The Rise of the P&C Core Platform
In the early 2000s, the P&C insurance industry began a pivotal shift from homegrown legacy systems to packaged solutions created with modern development platforms (such as .NET).
Duck Creek emerged as an early contender with its competitive rating solution. Through its own development and M&A activity, the company expanded its solutions beyond rating to a complete core platform that many insurers began adopting.
However, with the ever-evolving expectations of consumers and emergence of new technologies, the pace of change in the industry accelerated. It just wasn’t enough to replace old tech with new. Insurers had to:
- Adapt to new technologies that were going mainstream, such as the cloud, AI, and the Internet of Things (IoT).
- Provide new digital experiences through mobile-enabled portals and apps.
- Coordinate with their new partners to support new ecosystems with nontraditional products and services.
P&C core platforms, such as Duck Creek’s, evolved to meet these needs by adding additional components, acquiring new capabilities, and “lifting and shifting” to the cloud. However, new functionality, increased complexity, and the shift to cloud-based deployments came at a cost. It’s common for large insurers to require several years to complete full implementation of a complex platform like Duck Creek.
As leaders at insurance companies work their way through massive core system implementations, they face a new dilemma—what do they do when the finish line for their implementation is years away, but they have a new market opportunity (or even a cost-savings opportunity) that must be pursued immediately?
Short-term greenfield opportunities are fleeting. Business models and new market opportunities lack full definition and need validation. Insurance leaders need the ability to spin up new capabilities, adjust, and, when necessary, spin them down.
The Multi-Core Option
Insurers face a spectrum of wildly divergent core system needs.
At one end of the spectrum, insurers need to support primary, “flagship” LOBs with deep business functionality, complex processing, and high transaction volumes. They need large, powerful systems that can be likened to aircraft carriers.
At the other end of the spectrum, insurers need to deploy new capabilities with lightning speed, rapidly evolve as opportunities are better understood, and ensure easy integration with new technologies or partner systems. They need nimble, cost-effective platforms that can be likened to speed boats.
A multi-core approach is the way to navigate the waters of the industry.
The BriteCore Advantage
When it comes to speed, flexibility, and cost-efficiency, BriteCore is the perfect “speed boat.” We provide:
- Rapid deployment, reliability, and scalability with our cloud-native platform.
- Simple, intuitive user interfaces and mobile-enabled portals and applications for agents and policyholders.
- Streamlined product configuration with simple and intuitive tools. See one of our case studies to learn more.
- Strong support for integration with other systems through comprehensive APIs
- Support for a completely custom user experience with the ability to run the platform headlessly.
- A fast path to business value—you pay only for what you use under our metered pricing model, which is based on actual production volumes.
The BriteCore Solution
Legacy modernization for large insurers is incredibly challenging. Technology and the industry are always changing. This creates divergent requirements that are too much for any single system to address.
Large insurers should consider a multi-core approach. BriteCore is sleek, accessible, and nimble—perfectly positioned for large insurers that need a fast, cost-effective platform that enables them to pursue new opportunities.
BriteCore is a fully managed core software platform for property and casualty insurers that supports digital transformation, emerging technologies, and new business models. BriteCore offers end-to-end insurance capabilities, including policy administration, claims management, underwriting rules and rating, agent quoting and inquiry, contact management, billing, imaging, printing, data warehousing, and reporting. Designed as a cloud-native solution, BriteCore is deployed using Amazon Web Services and is continually updated for maximum security, efficiency, and durability at scale. Insurance carriers, MGAs, and InsurTechs partner with BriteCore to gain a competitive edge through efficient operations, compelling customer experiences, and speed to market. For more information, please visit www.britecore.com.