Phil Reynolds, Founder & CEOMany industries are plagued with issues stemming from a mismatch of fragmented IT systems, and insurance is no exception. “Carriers often spend the majority of their time and budget upgrading and managing system integrations, leaving fewer resources for driving innovation,” comments Phil Reynolds, CEO and Founder, BriteCore. His venture, BriteCore, offers companies within the insurance industry a software solution that increases speed to market, improves competitive positioning, and supports growth while limiting inertia and IT overhead.
Founded in 2009, BriteCore started out in domestic mutual insurance and since then has built a very strong service arm experienced in all areas of insurance operations. This experience provides BriteCore with the foundation to understand every facet of their clients’ business, positioning them to provide more than just a software solution.
The company’s API-driven platform offers a comprehensive suite of products that provide the tooling required to easily integrate with distribution, underwriting, and pricing innovations. “BriteCore seamlessly integrates Policies, Claims, Billing, Reporting, Analytics, CRM, Rules and Rating, Document Management, Agent Quoting and Inquiry, Policyholder Access, and Mobile into a comprehensive core platform,” he adds. Going a step further, BriteCore also offers concierge support throughout the sales and implementation stages and ongoing support after implementation is complete.
AFR Insurance can attest to the success and ease of use of BriteCore’s solution. AFR came to BriteCore after spending more than $35 million in failed implementations across seven PAS systems. When they finally launched a disruptive engineering division that operated more like a start-up within the larger organization, the new division selected BriteCore for company-wide system replacement. AFR’s first line of business went live in six months for less than $500k with subsequent lines of business rolling out in steady succession.
This is just a glimpse of BriteCore’s prowess. Today, over 44 carriers, wholesalers, and MGAs trust BriteCore to run their full stack.
With innovation in their DNA, BriteCore is bringing the future of insurance software to clients, today
The reason for BriteCore’s success is that innovation is at the core of everything they do. “While always pushing the envelope in terms of development, BriteCore welcomes the concept of Community Source Development,” states Reynolds. BriteCore’s clients have direct access to the source code and software architects during implementation. This model allows client developers to fully participate in BriteCore’s product development during implementation and beyond. Developers have direct access to BriteCore engineers to ask questions and provide feedback regarding their experience.
BriteCore also makes it easy for companies of any size to try BriteCore’s products and services without having to make a long-term commitment. BriteCore charges monthly for system access and hourly for services work. In addition, carriers are not required to invest in capital or IT training. As Reynolds says, “We manage the entire process for our customers, greatly simplifying personnel and infrastructure logistics.” The platform is fully scalable and extendable, while requiring limited cost and management overhead.
BriteCore has already undergone tremendous growth in 2017. They have seen a sharp rise in InsureTech wholesalers backed by large carriers or reinsurers. These technology-centered disruptors are building unique distribution channels, underwriting models, and insurance products that all need to connect to a back-office platform for processing, billing, reporting, and other critical processes. BriteCore already automates most of these processes, and their API and web-based architecture allows for rapid extension through external tools and resources. With innovation in their DNA, BriteCore is bringing the future of insurance software to clients, today.