Fragmentation is a major issue within the insurance industry today, according to Phil Reynolds, CEO & Co-Founder of BriteCore. Traditionally carriers sold products through agents, and were backed by reinsurers. Now, insurtechs are challenging traditional distribution and underwriting models, while reinsurers are going directly to the market through MGAs (Managing General Agents). There is a lot of flux. As a result of all the change, there is a significant organizational and IT investment required to prepare for the future, not knowing what the future holds.

Mr. Reynolds sees opportunities for companies that have a nimble infrastructure. With the pace of change accelerating, the winners are those who can pivot quickly, and adapt to the changing landscape.

Executives should go to industry events to be exposed to available service providers and regulatory changes that are coming, new technologies available, as well as new products and forms on the horizon.

BriteCore offers flexible IT systems to carriers. It’s an API-driven platform that services insurtechs and tier one carriers alike. It is a clearinghouse for great ideas in technology so everyone in the insurance industry can take advantage of the latest developments.

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