Why Insurers and MGAs Should Use Low-Code and No-Code Insurance Software
As a response to outdated core IT systems, a clear trend towards no-code and low-code platforms in software development has emerged. This applies to the insurance sector as well. Low-code and no-code insurance software turn development from a complex and time-consuming coding marathon into a simple process with a fast delivery cycle. Features like ease of use, adaptation to changes, high customisation, and connectivity to other IT systems all symbolise these next generation solutions.
Actually, 65% of applications will be created with low-code tools by 2024. Their market cap is estimated to rise to over $21 bn by 2022, proving that these platforms are the driving force behind digital transformation. For insurance, the most common use case for low-code and no-code insurance software is sales automation and quote and bind functionalities, but also configuring policy admin system and building reports.
The Core of Low-Code and No-Code Insurance Software
First, let’s make it clear what is low-code and no-code insurance software. In general, this type of solutions enable to easily create applications with minimal or zero need for specific coding skills.
Low-Code Insurance Software
Low-code insurance software enables to create applications quickly and with minimal handwritten code. These platforms provide basic code and integrations so that insurers and MGAs could build applications without developing complicated infrastructures. Low-code software enables customised workflows and functionality and cuts the development cycle down to days or hours. Although, it still presumes good programming knowledge for creating products.
Low-code differs from no-code insurance software, since it focuses on greater functionality based on customised code. Good examples of low-code platforms are Salesforce or OutSystems.
No-Code Insurance Software
No-code insurance software doesn’t assume any sort of programming knowledge for building products. It works by dragging and dropping existing code blocks into a workflow to quickly assemble and design applications. All that is required for new product creation is built into the platform, so, instead of coding skills, you need to know how your product is created.
No-code insurance software differs from low-code, since it allows less functionality and customisation. Instead, it offers tools to rapidly organise information rather than modify unique code. No-code products are, above all, meant for quick design of apps and business processes at a large scale. Platforms like Airtable or Quickbase are great examples of no-code.
Business and non-tech users
Ease of use
Pre-built templates customisable
Create complex apps
Create simple apps
Six Benefits of No-Code Insurance Software for Insurers and MGAs
Cloud-based no-code insurance software is literally ready-to-use. It has created opportunities for Insurers and MGAs to adapt to constantly changing environments. No-code insurance software enables insurers to be agile, create new products with ease, and modify existing products conveniently – all this was not possible with outdated core systems.
Benefits of no-code insurance software include the following.
· No-code insurance software provides access to new product creation. Instead of coding skills being a must to create insurance products, these simple drag-and-drop solutions are available to all Insurers and MGAs who want to increase efficiency and engage business users in product building.
· No-code insurance software is agile and provides preset building blocks and user experience functionality, e.g. templates for workflows or data display, allowing to accelerate product launches and implement quick changes in insurance processes.
· No-code insurance software is flexible and modular. It can be enriched with different features and integrations that allow you to design, develop, and deploy products and services that seamlessly merge into your insurance processes. For example, adding a new claims or accounting module to your service platform is not an issue.
· No-code insurance software communicates with other IT systems. These solutions connect to your existing software, hassle-free, enabling smooth process automation and improved data oversight. For example, you can easily integrate your insurance platform with accounting or CRM software to get a comprehensive overview of your customer background.
· No-code insurance software saves IT and operational costs. Launching and running products on no-code platforms don't require constant development costs as for monolithic core systems nor specific IT skills or resources of programmers, developers, testers, etc. Fewer inefficiencies due to automated processes cut operational costs on fixing errors and doing paperwork.
· No-code insurance software uncovers new business value. These standardised tools can be used for traditional and routine insurance processes, like sales and policy administration, while insurers, MGAs, and Brokers can create innovative products and add clear value to customers.
No-code solutions are easy to roll out for Insurers and MGAs and endorse new product creation with no coding skills needed. They provide a flexible setup to adapt to specific business needs and endorse the diversification of insurance products’ market.
If your Insurer or MGA is considering switching to low-code or no-code insurance software, but you still have some questions, we are happy to advise.