FirstBest Plans Expansion with New Funding

NU Online News Service, April 5, 9:37 a.m. EDT

Property and casualty insurance software solutions provider FirstBest System, Inc. of Bedford, Mass., says it completed $10 million in funding this week and it expects the sum will enable it to expand in the insurance market space.

The new round of investment capital brought existing private equity investor, Flybridge Capital Partners, together with NewSpring Capital, Verisk Analytics, Inc. and Brookstone Partners.

Along with the investment announcement Michael A. DiPiano, general partner of NewSpring Growth and the managing partner of NewSpring Capital has joined FirstBest’s board.

The new round of investing will go toward expansion of FirstBest’s products.

The products include Front Office Suite, software that helps insurers drive revenue growth and increase profitability across the enterprise, while improving ease of doing business with the distribution channel.

FirstBest’s flagship solution, FirstBest UMS, helps carriers deploy products faster to keep up with market shifts and customer demand. The collaborative underwriting management system streamlines processes, making underwriting faster and more accurate, captures the knowledge of experienced underwriters, helps maintain best practices, and enforces rules across the enterprise.

FirstBest Agent provides a complete transactional agent and broker portal that facilitates new business and renewals.

FirstBest AppReader speeds submissions and increases productivity.

FirstBest will use the additional investments to:

• Expand into new segments of the insurance industry

• Expand sales and marketing in the United States and new geographies

• Expand the engineering team to develop new products and support market-leading advancements, such as mobile applications, for the insurance enterprise continually delivering features that help increase underwriting profitability.

Comments

Resource Center

View All »

EPLI Programs Crafted Just For Your Clients

Bring us your restaurant clients, associations and other groups and we’ll help you win more...

Is It Time To Step Up And Own An Agency?

Download this eBook for insight on how to determine if owning an agency is right...

Claims - The Good The Bad And The Ugly

Fraudulent claims cost the industry and the public thousands of dollars in losses. This article...

Leveraging BI for Improved Claims Performance and Results

If claims organizations do not avail themselves of the latest business intelligence (BI) tools, they...

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

Get $100 in leads with $0 down!

NetQuote's detailed, real-time leads have boosted sales for thousands of successful local agents across the...

The Growing Role of Excess & Surplus Lines in Today’s...

The excess and surplus market (E&S) provides coverage when standard insurance carriers cannot or will...

Increase Sales Conversion with this Complimentary White Paper

This whitepaper will share proven techniques - used by many of the industry's top producers...

D&O Policy Definitions: Don't Overlook These Critical Terms

Unlike other forms of insurance where standard policy language prevails, with D&O policies, even seemingly...

Environmental Risk: Lessons Learned from Willy Wonka and the Chocolate...

Whether it’s a chocolate factory or an industrial wastewater treatment facility, cleanup and impacts to...

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.