OneBeacon Professional Insurance (OBPI) will begin with their arrangement with FirstBest to use FirstBest Underwriting Systems (FBUS) as the company’s official underwriting processor. Among the services offered by OBPI are healthcare, professional liability, management liability and financial services.
The incorporation of FBUS into their underwriting process is intended to make the process more efficient and streamlined. FBUS is gaining quite a reputation as a leading underwriting service provider, and their system has been recently incorporated by the best insurance providers in the industry.
FBUS is a patented system that makes the underwriting process more proficient due to the access of information of expert underwriters, best practices and rules governing the process. Due to the analytical tools and risk data, FBUS speeds up the process needed for accurate risk assessment. The overall outcome is a smooth transaction between agents/brokers and clients.
"Priorities among business applications indicate that insurers are working to provide a smooth and efficient path for their agents and brokers, making it easier to interact and exchange information,” said Deborah Smallwood, founder of SMA. “And, insurers are giving top priority to projects that will help their partners increase their own productivity.
“This emphasis on front-office efficiency is being complemented with highly prioritized projects that will improve both new business and underwriting workflows, and fuel better underwriting decisions," she added.
"We intend to roll out FirstBest UMS across OBPI during the next two years, in order to streamline the underwriting process, better accommodate brokers’ timeframes and deadlines... and help both brokers and OBPI achieve measured, profitable business growth,” said Paul Ramono, President of OBPI.
Among other businesses raving about FirstBest services are the insurance segment of XL Group plc, which recently announced their adoption of FBUS to assist in their growth and expansion, and Preferred Concepts.
The CEO at Preferred Concepts explained their company went with FBUS because “we’ve always been early adopters of technology, and partnering with FirstBest takes our existing platform to its next evolutionary step.” Pacific Comp also stated that the company selected FBUS to assist in “on-time and on-budget delivery.”
Edited by
Braden Becker
