CASE STUDY
Waterfall and Agile methodologies to rapidly launch insurance products in the market .
Root ’ s product portfolio
Root is an end-to-end insurance platform that helps companies build , sell and manage digital insurance products in Africa , UK and Europe . Root is also a lowcode platform as well that enables programmable insurance products , digital sales channels , digital insurance operations , and the ecosystem around this . Integrated APIs allow for automated workflows that get rid of time-consuming manual tasks and resulting in increased efficiency .
The Waterfall component provides the foundation of a structured and predictable milestone-driven approach while injecting the adaptability and responsiveness of the Agile component . This combination enables clear planning , efficient resource allocation , adaptation to evolving requirements , and improved cross-team collaboration , ultimately leading to faster product development .
Root enables rapid design , build and integration of insurance at scale . As an enterprise-grade SaaS solution , Root powers insurance products for Tier 1 insurers , digital platforms , retailers and telcos . Root is establishing offices in London and has strong relationships with retailers , telcos and insurers in Southern Africa , serviced from Cape Town .
The Root platform provides the insurance industry with the following tools to build modern insurance products , sell insurance to customers digitally and centrally manage policies .
Low-code Product Workbench
Root ’ s low-code Product Workbench is a command-line interface tool to rapidly develop and launch insurance products . The Product Workbench empowers product teams to focus on building and testing differentiation with complete programmatic access .
RESTful APIs
Comprehensive , well-documented RESTful APIs support seamless integration into any digital channel . This includes existing and new customer journeys , insurer or partner branded products , and open access into the broader insurance ecosystem across the insurance value chain .
Policy administration system
The system manages the entire insurance lifecycle , from quote generation to claims processing , optimising data and workflows . It simplifies premium collection with versatile billing methods , offers automated reporting and analytics , streamlines claims handling , and automates customer communications . The Root Dashboard provides a front-end portal for policy administration by authorised users .
TFG PUBLISHED AN RFP TO IDENTIFY A PARTNER , AND ROOT PROVED TO BE THE BEST FIT FOR THE BUSINESS .
The breadth of contact between Root and TFG is key to the efficiency with which products are implemented . The process initiates with TFG ’ s business analysis team , with input from their Insure claims team , ideating solutions put forward by TFG product managers .
Further along in the process , TFG ’ s testing team engages in the quality assurance of products before the data analytics team ensures all information and reportingrelated matters conform to regulatory requirements .
Benefits and RoI
Root achieves a seamless integration with both TFG and GuardRisk ’ s data infrastructures , guaranteeing the fulfilment of operational , regulatory , and compliance reporting needs , while also providing users on-demand access to data on the Root platform as needed .
The infrastructure has been designed with TFG ’ s existing customers in mind . With a single view of customers , TFG can now drive greater revenue and operational efficiency through its existing financial services products and easily build , sell and service new products without technical barriers .
The platform enables direct communication with customers in real-time so that they are kept informed at every step of the way , whether they are signing up , making a claim or requesting assistance .
“ People have different requirements according to age and life stage , and they are demanding targeted solutions based on need and affordability ,” says Jones . “ With Root on board , we can build a comprehensive product offering for consumers who historically have not had access to these types of products and who are not comfortable dealing with big insurance companies that cater to the highend market .”
For TFG employees , the entire customer journey can be managed through one interface , from quote generation to policy administration , premium collection , reporting ,
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