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Job cuts at Adcubum: bitter consequences after the end of the project in St.Gallen
Software manufacturer Adcubum is ending its collaboration with Württembergische Versicherung, which means 70 job cuts and a change in focus.
Job cuts at Adcubum: bitter consequences after the end of the project in St.Gallen
Adcubum, an established software company based in St. Gallen, has announced that it is withdrawing from the property insurance business. The step comes as part of the completion of a joint software project with Württembergische Versicherung, which was originally intended to enable Adcubum to enter the property insurance business. CEO Steven Neubauer explained that the loss of around 70 jobs, which are mainly affected in Germany (Stuttgart, Hamburg and Düsseldorf), wanted to be made as socially acceptable as possible. Ten employees at the headquarters in St. Gallen also have to give up their positions.
This decision is being made by Adcubum in order to focus more on the market for health and accident insurance in German-speaking countries in the future. Neubauer sees this as having positive effects for ongoing projects with Swiss customers. Adcubum also maintains a connection with Adam Riese, a German online provider and subsidiary of Württembergische.
Growth and modernization
Adcubum has been using the standard Syrius product for several years, which was developed specifically for the insurance market. Despite the increasing need for modernization in the insurance sector, the company notes that growth does not come without challenges for software providers. However, the withdrawal from the property insurance market could open up new opportunities in the area of health and accident insurance.
The company, which was founded in 1997, employs around 200 people in Switzerland. In 2022, it was taken over by the American private equity company TA Associates, which should further support Adcubum's expansion plans. However, the impending job cuts are a clear signal of the need to focus on profitable niche markets while the entire industry faces the challenges of digitalization.
The withdrawal from the property insurance business and the associated redundancies are not just a local issue, but also reflect the volatile conditions in the international insurance landscape. However, Adcubum remains optimistic that this move will ultimately support further developments and innovations in their product range.
For more details on this topic, read the coverage on Tagblatt and Insurance Monitor.