San Mateo, CA, Sept. 17, 2024 (GLOBE NEWSWIRE) -- BriteCore, the leading provider of cloud-native core insurance solutions for property and casualty (P&C) carriers and MGAs, today announced the launch of several new product features designed to enhance its support for insurance carrier clients in the mid-market. These advancements aim to streamline operations, improve decision-making, and elevate the user experience for carriers, agents and their policyholders.
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 evolving needs of P&C insurers. Designed with flexibility and user experience in mind, the core insurance software platform supports a wide array of features that streamline processes, enables carrier growth, and delivers business analytics capabilities.
“BriteCore’s continued innovation and commitment to enhancing their policy administration system have been instrumental in helping us better serve our policyholders and drive operational efficiency,” said Nancy Newmister, President and CEO of Frederick Mutual Insurance Company. “These new features, on top of a solid core insurance system, will empower our team to make faster, more informed decisions, improve the agents' quoting experience, and provide an exceptional customer experience.”
Building on its strong core insurance platform foundation, BriteCore is introducing five key product innovations to further power mid-size insurance carriers:
Generative AI for Analytics - BriteCore has embedded a Generative AI-powered assistant into its analytics and dashboards, enabling carriers to gain deeper, tailored insights and make better, more informed decisions in real time. This new capability enables customers to interact with their data more intuitively with a natural language context-aware Q&A experience which assists in extracting data and interpreting deep analytical insights in real time. Features include the ability to automate the creation of new dashboard analytic widgets and provides organized textual executive summaries of analytic reports and dashboards.
Upgraded Mobile App Experience - BriteCore has improved the user experience of its carrier-branded mobile app, enabling P&C insurance carriers to deepen their relationship with their policyholders and reduce costs by promoting electronic document delivery. Available for both iOS and Android mobile phones and tablets, the updated app creates an intuitive, easy-to-use mobile experience for accessing policy documents, scheduling payments, filing and tracking claims, and more, consistent with key features available from proprietary apps of the world’s largest carriers.
Enhanced Comparative Rater Support - By introducing a native ACORD XML template for comparative raters, BriteCore enables carriers and MGAs to provide fast turnaround quotes to agents utilizing comp raters. This new product enhancement supports both straight through processing and underwriter-assisted quoting, offering flexibility to meet diverse, time sensitive quoting needs.
Expanded BriteCore Reports - BriteCore expanded its extensive library of standard reports to now include over 40 reports specifically designed to meet the financial and regulatory reporting requirements of P&C insurance carriers and MGAs. An example is the new Month End Close Package which includes all essential data for closing month-end financials at a granular level, while also allowing insurers to dynamically add data from their unique lines into a standard report. BriteCore’s reporting and analytics capabilities streamline compliance and decision-making processes while reducing the burden of manual report generation.
Multi-Brand Document Support - By enabling custom-branded documents and deliverables, BriteCore ensures that a fronting carrier’s backing carrier brands are appropriately represented across insurance product offerings. This enhancement allows mid-size carriers with multiple brands or MGAs with multiple backing carriers to maintain distinct branding for each writing company, even when operating under a single core platform, ensuring seamless integration and consistency across all business lines.
"These new product innovations demonstrate BriteCore's dedication to staying on top of industry trends," said Martina Conlon, Executive Principal at Datos Insights. "By leveraging advanced technologies like Generative AI and enhancing user experiences across mobile and document management, BriteCore is making the right investments in their core offerings to deliver a modern core solution for the mid-size insurance carrier market."
"At BriteCore, we're committed to driving innovation that meets the unique needs of P&C insurance carriers," said Ray Villeneuve, CEO of BriteCore. "These latest enhancements reflect our dedication to providing a modern core insurance platform that simplifies complex processes, enhances user experiences, and ultimately, helps our clients thrive in an increasingly competitive market."
About BriteCore
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 100 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.
For more information, visit www.britecore.com.
