The rise of low-code/no-code in insurtech

Insurance businesses historically have had only two choices when seeking to upgrade their operations software. They could either buy pre-made solutions from third-party vendors and then try to contort their workflows to suit the rigid structure of those solutions, or they could take on the considerable cost of hiring code-writing developers to create custom solutions.

Those days are gone. With the advent of low-code and no-code software, businesses can now create and modify solutions to fit their exact needs without leaning on developers. Read on to explore the many potential benefits of this flexible technology transforming the insurance industry from the inside out.

What is low-code/no-code software?

This term describes software designed with intuitive drag-and-drop tools that allow users with no code-writing abilities to create and modify their own solutions. This interface is firmly established in various industries, from ecommerce and retail to banking. But it’s only recently that companies developed such tools specifically for insurance businesses.

How can low-code/no-code simplify workflows?

Low-code/no-code software empowers insurance companies to streamline all and automate some steps in their complex workflows, from policy management and claims processing to underwriting. This leads to increased efficiency and lower wait times for customers while also reducing or even eliminating the potential for costly human error.

How can it accelerate digital transformation?

The digital revolution of the insurance industry is in full swing, and businesses that wish to stay competitive are necessarily overhauling every facet of their operations. Low-code/no-code solutions can help speed up this process, enabling insurers to quickly build and implement digital solutions — such as mobile apps, customer portals and chatbots — without having to call their management system provider.

How can low-code/no code help businesses scale?

What works today might fall short tomorrow. As a business grows and evolves, its needs and workflows will inevitably change. Low-code/no-code solutions allow insurers to continually customize their technology, adapting and scaling as they go, responding to market changes, launching new products, and staying ahead of the competition — all without spending time and money working with system integrators or their management system provider.

Low-code/no-code software is effectively democratizing innovation in the insurance industry. Innovation is critical to transforming traditional agencies into modern, digital-first providers that can quickly and seamlessly fulfill customer needs. Agility, speed to market and lower costs are the three key pillars to succeeding in today’s fast-moving, competitive insurance landscape, and low-code/no-code can help with all of them.

Eric Ayala is the senior vice president of Americas for Novidea. He may be contacted at [email protected].

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