Why Your Insurance Business Should Be Ready for No-Code and Low-Code Platforms
As a response to outdated core IT systems, a clear trend towards no-code and low-code platforms in software development has emerged. No-code and low-code platforms turn software 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 the essence of these next generation solutions. Actually, 65% of applications will be created with low-code tools by 2024, and their market cap is estimated to rise to over $21 bln by 2022. proving that these platforms are the driving force behind digital transformation. For insurance, the most common use case is sales automation and quote and bind functionalities, but also configuring policy admin system and building reports.
What’s Behind the No-Code and Low-Code Door?
First, let’s make it clear what are low-code and no-code platforms. In general, this type of solutions enable to easily create applications with minimal or zero need for specific coding skills.
Low-code platforms enable to create software quickly and with minimum handwritten code. These platforms provide basic code and integrations so that businesses can 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 platforms, since it focuses on greater functionality based on customised code. Good examples of low-code platforms are Salesforce or OutSystems
No-code platforms don’t assume any sort of programming knowledge for building products. They basically work by dragging and dropping existing code blocks into a workflow to quickly assemble and design apps. 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 differs from low-code platforms, since it allows less functionality and customisability. 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 large scale. Platforms like Airtable or Quick Base are great examples of no-code.
Difference between low-code and no-code development platforms.
6 Business Wins from Switching to No-Code Insurance Software
Cloud-based no-code platforms are literally ready-to-use and have made it available for insurers to adapt to constantly changing environment by introducing new capabilities. They enable 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 platforms include the following.
· No-code platforms provide access to new service creation. Instead of the coding skills being a must to create insurance products, these predefined solutions are available to all insurers, MGAs, and brokers who want to do business.
· No-code platforms are agile and provide preset building blocks and user experience functionality, e.g. templates for workflows or data display, allowing to accelerate the roll-out of products and implement quick changes in insurance processes.
· No-code software is flexible and modular. It’s being enriched with different features and integrations that allow you to design, develop, and deploy services that seamlessly merge into your insurance processes. For example, adding a new MTA or claims module to your service platform is not an issue anymore.
· No-code platforms communicate 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 platforms save IT and operational costs. Launching and running products on no-code platforms don't require constant development costs, as do core systems, nor specific IT skills or the resources of programmers, developers, testers, etc. Fewer inefficiencies due to automated processes cut down costs on fixing errors and doing paperwork.
· No-code 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 every business, endorse new service creation with no coding needed, provide a flexible setup to adapt to your business needs, and endorse diversification of insurance products’ market.