FirstBest Systems, a Bedford, MA-based provider of insurance software solutions for global property and casualty insurers, has raised $10m in funding.
The round was led by NewSpring Capital, with participation from Verisk Analytics, Brookstone Partners and Flybridge Capital Partners.
The company intends to use the capital to expand:
– into new segments of the insurance industry,
– sales and marketing in the United States and new geographies,
– the engineering team to develop new products and support advancements, such as mobile applications, for the insurance enterprise
In conjunction with the funding, NewSpring General Partner Michael A. DiPiano has joined FirstBest’s board.
Led by founder and CEO John Belizaire, FirstBest Systems provides the FirstBest Front Office Suite, which includes modular underwriting workstation, agent portal, and agency upload applications, with capabilities for mobile insurance users. Clients include global companies such as XL Group plc, as well as ICW Group Insurance Companies, Pacific Compensation Insurance Company, and Preferred Concepts, LLC.