Low-code in insurance

What is low-code in insurance?

Low-code in insurance is an approach taken by a software provider or IT company so that insurance software only needs a small or ‘low’ amount of code to work. It’s beneficial because it minimises the time it takes for developers to make a change, and it’s also quicker for MGAs and insurers who can make changes to their insurance software without a delay.

Why use low-code in insurance?

Using low code allows for greater efficiency and speed in launching products to market. Making changes to a product can be made without developers.

When should you use low-code in insurance?

Low-code should be used when a product is being implemented and configured.

What is the difference between low code and no code?

The difference between low-code and no code is in the name, a low-code platform is leveraged by IT companies or professionals. This is so that they can minimise the number of technical changes they need to make for a type of software to work.

A no-code insurance platform eliminates the need to have any code to set up and create a product such as a website, an insurance product, etc. This means that a non-technical person can create a technical solution. In the past year (2022), we’ve seen a huge rise in no-code platforms across multiple industries and this is a trend we anticipate to grow in the coming years.

What advantages of low-code and no-code insurance software?

• Increased speed and efficiency of product implementation
• Quick product to market
• On-the-fly changes to products
• Allows non-technical people to configure products