Modern software architecture has profound effects on how insurance products are built and distributed to customers. The industry is moving towards microservices and open API architecture at a rapid pace for a clear reason: insurers can get to market quickly with truly innovative products. The BriteCo leadership team recognized this opportunity early on in the development of their unique jewelry insurance offering. They sought to integrate microservices with a cutting-edge appraisal management system for jewelers to offer buyers insurance coverage for their pieces in the exact moment of their purchase.
Download the Solartis and BriteCo Partnership Case Study to learn how this progressive jewelry insurance program was built by the collaboration between expert teams.
Outlining the Problems
The typical purchase process for jewelry has changed significantly with the emergence of eCommerce and Internet growth. However, the in-store experience offers a distinct advantage over online shopping that BriteCo sought to capitalize on. Purchasing a piece of jewelry online doesn’t allow for streamlined and accurate appraisals or the offering of quality insurance coverage to the buyer.
The challenge? The process of creating appraisals in-person was outdated, burdensome, and required tedious manual data entry. Creating an accurate appraisal would then take a significant amount of time and effort while the resulting document was difficult to store and index for future reference. Moreover, these series of actions would limit the scalability and transparency of the appraisal process.
Integration with Solartis’s Insurance Microservices
BriteCo’s team had developed a cloud-based Appraisal Management Platform for independent jewelers to run their business more efficiently. It was built to leverage the retail store as a place for consumers to view, purchase, and appraise their precious items. However, BriteCo’s team didn’t want to stop there.
To provide a holistic and consumer-centric experience, BriteCo’s leadership knew that integrating policy administration microservices with their Appraisal Management System would be key. They had strategically built their existing appraisal software using open-API architecture and began looking for a policy administration system (PAS) that would meet their compatibility requirements. Thus, came Solartis.
Early on in discussions with Solartis, it was clear that BriteCo had found their partner. BriteCo had many sales conversations with other PAS vendors that were cut short when it became clear that their technology offering was monolithic. The BriteCo team understood that insurance microservices were required for:
- Seamless integration with the appraisal system that was being built;
- Interoperability with third-party services like Twilio for SMS messaging and TransUnion for credit score verification.
Just 6 months after the partnership with Solartis began, the BriteCo team had a functioning cloud-based appraisal and policy management platform delivering independent, accurate jewelry appraisals and insurance policies via mobile devices to customers in real-time. Solartis Insure, a catalog of policy life cycle microservices viewable here, was used to full effect and supported rapid time-to-market for this unique jewelry insurance product.
If you’re interested in learning more about the details of this project, download our full case study. To learn more about BriteCo and its offering, click here.
Check Out What’s Possible with Solartis Insurance Microservices
Sign up for access to the Solartis Insure Microservices Sandbox to test the capabilities of our innovative microservices.
Looking to Automate a New Product Line?
Are you developing a greenfield insurance product or trying to get to market quickly with a new line of business? We’ll work with you to make it happen in 90 days or less. Contact us to get started.
"They are fast, simple, and cost-effective. Their team is an extremely reasonable group of people who care, really care, about your success. Every launch has some bumps - they worked above and beyond to make sure those bumps didn't disrupt our launch or our ability to write new business. Without Solartis, I wouldn't be projecting a 30% increase in topline growth."
said Cameron Linder, CEO, Western Bowling Proprietors Insurance (WBPI), Rednil Insurance Brokers, Inc.