Bedford, MA -(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.