Insurance carriers around the globe face similar internal challenges in terms of limited flexibility in their existing infrastructure, costly maintenance and a pace of internal IT change that is out of step with the market demands. Their customers’ expectations at the same time change and get more in line with experiences they have in their daily lives, when hiring a movie or booking a holiday. But there are differences too.

Consumers adopt new technology and behaviour at an unprecedented pace and churn in this – low margin - segment is higher than in commercial lines insurance, where relationships tend to be more complex and therefore much more difficult to unwrap.

Personal line carriers bear the brunt of the pace of change with innovative niche new tech players breaking ground in their markets with cheaper, faster, easier offers. It is crucial for insurers to give those users a positive experience, particularly at the crucial moment of renewal.

Commercial line carriers often face substantial legacy challenges in a more complex eco system with co-insurance and broker involvement. Roundcube is an agnostic insurance platform, built by a team that is aware of the very different needs of those two segments.

Roundcube IP can offer personal line carriers the fast time to market they look for, a wide array of insurtech partners through a predefined API layer, flexibility in the redefinition of business processes and most importantly perhaps the ability to connect to any point of contact the customer desires. Personal line carriers can no longer afford to operate a channel-based strategy, but need to redefine their customer experience around the touch point the customer chooses and then make sure they have all relevant data to hand. Relevant data for risk profiling, pricing, product fit, claims management and general customer care.

Commercial line carriers and brokers benefit initially from Roundcube IP in a more intrinsic way: broad opportunity to connect to any front or back office which frees up their often siloed infrastructure. By offering tailored migration management we offer a very valid alternative to a risky Rip & Replace strategy which often seems the only way out. Portfolio optimisation can be achieved in a more impactful manner by more timely insight on and correction of LR (liability risk) and CR (commercial crime) contributors.