Let’s confront the truth – the insurance biz isn’t really known for being quick on its feet due to a lack of agility. It’s crazy, but some insurance companies still take months just to launch a new product.
Here’s the drill – when a product manager wants to introduce something new, they submit a request that can take weeks to even get looked at. Then a business analyst comes in and figures out what’s needed put together a plan and gets the IT team on board. While all that’s happening, the actuaries are crunching numbers to figure out the risk and prepare the underwriting and claims procedures.
Well, it’s just the beginning of a long process!
Imagine if you had a small, cross-functional, and agile team of numerous actuaries performing optimized operations. Also, they are leveraging Low code/ No code platforms to launch new products, expand market reach, serve customers better, and optimize operations.
Doesn’t it sound way better now?
That being said, with this blog, we will be delving into Low code/ No code platforms, how these platforms are gaining immense popularity in the current landscape, and how they can be beneficial for today’s insurers. Additionally, we will also be discussing one of the interesting use cases that perfectly encapsulates the advantages of these platforms.
No code platforms are visual development environments that enable users to create applications using drag-and-drop components and pre-built templates. Instead of proper coding, you can start developing a product by “toggling” product attributes on or off. Standardized, reusable components further enable you to execute your idea.
These platforms have proven to be a game-changer in the insurance core systems, enabling businesses to digitize their processes while allowing their resources to develop applications quickly without having any coding experience. This not only enhances the customer experience but also drastically reduces development time and cost.
Low code/no code tools unlock numerous advantages for insurers, including:
Insurers are increasingly turning to no-code platforms with which they can create email templates, quote journeys, etc.
Let’s take automated renewals, for example. If the renewal staging date passes, the system can be designed to collect details and send the necessary documents automatically. This way, underwriters don’t need to spend much time on low-risk policies.
Let’s say an insurance company wants to offer an automated renewal process for their home insurance policies. They could use a low code/no code platform to create a simple web application that allows customers to input their policy details and set their renewal preferences.
The platform would then use integration solutions for insurance to connect to the insurer’s policy management system and automatically renew policies when they expire, based on the preferences set by the customer. The platform could also send automated notifications to customers to let them know when their policy is due for renewal and provide them with the option to opt out of the automatic renewal process if they choose to.
With automation in insurance, carriers can save time and resources, increase customer satisfaction, and improve customer retention.
Organizations wanting to move away from legacy systems are gradually realizing the importance of no-code/low-code platforms. Here are the top three reasons why:
1. Innovating Legacy Systems
Enhance your approval management system to retain customers with a shorter turnaround time.
In the insurance product development cycle, updates often require layers of approval. By the time an IT project is complete and it rolls out, you’re likely already behind the curve, and customers have moved on. Low code/no code tools are becoming a must-have methodology for solving these woes and modernizing legacy systems.
Low-code platforms allow developers to create new applications and updates quickly, without the need for extensive coding knowledge or experience. These tools provide pre-built components and a drag-and-drop interface to create applications in a fraction of the time.
Additionally, with these tools developers can iterate quickly and make changes to products in real-time, based on customer feedback or changing market conditions. This allows insurance companies to respond to customer needs and preferences faster.
2. Simplifying and Accelerating Insurance Product Development
Accelerate the development, testing, and deployment of products with low code/ no code to gain a significant advantage.
Commercial P&C insurance products have endless attributes, such as customizable coverage, risk assessment, claims handling, and premium pricing. Configuring an insurance product through a conventional development process can take months or years. And, as soon as a new update comes onto the market, you’re behind the curve again.
Low code/no code provides a far simpler path for insurers to develop a product with its drag-and-drop features. It reduces the burden of product development on IT, democratizes how products are built and reduces development cycles to days or weeks.
3. Fostering Diversity in Talent
Allow more of your employees to get involved with developing new products or workflows.
Previously, a highly technical skillset was required for coding, but now even employees with no coding background can step in using no-code apps.
It opens up a great deal of opportunity for developers to focus on more value-adding projects such as data insights, streamlined FNOL, and fraud detection.
The future of tech is all about making things simple, and low code offers everyone, including non-coding individuals, the golden chance to grow.
Platforms built with no code/ low code are a powerful way to accelerate digital transformation and drive business growth in the digital age. A lot more than just a trend; these platforms will increasingly become an important asset for insurers to stay competitive and agile in today’s rapidly evolving landscape.
As they offer a range of benefits, from increased speed to market to an improved customer experience, they also create exciting opportunities for businesses to develop customized products and services, leading them to build new revenue streams.
Transform the way your business approaches software development and digital transformation using low-code/no-code platforms. Contact our team to accelerate innovation in the insurance industry and explore the possibilities.