FirstBest Systems has announced the availability of FirstBest UMS Express underwriting management solution for workers’ compensation insurers. The vendor asserts that the new, ACORD-based solution can be deployed in as little as three months.
FirstBest UMS provides pre-packaged underwriting workflow, access to data and rich collaboration tools, according to the vendor. FirstBest claims that the system makes underwriting faster and more accurate, captures the knowledge of “star” underwriters, leverages best practices via workflow, and enforces underwriting rules.
- According to a vendor statement, the system’s functionality includes:
- Underwriting worksheets;
- Underwriting workflow and rules engine;
- Access to third-party data and reports within the underwriting process;
- Team collaboration tools for everyone in the underwriting process;
- Tasks and reminders;
- Automated letters of authority and underwriting referrals;
- Quote, bind and policy issuance processes; and
- Real-time dashboards and management reports.
“The FirstBest UMS Express solution achieves rapid time to value, giving workers’ comp insurers the ability to quickly deploy an underwriting solution that can improve underwriting effectiveness and results,” comments Deb Smallwood, founder of Boston-based analyst and consulting firm, Strategy Meets Action (SMA).
Regarding the vendor’s claim of ease and speed of deployment, Paul Cummings, FirstBest’s VP of engineering says that the solution provides an alternative to the long and high-risk deployments typical of the insurance industry. “UMS Express can be deployed in as little as three months and provides rapid time to underwriting improvement,” he claims. “Now insurers can quickly introduce underwriting automation with little to no risk, while rapidly driving improved underwriting efficiency, discipline and best-in-class service. The solution for workers’ comp carriers provides robust underwriting workflow, collaboration, and access to third-party data, all in less time than the typical requirements phases of other system deployments.”