BriteCore, a Springfield, MO-based provider of next-generation core software solutions for insurers, received $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.
The company, which 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.
Led by Phil Reynolds, Founder and CEO, 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.
More than 50 insurance carriers, MGAs, and insurtechs have used the company’s solution to access emerging technologies, enhance operational efficiency, create compelling customer experiences, and drive unparalleled speed to market.