As a motivated, invested steward of your P&C insurance business, you know growth is essential to your continued viability in a constantly changing and increasingly crowded insurance landscape. Whether you’re thinking about increasing DWP, expanding to new territories and new lines of business, or how you can use data to drive future strategies, you need the right tools at your disposal.
Does your current policy administration system (PAS) measure up? Regardless of your answer today, consider the following ways BriteCore customers are using our modern PAS to organically grow their business while decreasing the associated time and effort.
New product configuration should be simple
An easy way to grow your business is to offer something new. If you’re considering adding new product lines or expanding into new territories, is something stopping you? Creating new products and making changes to your existing products should be easy. After all, your services lie at the heart of everything you do. Consider if your current system and vendor can flexibly and intuitively assist you in the development of new lines of business or enable you to reach into new markets. P&C insurers contemplating their next phase of growth require a system capable of:
•Quick deployment of product updates and into new territories
•Supporting the efficient creation of innovative new products
•Increased responsiveness to market changes
In 2021, after leaving their outdated legacy systems behind, Frederick Mutual Insurance Company (FMIC) was able to use BriteCore to introduce many innovative new products and technologies that significantly improved the customer experience, including 24/7 online and mobile access to policy documents, billing information, and claims, as well as expanding into numerous new personal and commercial lines of business.
Quoting and claims should be fast and easy
Quotes and claims are integral to your business. Agents and adjusters running competitive P&C companies expect an expedient, intuitive interface that minimizes duplication of effort while supporting the entire lifecycle of an insurance policy. Your selection of a core insurance management platform should give you:
•A convenient, web-based interface for generating quotes and immediately binding new business—while enforcing your company’s underwriting standards automatically
•Lower costs and cycle times
•Reduced claims leakage
•Process automation that simplifies core system tasks
Friends Cove Mutual experienced significant business growth and efficiency gains after leaving their legacy system. The improvements that BriteCore enabled in the quoting and application conversion phases significantly reduced workloads for Friends Cove’s staff. Eliminating redundant data entry when converting a quote to a policy gave Friends Cove the opportunity to keep staffing at historically low levels while still maintaining a high level of customer service. Friends Cove also saw a significant increase in operational efficiency, ease of use, and workforce adoption after partnering with BriteCore to launch.
You need to use your data
You need only to pull out your mobile phone for a reminder that data drives everything these days. The data your operations generate each day is an invaluable tool for your decision-making and planning. When you consider future business decisions, you should be able to easily access and analyze all of your system’s data. Does your PAS have data accessibility and analysis at its core? If not, you’re missing out.
To be confident they’re making the most informed business decisions, modern insurance leaders require a PAS that:
•Includes easy-to-use reports right out of the box
•Connects to industry-standard data sources
•Works seamlessly with third-party vendors
•Makes it easy for you to create custom reports that meet your specific objectives
•Fulfills regulatory requirements while providing visibility into your business
By implementing BriteCore as their core platform, FMIC unlocked an endless opportunity to incorporate third-party products, tools, and services to their market offerings. They now leverage many third-party vendors such as Betterview, LexisNexis, e2Value, Verisk, Vertafore, IVANS, and Hartford Steam Boiler, all of which further enhance their insurance products and bring cost-saving efficiencies and scaling to the organization.
Another BriteCore customer, Municipal Mutual Insurance Company (MMIC), suffered from outdated processes, manual workarounds, and legacy technology. Agents were unhappy and leadership had limited visibility into their business. With BriteCore, they can now run reports, merge reports and data, and evaluate their business’s metrics in real time. Instant data access also shortened audits, financial reporting, and market conduct examinations, further reducing costs.
Save money while taking a load off
Printing, mailing, storage, vulnerable on-site servers and equipment? It’s 2022; these aren’t necessary. Many insurers in the P&C market who operate on older, less capable systems report high operating costs. This wouldn’t be the case with a modern PAS that helps you:
•Free up time, money, and space so you can invest more in product development and improvements
•Eliminate paper-based and manual processes
•Work more efficiently so you can accomplish more without adding staff
The large volume of documents generated by MMIC’s operations required massive storage space and dedicated employees to manage their complicated paper-based system. They experienced immediate, significant benefits using BriteCore and MassPrinting. BriteCore’s ongoing partnership with MassPrinting and robust API functionality made the process simple and seamless. MMIC increased efficiencies and saved employee hours by reducing internal processing times by up to 88%.
MMIC can now send all deliverables electronically to mortgage billed policies and their entire agency force in a total of 225 offices. The savings in printing and postage alone over the 9-month timeframe recouped the cost of their entire BriteCore implementation. MMIC was also able to reduce overhead by eliminating the cost of rented warehouse space for document storage and reducing their office space by 54%. They also shredded over 5,000 boxes of archived documents.
What can you do right now?
As you can see, there are many ways insurers like you can invest in a modern solution to help sharpen their competitive edge and streamline their operations. To learn more about how you can maximize your growth potential with a modern core policy administration system, take a look at our Core System Buyer’s Guide. We look forward to helping you reach your goals. Contact us today with any questions!