BriteCore is a fully managed, cloud-based insurance software system that combines core, data, and digital solutions into a single, comprehensive suite. Founded by two cousins, Phil Reynolds (CEO) and Chris Reynolds (COO), BriteCore was backed in its early initiatives by a consortium of mutual insurance providers.
Since its launch, BriteCore has rapidly evolved to support different types of insurance. Today, it manages billions of dollars in premium for approximately 50 companies across the US and Canada. BriteCore is fueling innovation for insurance carriers, MGAs, and InsurTech startups through its open source, API-driven platform that is stable, flexible, and adaptable.
Key Products and Services
BriteCore offers multi-line, multi-state, and multi-location policies for personal, commercial, auto, and specialty lines of business. Core modules include Policies, Claims, Billing, Reporting, Analytics, CRM, Rules and Rating, Document Management, Agent Quoting and Inquiry, Policyholder Access, and Mobile Applications. The company’s extensible platform can be customized to any brand, product, or workflow, employing a wide-variety of features and functionality. The best-of-breed mentality of the 2000s gave rise to heavily fragmented IT systems that do not operate seamlessly together. Today, many carriers spend the majority of their IT budget and time managing system integrations instead of driving innovation. BriteCore helps these struggling insurers overcome inertia by offering a licensing model that supports ongoing innovation, scales relative to premium volumes, replaces periodic and costly upgrades with a simple monthly subscription, and manages daily upgrade paths for clients.
BriteCore’s origin with domestic mutual insurance carriers helped the company build a strong service arm experienced in all areas of insurance operations. Its industry-leading technology make BriteCore the best possible choice for providers seeking to innovate, automate, or disrupt.
Empowering Factors
BriteCore provides a community to align common interests and tooling to empower customer differentiation. The company’s customer-centric focus mixed with its tech-first mentality enables insurers to:
- Test new products and quickly bring them to market
- Adopt new technologies to improve operation and efficiency
- Embrace the speed, storage, and security of cloud computing
- Automate business workflows and processes
- Deploy products within a reasonable timeframe and budget
BriteCore’s solutions provide many benefits, including the following:
Comprehensive Insurance Processing Suite: All modules (listed above) work together seamlessly and reliably.
Automated SaaS with Dedicated Support: The futuristic solution does not require IT or support resources to deploy and maintain solutions. BriteCore’s approach benefits clients by smoothing the scaling cost with limited management overhead and by performing incremental releases, managed daily upgrades, and perpetually modern software.
Dedicated Resources and Community Source: BriteCore offers personalized implementation plans with dedicated migration and education resources. Aligning core objectives with dedicated tech solutions has produced a 100% implementation success rate for the past five years.
Product and Platform: BriteCore can be used both as a product with a user interface and as an API-driven platform. Insurers can extend BriteCore through code contribution or configure the system using user-friendly management tools and interfaces.
Comprehensive Testing and Review: Insurers who participate in BriteCore’s Community Source Code Contribution program follow the same workflow as BriteCore engineers when extending core system functionality. Mature development processes backed by thousands of regression tests ensure the platform remains stable and secure. As more members participate, compounding results are achieved.
Differentiating Factors
Realizing the insurance software field is competitive, BriteCore employs key strategies to stand out among its rivals. Below are a few differentiating factors that give BriteCore a competitive edge:
Technology Leader: BriteCore claims its tech stack is decades ahead of its competitors’. Built with modern technologies such as Docker, AWS, and Python, the software is nimble and responsive. The platform is also fully accessible via API, opening an endless number of possibilities.
Ongoing Innovation: BriteCore is committed to ongoing innovation, making it the last system clients will ever need to purchase. As part of its upgrade path, offered at no additional cost to customers, the company is replacing its current product with a new suite of microservices, expanding the possibilities for current and future carriers.
Dedicated Resources: BriteCore understands every facet of its clients’ operations and invests heavily in the education, resources, and tooling required for producing consistent successful outcomes.
True Monthly SaaS Subscription Model: BriteCore is a web service, funded by a monthly subscription fee, hosting fee, and optional services retainer. The SaaS model replaces large capital expenditures with a smooth monthly operating expense that reduces the barrier to entry and replaces costly upgrades with continuous software releases..
An Instrumental CEO BriteCore
CEO Phil Reynolds started life after college as a professional musician. In 2004, he joined his cousin Chris Reynolds to found Intuitive Web Solutions (IWS) and create BriteCore. Phil holds a certificate in “Leading Change in Complex Organizations” from the 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 the Governor Jay Nixon and led IWS to the #288 spot on the Inc. 500 list. Under his instrumental leadership, BriteCore has generated about $35m in revenue since its initial launch. BriteCore aims to expand its reach by improving its capabilities. Its new suite of microservices under development is designed to meet the needs of Tier 1 carriers both domestically and globally.
Source :-The 20 Most Innovative FinTech Solution Providers 2018
