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.