BriteCore began its journey in 2009 when a group of six partnered together to build the world’s most advanced property casualty administration system for insurance providers. The organization is focused on three key objectives throughout the development process — customer-centric development, long-term partnership, and ongoing technical innovation. BriteCore is an enterprise-level insurance processing suite. Built from the ground up using the latest technologies, BriteCore combines core, data, and digital solutions into a single platform. Deployed using the Amazon Web Services cloud, BriteCore is continually updated to guarantee maximum security, efficiency, and durability at scale. Insurance carriers, MGAs, and start-ups rely on BriteCore to increase speed to market, improve competitive position, and support growth.
A Dynamic Leader
BriteCore was co-founded by two dynamic cousins Phil Reynolds and Chris Reynolds. Phil is now the CEO of the organization. He holds a certificate in “Leading Change in Complex Organizations” from Massachusetts Institute of Technology and speaks frequently on organizational design and technological innovation for property casualty carriers. Phil received the “Governor’s Missouri Entrepreneur of the Year” award from Governor Jay Nixon and led IWS to the 288th spot on the Inc. 500 list. He is a frequent presenter at State conventions and serves on the PAMIC Information Technology Committee.
Tackling the Challenges
According to the organization, the insurance industry possesses various challenges for technology providers. Over the last eight years, BriteCore has invested time and money into building powerful, web-based solutions that support the complex, conservative, and non-technical nature of insurance.
- Complex: Standard insurers are regulated at the state level while excess and surplus lines companies are barely regulated at all. This leads to a huge degree of fragmentation that is challenging for technology firms to support. Building deep insurance expertise within BriteCores’ staff required a much slower initial growth arc than many entrepreneurs anticipate. However, once overcome, this barrier works to insulate the organization from its competitors.
- Conservative: The same conservative approach that created current technology opportunities also creates a sales barrier for new technology vendors. Sales cycles range from 6 months to 5 years and require personal relationship investment. BriteCore has spent many years speaking, volunteering, serving on boards, and writing articles to build trust in the industry and establish themselves as domain.
- Non-Technical: Despite core reliance on automation and data analysis, a surprising number of insurance companies have little internal IT or engineering expertise. BriteCore transforms companies by ensuring investments are made in project management, change management, and business analysis.
When Patient and Deliberate Approach Works Like a Charm
BriteCore has reached all of its financial and product goals over the last 7 years of production leading to a consistent record of success. The organization is patient and deliberate in its approach to insurance software, mainly focusing on:
- Cloud-Based SaaS: BriteCore believes that SaaS is quickly gaining popularity among various financial institutions because it replaces variable CapEx expenditure with a predictable monthly OpEx subscription. As a platform service provider, BriteCore aggregates resources and spreads the value of proposition among its client base more effectively. As a software firm, BriteCore attracts talented engineers who may be less likely to join an insurance company directly. The organization operates with an efficiency of scale that is difficult for an individual insurer to achieve alone, and through its subscription model all customers are able to reap the benefits proportionally.
- Dependable: Expertise is built over time in complex fields such as insurance and cloud engineering. BriteCore has limited itself to 25% year growth for the last 9 years to make sure it maintains the bench depth to deliver dependably. BriteCores’ implementations have been universally successful with over 45 clients live and a retention rate that’s the best in the industry.
- Innovation: BriteCore was built on technology and process innovation. Clients look to the company to stay ahead of new technology opportunities and build tooling that enables them to meet consumer demands while also driving operational efficiency. As a privately held and self-funded company, BriteCore reinvests 100% of its profits back into base platform growth and continually replaces existing code with new modules and expanded functionality.
Tackling Competition
In order to tackle competition, BriteCore offer a unique and compelling value proposition in several ways including:
- Modern Software: Most enterprise insurance software is based on old technology. Whereas, BriteCore is a modern Python application deployed over Amazon Web Services virtual private cloud. The current technology allows BriteCore to offer new capabilities at a cost that is much lower than its competitors.
- Continuous Delivery: BriteCore utilizes continuous delivery to offer a steady stream of enhancements on a nightly basis. Test driven development backs every new code release with deep regression testing to secure critical functionality across releases. BriteCores’ customers receive the ongoing benefit of new software with a fully managed upgrade path.
- Open Source: BriteCore is the only SaaS provider that offers source code contribution to customers and partners. Its community is empowered to drive its own technological future by participating directly in development efforts. BriteCores’ clients and vendor partners have introduced over 100 new features to the platform last year, in addition to the 800 built by its internal team.
- Transparency: BriteCore promotes transparent, honest. The organization publishes pricing openly on their website (a rarity in the industry), and hosts a user forum for unmoderated information sharing among the client base. BriteCore even share financials freely with customers and other partners. The future of BriteCore is different because it is driving shared value for the whole community, not just a small group of shareholders.
Painting the Picture of Brite Future
BriteCore is working diligently to build the best insurance administration platform in the world. It began by servicing a very small and targeted market of domestic regional property casualty carriers writing less than $10m in premium. This allowed BriteCore to build a platform that serviced the broader needs of a small customer well. Once that problem domain was addressed, BriteCore began scaling the size and complexity of its customers. Today, it is managing billions of dollars in premium for companies across the US.
In the coming years, BriteCore will replace its entire current product generation with a new suite of modules that are designed to meet the needs of Tier 1 carriers, both domestically and abroad. Several million lines of code must be added to the base platform, and its subscription base has recently scaled large enough to support this initiative in-house. One can expect to see BriteCore beginning to work with the nation’s largest insurers in the next two years as it offers capabilities such as a business rules engine, a workflow configuration layer, and language and currency internationalization.
Source :-The 10 Best Performing Software Solution Providers 2017
