BriteCore Strengths, Domain Expertise, and Key Differentiators
BriteCore provides property and casualty insurers with a cloud-based insurance core software platform offering end-to-end capabilities, including policy administration, claims management, underwriting rules, and rating, agent quoting and inquiry, contact management, billing, imaging, printing, data warehousing, and reporting. It is deployed using Amazon Web Services and using API integration capabilities.
BriteCore Recent Developments
During 2019, BriteCore has completed 7 implementations, and grew total customers to 69 as of Q1 2020 (60 carriers & 9 MGAs/insurtechs)
BriteCore Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying BriteCore applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of BriteCore and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified BriteCore customers.
Ownership: - x
Number of Employees: 210
Functional Markets: ERP Services and Operations Management,
Key Verticals: P&C Insurance,
BriteCore Key Enterprise and Cloud Applications
BriteCore Revenues, $M:
|Type/Year||2018||2019||YoY Growth, %|
|Total Revenues, $M||Subscribe||Subscribe||Subscribe|
|Enterprise Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
|Cloud Applications Revenues, $M||Subscribe||Subscribe||Subscribe|
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
BriteCore Revenue Breakdown By Type, $M:
|Type||License||Services||Hardware||Support & Maintenance||SaaS|
|% of Total Revenues||Subscribe||Subscribe||Subscribe||Subscribe||Subscribe|
BriteCore Enterprise Applications Revenues By Functional Markets, $M:
BriteCore Enterprise Applications Revenues By Verticals, $M:
BriteCore Revenues By Region, $M
|Region||% of Total Revenues||2019 Total Revenues, $M||2019 Enterprise Applications Revenues, $M||2019 Cloud Applications Revenues, $M|
BriteCore Direct vs Indirect sales
|Region||Direct Sales||Indirect Sales||Total|
BriteCore Customers - Breakdown by Geo, Size, Vertical and Product
No. of BriteCore Customers: 69
No. of BriteCore Enterprise Applications Customers: 69
No. of BriteCore Cloud Customers: 69
No. of BriteCore Cloud Subscribers: x
BriteCore has 69 customers as of July 2020 (60 carriers & 9 MGAs/insurtechs). Among its customers are: American Farmers and Ranchers Mutual Insurance, Friends Cove Mutual, Loudoun Mutual, Jetty, Municipal Mutual, Panhandle Farmers Mutual, Alamance Farmers’ Mutual, MassPrinting & Municipal Mutual, HazardHub & Alamance Farmers' Mutual and others.
BriteCore Market Opportunities, M&A and Geo Expansions
In July 2019, BriteCore secured $47.5m in growth funding. The round was led by Warburg Pincus, with participation from existing investors Radian Capital and WCF Mutual Insurance Company. As part of the investment, Alex Stratoudakis, Principal at Warburg Pincus, will join BriteCore’s Board of Directors. Earlier in May 2018, BriteCore closed a $13 million growth equity investment with Radian Capital. BriteCore has raised more than $70m in total funding, intends to use the funds to accelerate the development of new products while continuing to expand its team of insurance industry experts.
BriteCore Risks and Challenges
A key risk is misalignment between potential opportunities and the capabilities of the BriteCore platform. The global P&C insurance industry consists of a myriad of geographies, jurisdictions, and lines of business. For continued growth, it will be critical for BriteCore to ensure strong alignment between new opportunities and the evolving capabilities of its platform.
BriteCore Ecosystem, Partners, Resellers and SI
BriteCore cultivates three types of partnerships: technology partners that contribute to the core platform, SIs that assist with implementations, and 3rd-party solutions that extend the capabilities of the platform.
AWS is their core technology partner. BriteCore has invested heavily in its relationship with AWS, achieving both Advanced Technology Partner (highest tier) and Financial Services Competency Partner status. Through the AWS Partner Network, BriteCore gains access to additional training and certification opportunities to better equip their staff.
BriteCore maintains formal partnerships with a growing number of SIs that currently includes: IWant Consulting, NeST IT, OnRamp, Rented Mule Consulting, Design Solutions, DataArt, and Xceedance.
BriteCore has prebuilt integrations to over 30 third-party solutions that provide agency, printing, risk modeling and a variety of other additional capabilities.
BriteCore Cloud Infrastructure Insights
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- BriteCore Public Cloud and Infrastructure (IaaS)
- BriteCore Platform (PaaS)
- BriteCore Application Delivery
- BriteCore Private Cloud and Data Centers
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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