IFG Companies Implements FirstBest System's Solution to Speed up Underwriting Workflows for Property Business
FREMONT, CA: IFG companies, a provider of property-casualty insurance, successfully implements FirstBest Systems’ Underwriting Management System (FirstBest UMS) to establish a common underwriting platform across the property insurance businesses. . The system has been integrated with several of IFG's systems and data sources, including the company's clearance and pricing platforms, document management system, and core policy administration system.
FirstBest Systems, a provider of insurance software solutions and services, has made the UMS available as an integrated business application for commercial and specialty lines insurance carriers, driving premium growth and profit from better underwriting. Designed by underwriters and agents, the system is a hub for all underwriting activity across the enterprise and with any policy administration environment. It consists of a next-generation underwriting workstation that consolidates all the tools, risk information and third-party data. By reporting underwriters and producers on the need to collaborate productively on risk assessment decisions, it helps to focus on risk analysis and close more business in less time.
With features like underwriting data and centralized documents in UMS, underwriters can eliminate the need of navigating multiple systems and sources for data to speed up their underwriting execution process. Using a single UMS electronic file and view of the risk, IFG underwriters can collaborate rapidly on submissions and capture of all correspondences such as e-mail, notes, attachments, and more, within the context of the submission and account. The system will provide underwriters with complete data access to support their underwriting risk selection and file reviews.
"Our existing underwriting environment constrained our response times, but with FirstBest UMS now in place, our underwriters are able to access a real-time queue of their accounts, and efficiently address status and in-flight priority item. The company has always been focused on technology-enabled innovation and transformation, and especially with a new team of underwriters joining IFG, we seized a timely opportunity to modernize underwriting workflows with the introduction of FirstBest UMS," says Raymond Karrenbauer, Senior Vice President and Chief Information Officer, IFG Companies.