BEDFORD, Mass., July 23, 2012 /PRNewswire/ -- FirstBest® Systems, Inc., provider of insurance software solutions for global insurance carriers, today announced that IWIF, the Injured Workers' Insurance Fund and Maryland's largest writer of workers' compensation insurance, has selected and begun deployment of the FirstBest® Underwriting Management System (UMS) and FirstBest Agent. With the new front office applications in use by underwriters and agents by spring 2013, IWIF expects to increase underwriting profitability, drive more business and gain greater appeal with agents.
"We have engaged FirstBest for their industry expertise and best-practice collaborative underwriting system, so IWIF can be as competitive as possible," stated Thomas Phelan, CPA, President and CEO of IWIF. "With new automation and easily accessible comprehensive information in place, we'll empower underwriters to price each risk competitively and profitably, while improving the speed of service. At the same time, by providing our agent partners with real-time access to data, instant quotes, and faster service, we expect they will send more business to IWIF."
IWIF's strategic goals for FirstBest UMS include:
- Transform the roles of underwriters with one-stop underwriting – So they can drive the business, focusing on comprehensive risk analysis and pricing accuracy vs. info gathering and paper pushing
- Appeal to and empower IWIF's agents for all account sizes – By collaborating, bringing them into the underwriting process, providing portfolio dashboards and analysis, and delivering competitive quotes much quicker than today
- Fuel growth and increase productivity – By increasing underwriting automation to better scale and pursue a broader array of accounts
- Improve technology – By delivering more value in less time via a modern and packaged front office solution based on industry best practices, enabling IWIF to quickly seize new market opportunities
"We're seeing more and more workers' comp insurers seeking outside expertise and leveraging solutions that set them apart, particularly in a hardening market," commented John Belizaire, Founder and CEO, FirstBest Systems. "FirstBest's professional services team carefully listened to IWIF's unique needs and mapped out a high-level strategy that paves the way for growth and enables the carrier to continue its legacy of innovation."
"With FirstBest, we will replace the underwriting functions in our legacy systems with a more maintainable, flexible underwriting system that will adapt to future needs – and do it in timely manner. Our business analysts and underwriting managers will be able to quickly and easily configure the system, rather than relying on a single system administrator to program new rules. We'll respond to submissions and market conditions much faster," stated Paige Beck, CPA, Chief Administrative Officer and CFO.
The patented FirstBest UMS helps insurers to transform the underwriting process. It makes underwriting faster and more accurate, captures the knowledge of experienced underwriters, helps maintain best practices, and enforces rules across the enterprise. The underwriting management system develops highly accurate risk profiles based on risk data, modeling tools, third-party data and best practices, so that underwriters can focus on analyzing the risk and delivering answers to their agents in an accelerated timeframe. The configurable system helps carriers deploy products faster to keep up with market shifts and customer demand, leveraging a complete transactional agent portal that facilitates new business and renewals.
The Injured Workers' Insurance Fund (IWIF) has specialized in providing workers' compensation insurance to Maryland businesses since 1914. The leading writer of workers' compensation insurance in Maryland, IWIF continues to be a competitive force in the industry with an array of consumer-driven products and services that are available to all Maryland businesses. The organization, which has total current assets of $1.7 billion, markets workers' compensation insurance through independent agents and directly to business owners. IWIF will convert to Chesapeake Employers' Insurance Company (Chesapeake) in October 2013.
FirstBest Systems, Inc.
FirstBest® Systems is the leading provider of insurance software solutions that help global insurance companies improve underwriting profitability, scale their business and achieve high service levels with agents, across the enterprise. The patented and proven FirstBest Front Office Suite has processed more than $7 billion in quotes and includes modular underwriting workstation, agent portal, and agency upload applications, with capabilities for mobile insurance users. Global companies such as XL Group plc, and OneBeacon Insurance Group rely on FirstBest to improve underwriting efficiencies and quality, institutionalize knowledge and best practices, and empower everyone in the process to rapidly quote, collaborate, issue, and bind business on a single real‐time platform from anywhere. +1-781-863-6000.
FirstBest is a registered trademark of FirstBest Systems, Inc. FirstBest Front Office Suite, FirstBest UMS, Underwriting Management System, FirstBest Agent and FirstBest AppReader are trademarks of FirstBest Systems, Inc.
SOURCE FirstBest Systems, Inc.