Globally, insurers are under pressure to find more innovative ways of delivering on customers’ need for more personalised solutions. Low-code and no-code platforms provide insurers with a more flexible and efficient approach to developing data-driven solutions that enable them to create tailored products based on customer data.
Low-code and no-code platforms are powerful tools that simplify and accelerate the application development process. Low-code platforms primarily cater to professional developers and allow them to create applications by visually assembling components with minimal hand-coding.
No-code platforms enable non-technical users to build applications without writing any code at all. These platforms have become increasingly popular due to their ability to shorten development time, reduce costs, and increase agility, thereby freeing up internal specialists to focus on other strategic business functions.
Insurance benefits
In most countries, the insurance landscape is characterised by intense competition, stringent regulatory requirements, and an increasingly demanding customer base. To thrive in this environment, insurers must continuously innovate.
Thanks to low-code and no-code platforms, they have the means to do so far more effectively than before:
- Accelerating time to market: Insurers can quickly develop and deploy new applications, ensuring they can respond to emerging customer needs and market opportunities without delay.
- Enhancing customer experience: By leveraging these platforms, insurers can create personalised, data-driven solutions that cater to the unique preferences and requirements of their customers, leading to increased satisfaction and reduced churn.
- Streamlining regulatory compliance: Low-code/no-code solutions can help insurers automate processes and adhere to regulatory requirements more effectively, reducing the risk of non-compliance and associated penalties.
- Reducing IT costs: By minimising the need for traditional hand-coding and streamlining development processes, low-code and no-code platforms can help insurers reduce their overall IT expenditure.
Business value
From an organisational perspective, the adoption of low-code and no-code solutions can facilitate the development of a more efficient business model. For instance, by giving non-technical employees the means to build and modify applications, the insurer can foster a culture of innovation. Through the democratisation of the application development process, employees can take ownership of finding inventive ways of addressing their role-specific challenges.
The adoption of low-code and no-code platforms is a strategic imperative for insurers regardless of the country in which they are based. By using them to create data-driven solutions and respond faster to customer demands, they gain the agility to respond faster to the rapidly-evolving market demands while delivering more customised solutions.
Annalie Terblanche, COO at SilverBridge
