FirstBest Systems closes $6 Million in series B funding
Printer Print Email Email
Bedford: FirstBest Systems, a developer of advanced insurance Underwriting Management Systems (UMS) that enable property and casualty insurance carriers to profit from better underwriting, has secured $6 million in series B funding. Flybridge Capital Partners and Brookstone Partners led the round with participation from existing investors. The new funds will be used to expand sales and internal staffing, fuel marketing to new lines and increase development of UMS - a next-generation automated underwriting workstation combined with a rich agent portal. "Enthusiasm from the Property & Casualty sector tells us that the FirstBest UMS is a compelling system for carriers to capture new revenue streams and improve underwriting profit while strengthening their agency relationships," said FirstBest CEO and founder, John Belizaire. After what is usually a six-month implementation period for the FirstBest UMS, carriers can eliminate inefficiencies, provide visibility and real-time collaboration, and establish best practices in the underwriting process, while making it easier for agents to do business with them. The UMS gets to the heart of profitability today - the underwriting process. Industry analysts have recognized FirstBest as a new, innovative technology provider, claimed a press release. Independent research firm Financial Insights, an IDC company, recently named FirstBest one of six outstanding 'Up and Coming Technology Firms, Class of 2008,' and noted it as the only provider of 'disruptive technology,' widely defined as an innovation that overturns the status quo and brings significant change to an industry.

siliconindia