San Mateo, Calif. – September 13, 2022 – BriteCore, a next-generation provider of cloud-native core administration solutions for property and casualty (P&C) insurers, today announced the launch of the BriteCore Platform, a comprehensive suite for managing policies, billing, and claims complete with advanced analytics, a ratings engine, and agent and policyholder portals.
As the insurance industry trends toward greater levels of customer-centricity, BriteCore is redefining the traditional boundaries and capabilities of policy administration systems (PAS) with the BriteCore Platform by enabling mid-size insurers and managing general agents (MGAs) to gain a competitive edge against larger companies. In fact, recent BriteCore research into current technology and industry trends in North America found 94 percent of survey respondents rely on core systems to support business growth initiatives, improve efficiency and productivity, and modernize operations. Further, the BriteCore P&C Core Systems Survey confirmed industry leaders see modern, cloud-native core systems as a solution to the challenges driving a continuous need for enhanced business operations and customer experiences.
“When we decided to move away from the legacy system which had been running our business for years, we chose the BriteCore Platform since it enabled us to establish new business processes that deliver exceptional agent and policyholder experiences, all while providing options to better manage cost and grow our business,” said Nancy Newmister, President and CEO for Frederick Mutual Insurance Company (Frederick Mutual). “In addition, the BriteCore Platform decreased our dependency on on-prem solutions and future-proofed our IT environment by allowing us to easily integrate with existing and emerging technologies going forward.”
In addition to the BriteCore Platform’s comprehensive digital core functionality, new and enhanced features available immediately include:
- E-Signature – Through a new partnership with DocuSign, the BriteCore Platform provides agents and policyholders with the option of signing documents electronically during the quoting and underwriting process. E-signature delivers faster time to revenue, greater ROI and cost savings, and reduced risk through improved compliance.
- Advanced Analytics & Reporting – BriteCore extended the core platform to deliver persona-based executive dashboards, advanced analytics and reporting. Now agents, executives, and line-of-business leaders (underwriting, claims, billing) can easily create custom and standard reports, identify new business opportunities for growth or cost savings, and translate their data into actionable insight.
- UI Enhancements – BriteCore performed a major update to the platform user interface to ensure the experience for agents, policyholders, and insurance carrier staff benefits from a simple, modern design that is easy to learn and use while delivering a consistent look-and-feel.
- Enhanced Comprehensive IT Environment – Backed by AWS for reliability, scalability, and enterprise-grade security, the BriteCore Platform is relied upon to provide a comprehensive IT environment for completion of mission-critical insurance processes. BriteCore added to the range of Amazon Web Services (AWS) services and technologies used to support the BriteCore platform in such areas as delivering fast and responsive query performance through a robust in-memory engine.
“The BriteCore Platform redefines and expands the capabilities provided with a core platform for midsize P&C insurers," said Ray Villeneuve, CEO for BriteCore. "Policy administration systems were created for insurance carriers in an era of on-premises systems to automate internal processes or workflows. By contrast, BriteCore's cloud-native core platform automates internal and external processes, provides superior underwriting and claims processing experiences for agents and policyholders, delivers world-class data visualization capabilities, and integrates a wide range of external services and data sources to improve the competitiveness of insurers."
BriteCore is a cloud-native platform for P&C insurers that unlocks business growth, delivers greater productivity and efficiency, and provides a modern customer experience. With the BriteCore Platform, insurers easily administer policies, manage billing and claims, rapidly configure new products, and access detailed reporting and analytics in an all-in-one core system, with agent and policyholder portals. Trusted by over 80 insurers across North America, BriteCore’s policy administration solution enables midsize carriers and MGAs to compete with the largest providers.
For more information, visit www.britecore.com.