Introducing the Add-on Marketplace: A central hub of value-adding solutions from Root and trusted third-party providers, designed to empower insurance companies in creating custom-tailored insurance ecosystems.
In the insurance industry, staying ahead of the curve and meeting the evolving needs of customers is a continual challenge. Insurers are seeking new, accessible, and affordable products while optimising customer experiences. However, the hurdle often lies in the inflexibility and limitations of legacy systems. These systems, while essential for many insurers, can restrict the ability to scale and innovate rapidly.
At Root, we understand the importance of these legacy systems and the need for strategic enhancements rather than complete overhauls. Our approach is to enable phased digital transformation by integrating our modular platform to co-exist and operate alongside these existing systems. Our mission is to ensure clients can improve specific areas of the insurance value chain without the need for wholesale changes.
Modular ecosystem approach
The Root platform comprises the optional core platform modules Quote and Bind, Policy Management, Collections and Claims to cater for the end-to-end insurance lifecycle. Modules make available core features and functionality such as webhooks, APIs, email notifications, comprehensive data access and uninhibited use of the Root Workbench out-of-the-box.
Add-ons are services made available via the Root Platform to complement and enhance core platform modules such as white-label front-ends or real-time address validation. Add-on functionality is provided by Root or third-parties, including Stripe, UK Motor Insurance Database, Peach Payments and others.
This approach exemplifies our philosophy of purpose-built insurance ecosystems. We want to provide clients with the best experience and this means ease-of-access to third party products.
Monique Heyden, Head of Product Management at Root, says: “The add-on marketplace is an obvious next step in our offering. It will provide us with a lot of opportunities - the most important of which is maximising value for our clients.
Our focus on forming strategic partnerships with third-party providers enriches our ecosystem and partnering with specialised providers allows us to offer holistic solutions without deviating from our core competencies.”
To find out more about our new Add-on Marketplace, or to discover more about our offerings, visit www.rootplatform.com/add-on-marketplace