business. Integrate predictive analytics with your risk selection and pricing. Lower your loss ratio.