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How are no-code development platforms creating added value in insurance?
Industry News /

How are no-code development platforms creating added value in insurance?

Written by Iain Flinn
LinkedIn

Organisations rely heavily on code to solve challenges. Code is time-consuming, expensive and can cause IT departments to become overwhelmed with requests. No-code development platforms remove these barriers; they enable users with no technical background to build applications.

No-code development platforms are truly in the driving seat of the current surge in digital insurance transformation. In order to stay competitive, insurance carriers need to embrace no-code solutions.

With this is in mind, how exactly are no-code development platforms adding value in insurance?

Cutting costs

No-code development platforms make it possible for citizen developers to create applications. This reduces the need for expensive developers as applications can be now developed in-house. There is no need for engineers to do the initial coding as everything the user needs is already built into the platform. No-code solutions enable products to be brought to market quicker and at a lower cost.

These solutions also reduce operational costs. Insurance carriers no longer have to spend money on back-office inefficiencies.

Enhances productivity

Primarily, no-code platforms allow for an acceleration of an organisation’s digital transformation. They change how insurance carriers deliver products and dramatically increase productivity throughout the organisation. No-code platforms integrate seamlessly within existing systems, increasing functionality across the company, providing broker-dealer portals, workflow operations and ultimately delivering products effectively.

Software development takes time, but with no-code development platforms, applications can be created in a matter of minutes. No-code solutions do not require extensive training, and output can be used immediately. These systems accelerate the alignment of IT and business and allow for greater collaboration and deliver business value quicker.

By empowering users to create their own applications, insurance carriers can boost productivity and innovation throughout their organisation, freeing up time elsewhere within the business too.

Reduces maintenance

Not only does software development take months, but it also needs constant maintenance. Software maintenance requires an extensive IT department in order to keep on top of requests from all over the company.

Often the wait for IT support can be so long that the problem becomes redundant. Citizen developers can bypass the wait for maintenance, enabling IT to focus on core projects. In reassigning and identifying pain points within a business, these types of low-code solutions can be brought in to alleviate core challenges, such as the constant need to monitor and maintain services.

Supporting clients

Customers demand immediate resolutions and if unsatisfied will easily switch company. The immediacy of no-code development platforms means customers no longer have to wait months for products. Good customer experience retains users and attracts new clients, effectively boosting revenue and helping organisations remain competitive.

No-code development platforms can also digitise the entire client lifecycle. Citizen developers can create applications to meet the exact business demand. No-code solutions are developed in partnership with the end-user and the custom-tailored platform is therefore customer-centric.

No-code solutions are the future of development. They improve performance, reduce cost and boost revenue. In order to stay competitive in an increasingly digitised world, insurance carriers need to invest in no-code development platforms to enhance their offer. How do you see these types of solutions benefitting your business?