(Image source: Loudon Mutual Insurance Company website.)
BriteCore (San Mateo, Calif.), a provider of SaaS core administration solutions for property/casualty insurance carriers and MGAs, has announced new product features, including role-based data analytics, expanded lines of business for property/casualty insurance carriers, and seamless integrations with third-party vendors. The new features modify the BriteCore Platform, which the vendor describes as a cloud-native, modern, end-to-end core insurance solution that BriteCore continuously evolves to meet the changing needs of property/casualty insurers. The platform is designed with flexibility and user experience in mind and supports a wide array of features that streamline processes and deliver business intelligence capabilities, a vendor statement says.
“In a rapidly evolving insurance landscape, having access to real-time insights into our business is paramount,” comments Todd Robertson, VP, Information Systems, Loudoun Mutual Insurance Company (Waterford, Va.). “The BriteCore Platform, which includes analytics and dashboards embedded in the core suite, not only empowers us with actionable intelligence but also drives efficiency across our operations. It’s a game-changer for Loudoun and the P&C insurance industry.”
Among the new product innovations BriteCore is introducing are the following, by the vendor’s description:
In-memory Analytics and Intuitive Report Builder:
BriteCore’s Report Builder feature allows insurance carriers and MGAs to craft detailed, customized reports swiftly and efficiently. The new Report Builder provides a common authoring experience, is based on rich datasets, and delivers modern formatting capabilities. Leveraging the power of in-memory analytics, insurers can extract actionable insights without the typical wait associated with traditional data analytics.
Persona-based Executive Dashboards:
Tailored specifically for decision-makers, BriteCore has expanded the range of persona-based executive dashboards it offers to now include: CEO, CFO, Chief Underwriter, Agency Principal, and Claims Officer. These dashboards provide a focused overview of key metrics and performance indicators. By personalizing data visualization, insurance leaders can quickly gauge and act upon areas of importance, ensuring they’re always a step ahead in day-to-day operational decision-making and strategic planning.
Continuous Platform Modernization:
As a Software-as-a-Service offering in an ever-evolving tech landscape, BriteCore is deeply committed to on-going platform modernization and no-down-time upgrades. By staying abreast of the latest technological advancements and integrating them seamlessly, the BriteCore Platform ensures its users always have access to a state-of-the-art policy administration system and features that foster insurance carrier growth and efficiency.
Personal Auto Line Support:
Recognizing the needs of large insurers seeking to offer an expanded range of insurance products, BriteCore has enhanced its policy administration system to provide robust support for personal auto insurance lines. This ensures carriers can provide multi-line policy support through a tailored, efficient, and comprehensive solution for their auto and property policyholders.
Third-party Vendor Integrations:
BriteCore takes what it calls an API-centric integration, which approach allows it to quickly and seamlessly connect with a variety of third-party point software vendors and data providers, enhancing the core insurance platform’s capabilities and extending its reach. With over 100 current integrations, the latest third-party vendor integrations are available from data service providers including Verisk, LexisNexis, Smarty, and Carfax. The recent integration of these new vendors into the BriteCore Platform enables insurers to access a more extensive network of tools and data services, resulting in a comprehensive and interconnected insurance management experience.
“In an industry that demands comprehensive solutions, BriteCore’s addition of personal auto insurance to its platform is a pivotal move,” comments Deb Zawisza, Senior Principal, Datos Insights. “This addition not only aligns BriteCore’s strategy with the needs of many multiline P&C carriers, but also showcases their commitment to investing in their core system to support strategic lines of business.”
“We’re continually striving to push the boundaries of what’s possible in the P&C insurance industry,” says Ray Villeneuve, CEO, BriteCore. “With our latest innovations, we’re ensuring BriteCore’s clients have access to a modern core insurance platform and the solution integrations they need to remain agile, informed, and ahead of the curve. In an economic environment characterized by higher inflation and interest rates, which presents both stress and opportunity for carriers and MGAs, those equipped with modern core systems enabled with advanced analytics stand poised to thrive—improving combined ratios and achieving profitable growth in contrast to peers reliant on legacy systems.”
BriteCore notes that it is sponsoring and participating in the NAMIC 128th Annual Conference this week in National Harbor, Md. This event gives property/casualty insurers an opportunity to experience the BriteCore Platform firsthand and witness its transformative capabilities in action, the vendor says.