September 27, 2016 1:44 AM ET

Software

Company Overview of FirstBest Systems, Inc.

Company Overview

FirstBest Systems, Inc. develops and markets insurance underwriting software technology solutions to property and casualty, workers’ compensation, commercial, and specialty insurance companies. It offers FirstBest Underwriting Management System (FirstBest UMS), an integrated business application for commercial and specialty lines insurance carriers; FirstBest Agent, a Web-based agent portal for agents that supports new business submissions, renewals, endorsements, and straight-through-processing; and FirstBest AppReader, an agency connectivity solution for agents and underwriters to upload data. The company also provides FirstBest Business Analyst Studio, a solution that enables business ana...

213 Burlington Road

Bedford, MA 01730

United States

Founded in 2006

Phone:

781-863-6000

Fax:

781-275-0621

Key Executives for FirstBest Systems, Inc.

Co-Founder, Chief Executive Officer, Co-President and Director
Co-Founder and Director
Chief Financial Officer
Age: 59
Vice President of Marketing & Communications
Vice President of Human Resources
Compensation as of Fiscal Year 2016.

FirstBest Systems, Inc. Key Developments

FirstBest Systems, Inc. Completes SOC 2 Examination of Internal Security Controls to Validate Established Processes and Procedures

FirstBest Systems, Inc. announced the successful completion of its SOC 2 (Service Organization Control) Type I examination. SOC 2 evaluations provide independent validation regarding internal controls relevant to the five key principles of trust services in an organization: security, availability, processing integrity, confidentiality, and privacy. Conducted by independent service auditor Schellman & Company, LLC, this examination returned a positive result, indicating that FirstBest security controls and procedures are in complete compliance with the applicable trust services criteria of the American Institute of Certified Public Accountants. The extensive examination was company-wide, and included provisioning of more than 300 supporting artifacts. With a verified baseline, FirstBest Systems is committed to conducting additional SOC examinations in future years, including SOC 2 Type II, to further validate the processes, procedures, and controls implemented by the company.

QBE North America Selects the Firstbest Underwriting Management System for Workflow Efficiency and Growth in Specialty Lines

FirstBest Systems, Inc. announced that QBE North America has selected the FirstBest Underwriting Management System, agent portal and data integration/upload application as the underwriting workbench for the company's Specialty Lines unit. The Specialty Lines business at QBE North America is poised for significant growth, offering a wide range of products to the markets served by the company. In pursuit of excellence in underwriting performance, the vision and approach of QBE North America is to provide its specialty lines underwriters with a single, scalable, and consistent underwriting workstation environment, regardless of the policy or rating systems being used.

FirstBest Systems, Inc. Announces Release of FirstBest Suite™ 7.0 for Property & Casualty Insurance

FirstBest Systems, Inc. announced the release of FirstBest Suite™ 7.0 for property & casualty insurance. The FirstBest product suite is comprised of best-in-class underwriting technology with enhanced data analytics, workflow capabilities, and advanced collaboration tools. Powered by customer feedback, release 7.0 of the FirstBest Suite delivers new and improved features and functionality, enabling insurers to better collaborate with producers, improve efficiency, and more accurately price risks. With FirstBest Suite, insurers can overcome inefficient manual processes, make faster and better decisions, and avoid blind spots while evaluating risk exposures. FirstBest Suite 7.0 significantly enhances capabilities that transform the way property & casualty insurers underwrite business. In addition to new capabilities, the FirstBest Suite has recently achieved noteworthy milestones regarding market adoption and customer usage.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 4, 2016
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