FirstBest Systems, Inc. (Bedford, Mass.), has enhanced its Underwriting Management Systems (UMS) product that are designed to ease the submission process and time-to-bind for both carriers and agents.
UMS Version 2.0 now offers full, rules-driven straight-through processing (STP), including flexible online quotes for agents. Agents can upload and receive complete, bindable online quotes in seconds. Agency-automated letters of authority now allow carriers to decide when and for whom online quoting available.
New line-of-business content includes complete business owner policy (BOP) and commercial auto policy content. For both lines this includes ACORD supplemental and multiple coverage forms, ACORD printing, ACORD XML upload/download, class code generation, risk appetite rules, risk pre-qualification rules, and best practices content.
"Improving ease of doing business for agents is a major focus on insurers' competitive strategies, and the bar for using technology to enable the new business and underwriting process is continually being raised," said Matthew Josefowicz, insurance practice director for insurance IT and operations strategy advisory firm Novarica. "Even in a down market, our research show that insurers are continuing to invest in this critical area."
Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio