San Mateo, Calif. - BriteCore, a leading provider of cloud-native policy administration solutions, is excited to announce the release of its highly anticipated annual Core Systems Survey results. This comprehensive annual survey offers valuable insights into the strategies and trends shaping North American property and casualty (P&C) insurers.
The survey findings underscore the pivotal role modern core insurance platforms play in the success of insurance carriers, with a resounding 94% of industry leaders acknowledging their reliance on these solutions to drive growth, enhance operational efficiency, and modernize their insurance operations.
Policy administration systems are the lifeblood of insurance carriers, automating critical functions such as policy management, underwriting, billing, claims processing, agent and policyholder interactions, and reporting and analytics. To gain a deeper understanding of the prevailing challenges and emerging trends in the market, BriteCore, a leading core platform provider, conducted in-depth interviews with over 60 prominent P&C insurance executives from across North America.
"Our research shows that core systems are enabling mid-to-large size insurers and MGAs to gain a competitive edge against much larger companies," said Ray Villeneuve, CEO at BriteCore. "By modernizing their insurance operations, the survey confirms that insurers are leveraging core systems to achieve greater productivity and operational resiliency. From our own client experience, we can share countless examples where insurers have gained a competitive advantage in their markets and more than doubled their business without adding staff.”
Key findings from the Core System Report include:
- For insurers seeking to grow, over 2/3 of respondents view attracting new agents and better enabling existing agents as a primary means towards that goal (72% each).
- The majority of respondents confirmed their focus on improving efficiency by streamlining underwriting claims processes, executing daily processes faster and increasing agent satisfaction and productivity (60-62% each).
- Over 3/4 of respondents are modernizing and future-proofing their business in order to eliminate legacy technology constraints and to stay relevant/competitive in their market (78% each).
- In measuring the importance versus satisfaction level for various core system features, the survey revealed the largest gaps exist in two key areas: 1) providing reporting and analytics based on system data and 2) ability to easily introduce new products/lines/regions.
BriteCore representatives are available to share and discuss the Core Systems Survey research findings with P&C industry leaders attending the InsureTech Connect (ITC) conference, October 31-November 2, 2023 in Las Vegas, NV.
BriteCore delivers a cloud-native core insurance platform for P&C insurers that unlocks business growth, delivers greater productivity, 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, including agent and policyholder portals.
Trusted by over 90 insurers across North America, BriteCore’s policy administration solution enables mid-size carriers and fast-growing MGAs to efficiently manage their insurance operations and effectively compete with the largest providers.
For more information, visit www.britecore.com and connect with our team.