Underwriting Software delivers property/casualty analytics.
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Press Release Summary:
As integrated analytic module of FirstBest Underwriting Management System (FirstBest UMS®), FirstBest Insight™ provides actionable visibility into underwriting data and workflows to support precise risk assessment, informed decision making on pricing, and deep awareness about underwriting transactions and dependencies. Timely information aids distribution channel management and agent collaboration. Also, managers gain refined knowledge to identify and address operational bottlenecks.
Original Press Release:
FirstBest Delivers Property and Casualty Underwriting Analytics with Launch of FirstBest Insight Platform
BEDFORD, Mass. -- FirstBest(®) Systems, Inc., provider of insurance software solutions for U.S. and global insurance carriers, today announced the general availability of FirstBest Insight(TM), the integrated analytic module of the FirstBest Underwriting Management System (FirstBest UMS(®)). FirstBest Insight provides comprehensive, actionable visibility into underwriting data and workflows. It supports precise risk assessment, informed decision making on pricing, and deep awareness about underwriting transactions and dependencies.
With FirstBest Insight as the analytic engine of UMS, underwriters become highly informed at the point of underwriting decision, increasing their overall productivity with risk assessment and submissions. Underwriters gain timely information to manage distribution channels and collaborate more effectively with agents. Underwriting managers gain refined knowledge to identify and address operational bottlenecks for more efficient underwriting across the enterprise.
Based on the data within UMS, FirstBest Insight gives underwriters and their managers quick access to granular trends and "what-if" information about books and mix of business, amount of time at each step in submission processing, written premium, and comparisons of automatic and manual submissions. Available for commercial and specialty lines of business, FirstBest Insight evaluates line-of-business performance, underwriter or producer workloads, and much more -- in real time.
"We are excited to announce the availability of FirstBest Insight to drive powerful underwriting analytics at the point of decision," said Paul Cummings, vice president of engineering at FirstBest Systems. "Carriers often invest heavily in data analytics efforts. However, those efforts often end up producing non-actionable or untimely data, dramatically reducing the returns and value. By providing underwriters and underwriting management with actionable analytics directly in the context of their specialized workflows, FirstBest Insight removes barriers that have previously limited carriers from fully leveraging their underwriting analytics efforts."
Partnering with Yodil Inc., a prominent provider of insurance based analytics software, FirstBest combines industry-leading analytics capabilities with data collected by FirstBest UMS throughout the underwriting process to consolidate and deliver valuable business knowledge in context and at the point of underwriting decision.
"The combination of the Yodil Platform and the FirstBest UMS offers carriers unmatched access to underwriting analytics, enabling them to more effectively guide their organizational decisions," said Frederick Waite, chief executive officer at Yodil.
Through a flexible and adaptable interface for business users, FirstBest Insight provides perspective and answers to key underwriting operations questions:
--Â What submissions are in the queue for a specific state, branch, agency, or user?
--Â How does pricing for this risk compare to other risks in the same class, how does pricing compare to last year, and is a significant amount of high modification business being written?
--Â How long is it taking to enter submissions, and where are the bottlenecks in the underwriting process?
--Â How much premium will be booked this quarter, how does hit ratio compare to last year, and what are the top reasons for declining business?
--Â What is the premium breakdown by line of business, what portion of premium is from renewals, and how much business is being written by individual producers?
"The introduction of embedded underwriting analytics is a culmination of the FirstBest vision to empower data-driven risk assessment and front office proficiency in support of profitable growth for insurers," said John Belizaire, FirstBest Systems CEO and founder. "When timely, contextual data and analytics are available to underwriters and their managers, decision making and collaboration in the underwriting process become much more informed and precise."
About FirstBest
FirstBest(®) Systems is the leading provider of insurance software solutions and services that help U.S. and global insurance companies improve underwriting profitability, scale their business, and achieve high service levels with agents and brokers. The patented and proven FirstBest Front Office Suite powers the underwriting operations of leading commercial property/casualty, specialty, and workers' compensation carriers. Processing more than $17 billion in quotes and featuring a modular set of applications, the Front Office Suite incorporates a dedicated underwriting workstation (FirstBest UMS(®)), mobile underwriting (FirstBest UMS Mobile), agent/broker portal (FirstBest Agent(TM)), data integration/upload applications (FirstBest AppReader(TM)), and configuration tools (FirstBest Business Analyst Studio). Leading American and international carriers, such as XL Group plc, OneBeacon, Chesapeake Employers, Beacon Mutual, and ICW Group, rely on FirstBest to improve underwriting efficiencies and quality. FirstBest helps insurers institutionalize risk-assessment knowledge and best practices. With FirstBest solutions, all constituents in the underwriting process can rapidly quote, collaborate, issue, and bind business on a single, data-powered, real-time platform. To learn more, call 1-781-863-6000 or visit www.FirstBest.com.
About Yodil
Yodil is a leading provider of business intelligence (BI), marrying deep insurance knowledge with rich content and adaptable technology. Yodil delivers a comprehensive data warehouse, BI, and reporting platform that can serve as the information hub for insurance carriers, MGAs, and agencies, providing management and operational reporting and data analytics. For more information, please visit www.yodil.com, call 855-749-6345, or e-mail info@yodil.com.
FirstBest and FirstBest UMS are registered trademarks of FirstBest Systems, Inc. FirstBest Front Office Suite, FirstBest Dynamic Synchronization, FirstBest UMS Mobile, FirstBest BA Studio, FirstBest Agent, FirstBest AppReader, and FirstBest Insight are trademarks of FirstBest Systems.
CONTACT: FirstBest Systems, Massood Abolfazli, mabolfazli@firstbest.com, 781-863-6050
