Insuranceciooutlook

BriteCore: One-stop shop for Insurers

Follow BriteCore on :

Phil Reynolds, CEO & Co-Founder, BriteCorePhil Reynolds, CEO & Co-Founder
Digital innovation, powered by several state-of-the-art technologies, has been the force of change in the finance sector, leading to unprecedented efficiency gains. The insurance sector is no exception to such advancements, with numerous cutting-edge provisions bringing greater opportunities for data collection and fraud detection. Consequently, modern insurance companies are reinventing their conventional insurance offerings to become more competitive.

Springfield-based BriteCore operates as a cloud-native company and is fueling innovation for insurance carriers, MGAs, and InsurTechs. “Our services are fully surrounded by an open API, allowing customers to extend functionality and connect remote resources easily,” says Phil Reynolds, CEO, and co-founder, BriteCore. Started by a group of six individuals, the firm expanded from a local business to an international organization with clients ranging from small, regional mutuals, to larger carriers, including InsurTechs and MGAs.

BriteCore consolidates core data and digital solutions into a single suite. The open community-source system renders a cost-effective upgrade path for insurers and empowers them to compete for digitally-native customers. Hosted on the AWS cloud, the platform is flexible, adaptable, and increases the speed to market for insurers. It further equips clients with dedicated sub-accounts and enables them to grow their policy count, integrate with third parties, and add new products in a cost-efficient manner.

“AWS gives customers confidence that BriteCore is built in accordance with industry-wide best practices, making our platform scalable, stable, and secure,” said Reynolds. The firm takes pride in being the only company in the insurance space to build native cloud solutions and empowers both clients and staff to work together through a shared infrastructure and community source code contribution. “We are the only software provider in the industry to encourage code contribution from clients and vendors, which creates a culture of joint investment.

Carriers can extend the system’s core functionality through powerful API integrations or stand-alone applications that communicate seamlessly with BriteCore through any web-accessible application or platform. As a result, our customers and staff are highly aligned around common goals,” said Reynolds.

Being a cloud-native organization, BriteCore provides a tech stack that is modern, lightweight, highly configurable, and easy to deploy. “While our competitors are migrating to the cloud, our engineers and client developers are busy collaborating on new functionality via BriteCore’s open API,” said Reynolds.

Further, Reynolds cites that today’s tech-savvy customers want to purchase and manage their insurance online. For instance, direct-to-consumer insurance startup Jetty, a BriteCore client, identified three main problems renters face when moving into a new home: paying a full security deposit, locating a lease guarantor, and purchasing renters insurance. In a bid to remove these roadblocks, the firm sought to build a feasible insurance website for modern consumers. BriteCore’s community source model provided Jetty’s engineers with a code base to build their distribution site and the support model to carry out their project timeline. With assistance from BriteCore, Jetty built their portal from scratch in less than eight months. Jetty’s comprehensive online platform allows insures to receive quotes, buy policies, make policy payments, submit claims, and manage their account.

In another success story, the firm assisted American Farmers and Ranchers Mutual Insurance Company (AFR) in replacing its legacy system in order to remain competitive. By deploying BriteCore’s cloud-based core systems suite using Agile methodology, AFR’s first project was live in less than seven months with a total investment of less than $500K.

At its core, BriteCore is committed to bringing creativity, transparency, and maturity to each of its clients. True to this statement, the firm has delivered a staggering 100 percent implementation success and customer retention rate in the last five years. “BriteCore is constantly praised as a modern, technology-first, cloud-based solution. We maintain this reputation by providing customers with ongoing innovation,” said Reynolds. The firm is also aiming to embed IoT capabilities and Telematics within the BriteCore system in the days ahead. To this end, the firm’s development team is currently developing the third generation of BriteCore under the microservice model with the first set of services expected to be released in the second quarter of 2019. This new platform will further enhance usability, versatility, efficiency, and customization for BriteCore’s clients and vendors.

BriteCore News

Strategic Partnership to Standardize Insurance Administration

Technological collaboration adding value to the business objectives can boost organizational growth at the global level.

FREMONT, CA: BriteCore joins the AWS Partner Network (APN) as an advanced technology partner and establishes its long-standing relationship with Amazon Web Services (AWS). The relationship allows the company to offer security, efficiency, and durability to its client at scale. The company leverages the benefits since 2010 while possessing a deeper experience in catering to the client’s business objectives. BriteCore’s team looks forward to the growth of its expertise, integrating them into innovative solutions. “AWS gives customers confidence that BriteCore is built in accordance with industry-wide best practices, making our platform scalable, stable, and secure,” says Phil Reynolds, the CEO of BriteCore.
Read More