The survey, conducted in the third quarter of 2022, reveals a vast majority (94%) of insurance carrier leaders rely on core systems to grow their business, improve efficiency, and modernize their insurance operations.

For insurance carriers, policy administration systems typically automate the management of insurance policies and the core business processes related to underwriting, billing, claims, agent and policyholder access, and reporting. To better understand the key challenges and trends occurring in the market, core platform company BriteCore surveyed 60 P&C insurance business leaders across North America. Questions posed to respondents sought to gauge insights on key challenges and trends occurring in the market as insurance carriers evaluated and applied new services and technologies to their business.

“Our research shows that core systems are enabling small to medium size insurers and MGAs to gain a competitive edge against larger companies,” said Ray Villeneuve, CEO at BriteCore. “By modernizing their insurance operations, the survey results confirm that insurers are leveraging core systems to achieve greater productivity and operational resiliency. From our own client experience, we can share countless examples where insurers have gained a competitive advantage in their markets and more than doubled their business without adding staff.”

Key findings from the Core Systems Survey include:

• There are numerous levers to drive growth for small to medium size insurers, yet it’s clear the agent relationship plays a critical role in their ongoing success. As a primary strategy towards achieving business growth, 2/3 of respondents (71%) are leveraging their core system to attract new agents and better enable agents. 

• Almost every P&C insurer is on a continuous process improvement journey – and should be, if not. A majority of respondents (60%) are improving their efficiency by streamlining the underwriting process and claims processes with their core systems. 

• As P&C insurers continue their modernization efforts, they realize an all-in-one ‘suite’ approach is critical to avoid the headaches of cobbling together and maintaining various core modules from different vendors. Tied as the two most important qualities of a core system, insurers want to transact all activities through and all-in-one system (58%) and want a core platform that is reliable, secure and provides for disaster recovery (58%).

BriteCore representatives are available this week to share the Core Systems Survey research findings with P&C industry leaders attending the National Association of Mutual Insurance Companies (NAMIC) conference, September 18-21, 2022 in Dallas, TX and attending the InsureTech Connect (ITC) conference, September 19-22, 2022 in Las Vegas, NV.

Download the latest report here.

About BriteCore

BriteCore provides P&C insurers with a cloud-native core insurance platform designed to drive business growth, enhance operational efficiency, and offer unparalleled flexibility. The BriteCore Platform enables insurers to seamlessly manage policies, billing, and claims; rapidly configure new products; and access comprehensive reporting and analytics—all within a unified core insurance system that includes user-friendly portals for agents and policyholders.

Trusted by over 100 insurers across North America, BriteCore’s policy administration system empowers mid-size carriers and fast-growing MGAs to streamline their operations and confidently compete with the industry's largest providers.