Cameron Mutual Insurance Company
Mutual insurer deploys BriteCore as keystone of its business and data strategy
Deploying a Modern Platform to Achieve a New Business and Data Strategy
Cameron Mutual saw great opportunities with data and analytics, but they were stymied by siloed data and the limitations of legacy systems. Their IT department was consumed with managing upgrades. Their attempts to use an old COBOL-based data warehouse to track key metrics met with only partial success.
When progress on the upgrade to their current on-premises policy admin system stalled and the time and budget to complete the upgrade became a showstopper, the company began the search for a new core platform that could support their data strategy. Cameron Mutual selected the cloud-based BriteCore Platform and deployed it in combination with new KPI dashboards and analytics.
With this shift in core systems, Cameron Mutual has realized numerous benefits in product flexibility, enhanced performance, and operational efficiencies, including:
- Identified a new market opportunity and rapidly rolled out a new commercial crime product.
- Drove productivity improvements and enabled the launch of new incentive programs for agents based on new KPI dashboards.
- Improved operational visibility and reduced overall operations costs.
Cameron Mutual’s migration from its on-prem systems to the cloud-native BriteCore Platform continues. The company looks forward to even greater flexibility and IT operating cost savings projected at more than 35% as it decommissions its on-prem systems. By partnering with BriteCore, Cameron Mutual is “getting out of the software business” so they can focus on insurance and provide the finest products and services to their policyholders.
Cameron Mutual: Personal Service from People Who Care™ since 1892
Since 1892, Cameron Mutual has helped generations of families protect their homes, cars, farms, and businesses by providing Personal Service from People Who Care™. From professional, independent insurance agents in local communities to the fair and personal claims service Cameron Mutual provides, the company’s number one priority is to be there for their policyholders when losses occur and help them put their lives back together.
Moving Past On-Prem System Limitations to Cloud-based Capabilities
Cameron Mutual saw great opportunities with data and analytics, but could not achieve a cohesive view of company metrics. Data was trapped in silos in different systems, including two on-premises policy administration systems. Lengthy upgrades kept their IT department consumed with system maintenance. Cameron Mutual was using an old, COBOL-based data warehouse, but with limited success. The company could track only a few metrics, and only with extreme manual efforts.
Cameron Mutual reached a tipping point during a lengthy upgrade to a new version of their vendor’s on-prem policy admin system. The upgrade and migration were taking so long (years) the company had to run the business on two different policy systems. When Cameron asked for additional support to accelerate the upgrade, the vendor responded with timeline and cost estimates that were unacceptable. Then, the vendor broke the news there was an even newer version of their system that would require another upgrade.
The system limitations and challenges with data were impacting daily operations. Agent and employee workflows were complicated by the need to use different systems depending on LOB. Agents and underwriters lacked access to performance metrics. Multiple systems delayed Cameron’s ability to provide digital access for policyholders through portals and mobile apps.
Setting the Stage for Success with BriteCore, a Cloud-based Data Warehouse, and KPI Dashboards
Cameron Mutual launched a selection process for a new core platform to consolidate its multiple systems. The new platform had to offer strong support for data, analytics, and integration to serve as a key element of its data strategy. The company also wanted a cloud-based system that would free it from time-consuming upgrades with on-prem systems. BriteCore’s cloud-based platform emerged as the winner.
In parallel with the BriteCore implementation, Cameron Mutual also launched a cloud-based data warehouse and KPI dashboards for its agents and underwriters.
Enhanced Data and Operational Capabilities Improve Performance and Open New Opportunities
Cameron Mutual has realized key benefits from its use of the modern BriteCore Platform in combination with the company’s cloud-based data warehouse and KPI dashboards.
Identification and pursuit of new market opportunities
Improvements in market data and analysis uncovered an opportunity for a commercial crime product. Using the flexible product management capabilities of the BriteCore Platform, Cameron Mutual quickly rolled out a new product to meet this market need.
Enhanced agency and underwriting performance
KPI dashboards provided visibility into agency performance and enabled Cameron Mutual to incentivize agents with leaderboard contests. Underwriting dashboards were opened to the company so all employees could track progress toward monthly goals. Cameron incorporated the e2value integration into agent workflows for more accurate valuations of commercial properties that resulted in a 14% increase in the average per-policy amount of insurance for new business owners policies.
Operational improvements and cost savings
The company tracked agency usage metrics for the rollout of new systems. This provided early warning of problems that required intervention. Cameron monitored internal usage and costs for its cloud-based data warehouse and realized significant savings, including a 50% reduction in costs for “Author” licenses, by actively managing user licenses and eliminating unnecessary spend.
In additional to e2value, a number of vendor integrations enabled Cameron Mutual to automate business processes directly from the BriteCore platform, including:
- Reliable Reports: provides inspection and reporting services.
- MassPrinting: Manages and processes document printing from any location with an internet connection and addresses a vital component of disaster recovery.
- Verisk ISO: provides property/casualty insurance risk providing statistical, actuarial, underwriting, and claims information.
- Alacriti Orbipay: supports electronic bill presentment and payments.
- Vertafore: provides enterprise content management and workflows.
- Sapiens Financial Go: provides accounting software for the P&C market.
Cameron’s migration from its on-prem legacy systems to the cloud-based BriteCore Platform continues. With work in-progress, the company has already achieved new product flexibility, deployed enhanced data and analytics capabilities, and realized operational improvements and savings. Cameron Mutual is projecting that IT operating costs will be reduced by more than 35% as they “get out of the software business” by decommissioning their on-prem systems and partnering with BriteCore to provide the finest insurance products and services to their policyholders.