Everything changes and nothing changes in insurance. It is all about connections at the right place and time, with the right people and between the right systems at the right moment in time.
As an industry we readily agree that connections and trust are the backbone of insurance, even in a landscape where change is the only constant. Making connections, but where?
For a long time we build enormous foundations in the back office that were solid and reliable and gave us the impression we were good to go for many centuries. But then society and technology started to change faster than our own industry and people simply wanted to make more and other connections through a range of channels: brokers, mobile phone, and PC. All the attention moved to the front office, the customer, the channel. More investments in making point to point connections for every feasible channel to the back office. Sadly this was mostly a repetitive effort with nearly 90% of the same software in the middle and only different connections. Adding cost, without generating new income, but we had to, as the customer demanded it. A ‘stay in the race’ strategy.
Smart suppliers like Backbase moved in who brought the channel investments together in one layer and enabled real channel agnostic connectivity. That still did not solve all the issues in the back office. For in order to give customers a relevant user experience you must have access to the data that resides today in the back office. And to move from a relevant to an engaging experience you also need access to the unstructured data that lives in the eco systems around the insurer and the customer’s life. Only that way you can offer solutions that make sense in the customer’s context and you can save costs as you have much better and up to date insight in risk, spot new opportunities and bring new solutions to market before your competitor does
So in order to be truly agile as an insurer you need an almost unattractive body: a slim back office, a flat layer that enables connectivity at the front end and a rich ‘fat’ mid office that is the engine that drives it all. It’s the mid-office where connections should be made. We cannot wish our legacy systems away, we cannot simply upgrade, we cannot continue to add channels that add cost without bringing in more business. But what we can do is use the back office for its core and stable strength by extracting relevant data and let it run the more stable admin tasks. This system can run at a different heart beat and cost than a mid and front office, whilst still making use of your existing investment. So who is then the orchestrator?
The Roundcube Insurance Platform is an agile mid office engine where data becomes relevant information, where you can build experiences with the customer through relevant offerings. Where you can pull out relevant admin data without a ‘rip and replace’ at formidable cost, yet ‘sunset’ it over time. The open API-based platform where you can connect to any insurtech, where you can embed external business services into your own business processes. Where you can analyse data from internal and external sources to build relevant offerings or execute on point risk profiling.
A rich mid office is the anchor for both stability and change – our team members have built them for other large and complicated industries. This mid office that ‘knows’ it has to operate in a much wider and hugely diverse eco system is here for you to explore: Roundcube Insurance Platform. It is a process driven mid-office solution specifically designed for the Property & Casualty insurance industry – Consumer and in particular too Commercial Lines. It offers an IT and business infrastructure for product innovations, strategic partnerships and news ways to underwrite risks. This way you as a carrier, broker or network player can put your customer first and provide personalised solutions to your customers. Connect it to any back office of your choice, any front end solution and insurtech or business service provider of your choice. Benefits are clear from day one as you embark on a journey of transformational change.
Embrace your – not so slim - mid office, it is the powerhouse of your business!