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FirstBest Granted Patents for Innovations in Insurance Underwriting Management System and Agent Portal

Tuesday, January 31, 2012

Bedford, MA -- FirstBest Systems, Inc., provider of insurance software solutions for global insurance carriers, today announced it has been awarded two patents by the United States Patent and Trademark Office. The patents include numerous industry-first systems and methods delivered in the FirstBest UMS underwriting management system and agent/broker portal, related to underwriting authority management, automation and real-time collaboration. The protected innovations, core to the company's Front Office Suite for insurance, help insurers drive revenue growth and increase profitability across the enterprise, while improving ease of doing business with the distribution channel.

The FirstBest Front Office Suite combines a next-generation underwriting workstation and a business analyst workstation with a web 2.0 agent/broker portal for commercial- and specialty-lines carriers. FirstBest UMS helps carriers deploy products faster to keep up with market shifts and customer demand. It streamlines processes, making underwriting faster and more accurate, captures the knowledge of experienced underwriters, helps maintain best practices, and enforces rules. FirstBest Agent provides a complete transactional agent/broker portal that facilitates new business and renewals. The agent/broker portal speeds submissions, increases agent/broker productivity, provides visibility into the book of business, and enables agents and brokers to provide superior customer service.

The two patents granted to FirstBest Systems, numbers 8,073,716 and 8,073,717, include many unique business-centric systems and methods that power the company's Front Office Suite, such as the Suite's real-time collaboration, underwriting notes, concurrent editing of the application and managing changes, and the FirstBest Configurator's ability to maintain forms and rules using an intuitive business analyst user interface. Specific patented functionality includes the underwriting desktop and agent/broker user interface designs in FirstBest UMS and Agent Respectively, as well as the systems':

-- Automation of underwriting rules for risk appetite, pre-qualification and risk evaluation
-- Underwriting letters of authority management
-- Risk- and class-specific underwriting checklists
-- Internal and external collaboration for the underwriting process
-- Automation of the referral process
-- Knowledge management

"FirstBest's mission is to innovate and provide our customers with new, powerful and intuitive solutions for their most challenging problems. Since our founding five years ago, we have continuously developed technologies and processes that help our customers to drive growth and excellence across their business operations. We are proud to be recognized for our underwriting inventions and look forward to delivering new and meaningful solutions for the industry," said Julian Pelenur, CTO and founder, FirstBest Systems.

FirstBest Systems, Inc.

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 includes modular underwriting workstation, agent portal and agency upload applications, with capabilities for mobile insurance users. The scalable Suite has processed more than $6 billion in quotes for companies such as XL Group plc, a global insurance and reinsurance company, ICW Group Insurance Companies, a multi-line super regional insurer, Pacific Compensation Insurance Company, a specialty workers compensation insurance writer, and Preferred Concepts, LLC., a national managing general underwriter. 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.

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