Managing the day-to-day systems and operations of a P&C insurer is not for the faint of heart. It’s a constant juggle of conflicting priorities: ever-changing regulations, ever-increasing customer expectations, and key system requirements.
Many insurers are using systems that were installed years ago. These aging systems have spawned a twisted web of manual, paper-intensive workarounds that can be terribly time-consuming.
BriteCore’s modern, cloud-based platform equips P&C insurers to manage the complex day-to-day operations that are at the heart of their business. These workflows are incredibly important, but they’re not known for drama. So, it’s been surprising (even gratifying) to see how positively insurers have reacted to the intuitive user experience and super-efficient workflows when given a demonstration of BriteCore.
For example, when a policy application or change is received from an agent, it is still common for many insurers to have their customer service representatives rekey the information into their legacy system. The process is manual, time-consuming, and prone to errors. Often, the agent and CSR making these changes can’t see how much a change like a new endorsement will affect the premium or what will change on the quote.
BriteCore equips agents to enter new policies or add endorsements themselves via the simple, intuitive user interface of our agent portal. The system offers the agent a preview of any changes to the policy before they are submitted. There is no need for rekeying — once submitted the changes are immediately reflected in the system and available for review.
BriteCore really shines with our support for complex out-of-sequence endorsements. In BriteCore, an agent can easily create a new out-of-sequence endorsement by making changes in the quoting workflow (for example, adding new coverages to a homeowners policy). After the changes have been entered, the system immediately re-rates the policy so that the agent can view the new pro-rata and policy term premium, create a quote summary (if desired) and submit the quote for underwriting review.
When the endorsement is received in the underwriting queue, the underwriter can review the changes to the policy and quote in a single summary screen and quickly approve or deny the request.
After underwriting approval, the agent can continue the endorsement. The agent is able to view the update in billing calculated by the system — including updates due to the increase in premium — and bind the change. BriteCore then processes the out-of-sequence endorsement, replaying each version of the policy chronologically to end with the correct final premium amount.
This entire process can easily be accomplished in minutes, with the agent and underwriter initiating and reviewing changes while BriteCore handles all of the calculations and updates in the background.
After showing these capabilities during one demo, our (future) client began to happily weep! These endorsements are complex, and her system offered only limited support. She was spending hours each week on manual calculations and adjustments. She could not help but get emotional at the thought of all the time wasted on this workaround that she could reclaim.
BriteCore customers are known for their dedication and commitment to their policyholders — and our customers really get excited when they can raise the bar of service to their policyholders.
Our policyholder portal enables BriteCore customers to sustain those high service standards with a new digital channel that’s available to policyholders 24/7. This is especially important with new claims, when responsive service and support are critical. In the past, if a loss were to happen at odd hours or during a catastrophe, it could be hours or even days before the claim could be filed, with even more time needed for follow-up with the policyholder to gather key information. With the BriteCore policyholder portal, new claims aren’t delayed — they can be launched out of the gate like a rocket.
Imagine a policyholder has a small kitchen fire late Saturday evening. Instead of leaving an after-hours voicemail or email, or waiting for office hours on Monday to report the claim, with the BriteCore policyholder portal the policyholder can immediately file a report on their mobile phone. The policyholder can even include video or pictures of the loss — so that their insurer has all of the initial details in place from the very beginning, and can rapidly process and settle their claim.
Seeing is Believing
Don’t take our word for this, though — you have to see this for yourself!