This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Insurer Survey By FirstBest Finds Improving Loss Ratio, Underwriting Quality And Revenue Growth Top Priorities For Commercial P&C Carriers

BEDFORD, Mass., April 11, 2013 /PRNewswire/ -- Are commercial carriers experiencing both pressures and opportunities created by new technologies, abundant data and higher customer expectations? The infusion of technology and how we deploy it are changing business models on a daily basis. What urgent needs are driving industry shifts and responses? And how well-equipped are carriers to handle these changes?  FirstBest® Systems, Inc., provider of collaborative underwriting systems for global insurance carriers, today revealed highlights from a survey about top organizational goals for commercial lines insurers, addressing these insurance front office questions and more.


To explore the evolving priorities and needs of underwriting organizations, FirstBest queried attendees of the NAMIC Commercial Lines Conference last month. FirstBest received 64 survey responses from executive leadership, underwriting, product management, and marketing professionals with business management responsibilities. The respondents represent more than 40 commercial P&C carriers. 

With each question, respondents were asked to select up to three of the possible responses offered.  Findings included:

Accuracy, underwriting quality and increased responsiveness ranked highest when carriers were asked " What will most help you grow and differentiate your company? "
  • Make more accurate decisions; optimize underwriting quality (64%)
  • Increase responsiveness and speed application process (61%)
  • Make it easier for agents and brokers to work with us (47%)

With specific focus on underwriting, FirstBest asked " Where are your top underwriting priorities today ?" The most common priorities related to the areas of improving loss ratio, quality and revenue growth.
  • Increase efficiency and turnaround (55%)
  • Improve loss ratio with greater quality (53%)
  • Grow revenue with new and existing agents (42%)

Acknowledging market challenges, FirstBest asked carriers, " What prevents your company from being more nimble in the marketplace? Fifty two percent of carriers indicated they are most challenged by "time and expense required to update inflexible systems," while 38% indicated "the need to balance consistency with flexibility," closely followed by 36% indicating "lack of data access and analysis tools." As anticipated, 25% indicated organizational inertia and resistance to change are holding them back. 

"Carriers tell us that in order to profitably grow their business they need both speed and quality in the underwriting. This survey showed that many are held back by inflexible legacy systems that limit access to data and analytical tools," stated John Belizaire, Co-Founder and CEO, FirstBest Systems. "That's why many are deploying modern, configurable underwriting systems that enable faster responses, ready access to data, and better decisions while responding rapidly to market changes."

About FirstBest 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, a global insurance and reinsurance company and OneBeacon, and other leading carriers such as IWIF, ICW Group Insurance Companies and others 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 Front Office Suite, FirstBest UMS, Underwriting Management System, FirstBest Agent and FirstBest AppReader are trademarks of FirstBest Systems, Inc.

SOURCE FirstBest Systems

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs