P/C Insurance Technology Vendor FirstBest Gets $10 Million

April 4, 2012

Property/casualty insurer technology vendor FirstBest Systems Inc. said it has completed $10 million in funding. With the new round, NewSpring Capital and Verisk Analytics Inc. join private equity firm Brookstone Partners, which also participated, and existing investor Flybridge Capital Partners, in supporting FirstBest’s growth plans for its Front Office Suite of products.

FirstBest said it will use the additional investments to expand into new segments of the insurance industry and develop new products such as mobile applications.

In 2011, FirstBest said it doubled its customer base and achieved 125 percent year-over-year growth in orders.

The FirstBest Front Office Suite includes modular underwriting workstation, agent portal, and agency upload applications, with capabilities for mobile insurance users.

Timed with the new investment, NewSpring’s Michael A. DiPiano has joined FirstBest’s board of directors.

Also Verisk rating and risk analytics will be built into FirstBest’s programs for underwriters.

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