Phil Reynolds, CEO and Co-Founder of BriteCore, outlines the disruptive nature of insurtech companies, and what traditional companies are doing to access new and emerging technology services.

Mr. Reynolds describes an online experience he had with one insurtech company that asked for his home address and was able to assemble county records, a visual flyover, the home’s square footage and deliver three different quotes for insurance…in just three seconds. “Tell me that’s not changing the insurance industry.”

Traditional insurers have data segmented to optimize the back office. They tend to be laden with legacy systems and lots of data, but consumers care more about speed, efficiency and convenience. New technology companies are attempting to bridge the gap between carriers and consumers.

In the modern technology economy, independent services that exist on the Internet communicate through API calls. If carrier data is stranded in a back-office system, inaccessible to new Web-based services, they cannot take advantage of new technology services that are emerging. “You are on an island.”  Many insurers are moving their data into “cloud-acceptable end points” to make their data accessible to new service providers.

BriteCore offers cloud-based policy administration, claims management, billing, and reporting to Property-Casualty insurance companies. They focus on standing up complex lines of business in a simplified, standardized format to make everything accessible online.

For more information on BriteCore, visit their website.

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