We would like to congratulate Reposit UK for their successful go-live and we are extremely excited and honoured to be selected as their technology partner.
is a UK based Insurance agency that provides home rental insurance to tenants in replacement of hefty deposits. The company works in a niche market where a lack of competition offering a similar Insurance product can be key to their immediate success in the region. Reposit works on a unique business model that allows both agents and tenants ease of access while reducing void renting periods for the landlord and increasing security of the deals through running meticulous identity verifications.
If you have been renting your accommodations year to year, it wouldn’t take you too long to realize that the deposit once paid to your landlord, is not the most efficient way to spend money. Kept by the landlord, there is no interest collected or the ability to withdraw at times of need. When your tenancy contract is up, the deposit refund, whatever is left of it, is used for your subsequent tenancy. And the vicious cycle of financial inefficiency repeats itself. Solving this issue is the main foundation that the Reposit business is built on.
Reposit came up with a solution that benefits both the tenant as well as the landlord, providing a tenancy deposit alternative. Here is how; Instead of the traditional tenancy agreement, the tenant purchases a tenancy deposit coverage from Reposit, with a small fee of a week’s rent. The landlord has a coverage for damages and repairs up to 6 weeks’ worth of rental, which is the typical amount of a traditional deposit. Any disputes or claims will then be handled by reposit. Which makes everyone’s life easier.
Tenant’s expensive initial spending is made cheaper, and the landlord has a easier approach of handling claims.
As going for the mass market of large volume, Reposit was faced with a scalability issue. How is Reposit going to meet the demands of such a large market? Luckily for them, we currently live in the age of technology and this is used for automating business processes, allow them to have operational capacity without incurring extra cost and business risk.
Choosing the right software provider
Now the next question was, there are so many software providers on the market. With their complex and niche product, it was likely that they need an expensive fully customized solution. However, after speaking to our consultants in tigerlab, it was realized that this might be the correct fit. Their operations were very similar to an insurance product, where there’s a purchase of policy, policy transactions, i.e. Mid Term adjustments, cancellations and claims processing.
Introduction to tigerlab
tigerlab leveraged on latest database technologies to create a dynamic place where it can store different structures of data. These technologies were seamlessly integrated into tigerlab’s latest product. i2go, developed by engineers that are highly trained and experienced in insurance industry.
tigerlab’s team of business analyst was able to configure i2go, a standard solution, to cater to the needs of Reposit. Translating Reposit’s processes and data storage into an “insurance-like” operative model. Since i2go is a standard solution, this saves Reposit from large spendings and time on a customized software.
Introduction to i2go (Process Optimization)
i2go is a sustainable software that is dynamic enough to be configured for any insurance products and market. This allows us to future proof our technology and enable us to stay ahead of competition despite the ever-evolving insurance industry in the years of technological advancement. Couple with high product roll-out speed, our clients were able to stay ahead of their competitors by fast movement into the market with new insurance products.
Our team of engineers appreciates the important of data security and transparency. In our application, we have a rule that nothing is deleted, and everything is version controlled. Whatever changes made, be it policy details being changed, or a quotation price is adjusted, will be logged in our audit trail. This gives the business the visibility and control of who is responsible for any data changes made on our application.
The capacity provider also benefits from this! They are able to login as a “Capacity Provider” user and see only high level policy sales as a report, either for their commission calculation, claims payout, accounting etc. This has given our clients an advantage when looking for reinsurance or capacity providers.
Introduction to i2go (Increasing Sales for Our Clients)
i2go also offers multiple point of sales for customers to enjoy the ease of purchasing their own product policies. These points of sales can be on different platform and still communicate with i2go’s core with the most commonly used software integration method, restful APIs. There is no need to spend large amounts on commissions and sales overhead any longer! That budget should be spent on targeted digital marketing. tigerlab’s marketing department might have a strategy or two for your business.
We at tigerlab are proud to be Reposit’s trusted partner and software provider for their exciting endeavor. When Reposit’s unique technology needs were assessed by our analysts we knew that we were made for each other. Within a short period of three months tigerlab was able to configure and customize specialised modules for our client to provide them the best possible support for exponential growth. Some of the specific features that were configured by tigerlab team include following:
- Reports for capacity providers
- Automatic Document generation
Through a very fast 4-week project, together with Reposit we have worked on creating more automation against their previous paper dependant process, where we were able to help our partners enjoy increased efficiency, simplified audit trails and a highly enhanced communication process with the insurer. Overall, a solid foundation was built for the partner which has already delivered results in its first week of launching into the UK market.
Comments from Daniel Longhi, MD “Working with Reposit has been a great pleasure and a real success story for innovation and Insuretech. Insurance Software should simplify complex processes and create a system that automates and simplifies a product to increase conversion, which is exactly what occurred here. The Reposit board are very forward thinking and just like tigerlab, they are willing to push the boundaries and create exciting new ways to distribute insurance. The project was about as fast as I have ever seen and with only 3 weeks involved from start to finish, I am pretty sure this is some sort of record! We are thrilled to be a part of this exciting product with Reposit, underwritten by Canopius. We are all looking forward to rapid growth together”