(MENAFN- GlobeNewsWire - Nasdaq) San Mateo, CA, Sept. 18, 2023 (GLOBE NEWSWIRE) -- BriteCore, a next-generation provider of cloud-native core administration solutions for property and casualty (P&C) insurance carriers and MGAs, today announced new role-based data analytics, expanded lines of business for P&C insurance carriers, and seamless integrations with third-party vendors.
At the heart of these advancements is the cloud-native BriteCore Platform, a modern end-to-end core insurance solution that BriteCore continuously evolves to meet the changing needs of P&C insurers. Designed with flexibility and user experience in mind, the platform supports a wide array of features that streamline processes and deliver business intelligence capabilities.
"In a rapidly evolving insurance landscape, having access to real-time insights into our business is paramount,” said Todd Robertson, Vice President of Information Systems at Loudoun Mutual Insurance Company.“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:
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's API-centric integration 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,” said Deb Zawisza, Senior Principal at 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,” said Ray Villeneuve, CEO of 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."
As BriteCore continues its momentum in the P&C insurance market, the company is delighted to share its sponsorship and participation in the NAMIC 128th Annual Conference this week. This event serves as an opportunity for P&C insurers to experience the BriteCore Platform firsthand and witness its transformative capabilities in action.
BriteCore delivers a cloud-native core insurance platform for P&C insurers that unlocks business growth, delivers greater productivity, and provides a modern customer experience. With the BriteCore Platform, insurers easily administer policies, manage billing and claims, rapidly configure new products, and access detailed reporting and analytics in an all-in-one core system, including agent and policyholder portals.
Trusted by over 90 insurers across North America, BriteCore's policy administration solution enables mid-size carriers and fast-growing MGAs to efficiently manage their insurance operations and effectively compete with the largest providers.
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Tags #propertyandcasualty #insurtech #cloudcomputing