FirstBest Systems announced a new alliance with RiskMeter Online to integrate its real-time natural hazard risk reports into the FirstBest Underwriting Management System. This partnership will enable insurers to streamline the underwriting process by eliminating duplicate data entry, as well as reduce the back and forth cycles between underwriter and agent. "In the Property & Casualty insurance industry, many risk factors are related to geography. For example, distance to shore, distance to earthquake faults, and street addresses are all used to determine pricing. Through the use of internet mapping software, RiskMeter helps an underwriter determine the proximity to natural hazards for any property in the United States," explained Dan Munson, founder of RiskMeter.
UMS 2.0, released in November 2008, offers underwriters full, rules-driven straight-through processing (STP), including flexible online quotes for agents. The system provides online functionality to agents (including online quotes and binders) reportedly making it as easy as possible for them to do business with carriers. As part of its commitment to ease of use, FirstBest's UMS 2.0 integration with the RiskMeter Online and its reports will reportedly help speed the underwriting process with automated property lookups.
"The addition of automated property lookups provides underwriters and agents with accurate, efficient and defendable positions faster than any other method, saving underwriters considerable time and money," said Julian Pelenur, CTO, FirstBest Systems Inc. "The agent or underwriter just needs to type in an address, and the natural hazard information will automatically download the information into our forms -- it's that simple. This new addition to UMS 2.0 will help insurers thrive in today's competitive insurance marketplace, by helping insurers to quote and bind new and existing business even more quickly and accurately."
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