The Novarica Market Navigator Report profiles 10 underwriting vendor solutions available for U.S. property/casualty insurers. The report is designed to provide an overview of the current provider marketplace for underwriter workbench systems, and to assist insurers in drawing up their shortlists of potential providers based on vendor market position and offering details.
"Underwriting technology is an area of increased interest for insurers, especially in commercial lines. With new data sources and analytics driving underwriting, it's more important than ever to have effective systems that enable and support underwriters," said Matthew Josefowicz, President and CEO of Novarica. "Among the 10 companies we reviewed in the 2015 Novarica Market Navigator Underwriter Workbench Report, FirstBest is by far the company that's most experienced and focused on underwriting solutions."
FirstBest is one of only two providers classified by the report as offering a pure-play underwriter workbench, which Novarica defines as "a fully-supported vended solution for UW use that is enhanced and supported through ongoing releases by the vendor."
"This is a very thorough, in-depth review of underwriting technology providers, and the mature capabilities and expertise of FirstBest stand out," said John Belizaire, FirstBest Founder and CEO. "We are very excited to be recognized as the largest provider of dedicated underwriting technology. And Novarica's at-a-glance graphic on FirstBest clearly establishes that almost every essential feature and function listed is available out-of-the-box without configuration in the FirstBest Underwriting Management System."
The report summarizes each provider's client base, technology, differentiators, supported lines of business, deployment options, implementation approaches, upgrades and enhancements, pricing, and key functionality.
As the largest pure-play underwriting workstation provider, and unlike most of the other suppliers profiled in the report, FirstBest has implemented a modern, cloud-based, full-function underwriting workstation that is integrated with a variety of policy management and other systems for all of its customers. "Vendors often claim to have full underwriting workstation capabilities, but in many cases they are referring to some underwriting functionality embedded in policy management and application development toolkits," said Belizaire. "The FirstBest system is the only workstation solution focused on full-function, data-driven underwriting processes, with a dedicated team of experts solely working on helping insurers and their distributors achieve underwriting precision, productivity, and quality."
The report was authored by Martina Conlon, senior vice president of research and consulting; Mitch Wein, vice president of research and consulting; and editor Alex Effgen.
About Novarica Novarica provides technology strategy research, advisory services, and consulting to more than 80 property/casualty and life/annuity insurers. Its knowledgebase covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com
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 Suite™ powers the underwriting operations of leading commercial property/casualty, specialty, and workers' compensation insurers. Processing more than $22 billion in quotes and featuring a modular set of applications, the FirstBest Suite incorporates a dedicated underwriting workstation (FirstBest UMS®), mobile underwriting (FirstBest UMS Mobile™), an agent/broker portal (FirstBest Agent™), data integration/upload applications (FirstBest AppReader™), configuration tools (FirstBest Business Analyst Studio™), and an integrated analytics engine (FirstBest Insight™). Leading American and international insurers, such as Amerisafe, Atlas, Axis, Beacon Mutual, Chesapeake Employers, ICW Group, Markel, OneBeacon, PacificComp, and XL-Catlin 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 collaborate to quote, bind, and issue business on a single, data-powered, real-time platform. To learn more, call 1-781-863-6000, or visit www.firstbest.com.