Brite

BriteCo operates as an insurance technology company, providing specialized coverage for high-value personal assets and significant life events. The firm was established in 2017 by Dustin Lemick, a third-generation jeweler, alongside co-founders Ben Mautner, Conor Redmond, and John Ortbal. Lemick's extensive background in his family's jewelry business, which started in 1958, gave him firsthand insight into the cumbersome and often inadequate nature of traditional jewelry insurance processes, inspiring him to create a more efficient, customer-centric solution.

The company’s business model is multifaceted, functioning as a program administrator that develops customized insurance policies underwritten by an AM Best A+ rated insurance carrier. BriteCo distributes its products through several channels: directly to consumers online, via a network of over 4,000 independent insurance agents, at the point of sale with more than 3,500 retail jewelers, and through partnerships with wedding venues and planners. This B2B2C approach allows the company to integrate its services directly into the customer's purchasing journey. Revenue is generated through the sale of these insurance policies.

BriteCo’s primary service is providing insurance for jewelry and watches, covering risks such as loss, theft, damage, and mysterious disappearance worldwide. A key feature of this coverage is the replacement value of up to 125% of the item's appraised value with a zero-deductible policy. This is designed to address potential market value increases and ensure clients can fully replace their items. The company also offers wedding and event insurance, protecting clients from financial losses due to cancellations, liability issues, and other unforeseen disruptions. BriteCo leverages proprietary technology, including a cloud-based Appraisal Management System for jewelers and a pricing algorithm that uses over 100,000 data points to generate accurate quotes in minutes, streamlining the entire insurance process from appraisal to policy purchase.

Keywords: jewelry insurance, watch insurance, wedding insurance, event insurance, insurtech, personal asset insurance, online insurance, engagement ring insurance, policy administration, direct-to-consumer insurance, independent agent insurance, zero deductible insurance, worldwide coverage, appraisal management system, financial technology, risk management, specialty insurance, luxury goods insurance, claims processing, digital insurance