FirstBest Systems, a provider of insurance software for commercial-lines insurance companies, has released its front office solution for specialty-lines carriers.
The IT provider said that the new solution will enable specialty insurers to seize the new market opportunities, drive underwriting profitability in new and existing markets and improve service to brokers. The configured applications of the solution will bring in external data, incorporate modeling tools, to deliver precision pricing and better underwriting discipline.
According to the FirstBest, the front office solutions’ flexible workflow will enable the specialty lines carriers to capture the right data about the specific risk while leveraging third-party data and specialized, integrated modeling tools.
Using the front office solution, underwriters can have all the required information to accurately price and tailor terms and conditions.
FirstBest said that the solution contains underwriting, broker portal, and upload components that can be tailored and deployed across different specialty lines as appropriate, allowing carriers to quickly capitalize on new market opportunities.
The solution also includes configurable workflow, business rules and screens, as well as configurable data fields, values, class codes, and roles.
FirstBest claims that the solution will support the specialty lines carriers to build a profitable book by embedding underwriting quality and discipline throughout the process with contextual supplemental questions, risk appetite rules, third-party services, models, production rating and pricing rules, checklists, electronic letters of authority, and automated referral detection and processing.
The solution also provides adaptive collaboration tools to streamline communication between underwriters and brokers. It allows brokers to expedite the submission process with entry, appetite alerts, pre-clearance, broker quote and bind, and visibility.
FirstBest CEO and founder John Belizaire said that carriers can now capture and fully utilize all of the risk, third-party data, and modeling needed to analyze a risk and price it accurately, to enter and capitalize on new market opportunities, and to provide top-notch broker service in a cost-effective way.