FirstBest AppReader Wins MarketScout 2010 Entrepreneurial Insurance Award for Technology

Innovative Agency Connectivity Application Recognized for Enabling Policy Quoting, Binding and Issuance in a Single Transmission

BEDFORD, Mass.--(BUSINESS WIRE)--FirstBest® Systems, Inc., provider of insurance software solutions that help commercial standard- and specialty-lines insurance carriers drive premium growth, scale their business and achieve high service levels with agents, today announced that FirstBest AppReader was named the winner of the MarketScout 2010 Entrepreneurial Insurance Award for Technology.

“The insurance industry is overdue to become more creative in product development, technological solutions and distribution concepts. The market is changing and companies that are innovation-focused will gain market share.”

MarketScout reviewed 70 nominations before selecting finalists for each of the three categories: Technology, Distribution and Underwriting. Finalists were chosen from a wide range of leading insurers, agents, brokers, technology companies, and service providers. Technology finalists included solutions from Allied World, Risk Metrics Corp., Combined Group/Brown & Brown, and FirstBest Systems. MarketScout, teaming with Microsoft and The National Alliance for Insurance Education and Research, completed an analysis of each finalist. Winners were determined based on presentations to the panel of judges, who ranked finalists based upon factors including industry applicability, broader market impact, financial implications, and unique features.

“Each finalist gave an exceptional presentation outlining unique, innovative concepts. We chose FirstBest AppReader as the winner of the Technology category because the application makes it easy for agents to do business with carriers and saves time and money for the distribution channel. AppReader converts existing ACORD applications into XML compatible formats, enabling quoting, binding and issuing policies in a single transmittal,” commented Richard Kerr, CEO of MarketScout, who chaired the panel of judges. “The insurance industry is overdue to become more creative in product development, technological solutions and distribution concepts. The market is changing and companies that are innovation-focused will gain market share.”

FirstBest AppReader™ is a new agency connectivity application that enables data upload for agents and underwriters, regardless of agency management system and without proprietary networks or transaction fees. AppReader converts PDFs or images of ACORD® applications and other forms to ACORD XML for upload directly into the carrier’s underwriting workflow and new business/renewal processing systems. As an alternative to traditional upload, the solution lowers operational costs, simplifies and speeds the workflow for both agents and underwriters, increases responsiveness, and helps carriers become the carrier-of-choice with agents and brokers.

About MarketScout

MarketScout is a Dallas, TX-based electronic insurance exchange that underwrites and distributes hundreds of product lines to its more than 47,000-member agency network across the U.S. and Canada. More than 70 "A-rated" carriers participate in the MarketScout Exchange platform at www.MarketScout.com.

About FirstBest

FirstBest® Systems delivers insurance software solutions that help commercial standard- and specialty-lines carriers drive premium growth, scale their business and achieve high service levels with agents. The proven FirstBest Front Office Suite includes modular agency upload, agent portal and underwriting workstation applications. Insurance companies such as AMERISAFE, Inc., a specialty writer of workers' compensation insurance for hazardous industries, ICW Group Insurance Companies, a multi-line super regional insurer, Beacon Mutual Insurance Company, Rhode Island’s largest writer of workers’ compensation insurance, and Pacific Compensation Insurance Company, a specialty writer of workers’ compensation insurance, rely on FirstBest solutions to improve underwriting efficiencies and quality, institutionalize knowledge and best practices and empower everyone in the process to quote, collaborate, issue, and bind business on a single real-time platform. FirstBest also hosts the Agent‐Carrier Connection, a collaborative underwriting forum and news portal.

For more information, visit www.firstbest.com or call 1.888.863.6095.

FirstBest is a registered trademark of FirstBest Systems, Inc. FirstBest UMS, Underwriting Management System, FirstBest Agent, FirstBest AppReader, FirstBest Front Office Suite, and Agent‐Carrier Connection are trademarks of FirstBest Systems, Inc. All other trademarks are property of their respective owner.