FirstBest Expands Customer-Facing Teams by 46% in Response to Large Carrier
Demand for Insurance Underwriting System
Adds Tier 1 Carrier Veteran John Chu to Board
BEDFORD, Mass., Feb. 13, 2013
BEDFORD, Mass., Feb. 13, 2013 /PRNewswire/ -- FirstBest® Systems, Inc.,
provider of insurance software solutions for global insurance carriers, today
announced that in 2012 the company increased its professional services,
customer advocacy, support, and sales personnel by 46% percent in response to
growing demand from tier-one carriers. The Company has also added John Chu,
an insurance and technology strategist and veteran executive from The
Hartford, to its Board of Directors. The new additions and expertise will
enable FirstBest to provide optimal service to a growing roster of mid-size
and large carriers using its underwriting management system.
(Logo: http://photos.prnewswire.com/prnh/20120322/NE75278LOGO )
According to U.S. Insurer IT Budgets and Projects 2013, a report published by
insurance technology research and advisory firm Novarica, 40% of the more than
100 insurers surveyed are either replacing or planning major enhancements to
their underwriting systems in 2013. More than 60% of the 21 large
property/casualty insurers in the sample are planning replacements or
significant enhancements this year.
Large multiline insurance carriers, including XL Group, OneBeacon Professional
Insurance and others, have already begun to roll out FirstBest UMS across
FirstBest began to see interest from large carriers in early 2011 and soon
delivered the FirstBest Front Office Suite 4.0, which enables account-based
underwriting for multiline insurers and monoline insurers selling multiple
policies for a single risk. The Suite empowers insurers to manage advanced
underwriting processes across an insured account, using a single
enterprise-wide view of the insured and enabling multiline quoting.
In December 2012, FirstBest released a new native mobile app for iOS (iPad)
users so that underwriters and business analysts can make decisions quickly
from anywhere, at any time, with real-time secure data access and
transactions, using the same system as used on their desktop. The new features
and innovations address the unique needs of large carriers with dispersed
teams on the go.
"I'm excited to join FirstBest, a leading insurance solution provider in a
growing space," said John Chu, newly appointed to the FirstBest Board of
Directors. "Today many Tier 1 insurance carriers are looking to accelerate
the delivery of new and improved products so they can improve the underwriting
profitability of their book of business. It's clear that the old methods of
disparate, disconnected, and static systems won't work. Instead, Tier 1
carriers are seeking modern front office systems, such as the FirstBest Front
Office Suite, which connect disparate back-end systems with data, analytics,
modeling tools and more, bringing together everything that an underwriter
needs to rapidly evaluate and price a risk into a single underwriting desktop
powered by a nimble platform for underwriting across the enterprise."
The latest addition to the FirstBest Board of Directors, John Chu is an
advisor and operating partner who has worked within private equity firms for
the last several years. Mr. Chu focuses on guiding companies in the areas of
IT, finance, and strategy. Previously, he was the Senior Vice President,
eBusiness & Technology for The Hartford's Property-Casualty operations where
he was responsible for technology strategy and operations. He also served as
VP, Strategic Business Development and CFO for The Hartford's Personal Lines
Division. Prior to The Hartford, Mr. Chu held the position of Managing
Consultant for Tillinghast - Towers Perrin, managing engagements with Fortune
100 financial services companies.
"More and more multiline carriers see the efficiencies and market advantages
to be gained through a flexible enterprise-wide underwriting system. There is
clear value – from agent/broker collaboration or improving loss and expense
ratios to applying analytics that make useful the big data in underwriting,"
said John Belizaire, FirstBest Founder and CEO. "Our new Board member, John
Chu, is in essence an independent voice of the Tier 1 carrier. He will
provide FirstBest with critical market insight and help to steer our growth
within this key segment, while we exceed the expectations of our existing
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 $9 billion in quotes and includes modular underwriting workstation,
mobile underwriting, agent portal, and agency upload applications. Global
companies such as XL Group plc and OneBeacon 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. To
learn more, call +1-781-863-6000.
FirstBest is a registered trademark of FirstBest Systems, Inc. FirstBest UMS,
Underwriting Management System, FirstBest UMS Mobile, FirstBest Agent,
FirstBest AppReader, and FirstBest Front-Office Suite are trademarks of
FirstBest Systems, Inc. All other trademarks are property of their respective
SOURCE FirstBest Systems, Inc.
Contact: Steve Robins, FirstBest Systems, Inc., +1-781-280-6350,
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