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Low-Code/No-Code Technology

By harnessing the efficiencies generated by low-code/ no-code platforms, insurers can experience greater flexibility in application development while enhancing agility, achieving faster time to production for new applications, and creating customized customer experiences.

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Low-code/no-code development enables business software development without the need for any expertise in traditional computer programming. It opens avenues for non-developers to develop applications and engage in a collaborative pursuit of strategic objectives with the IT function. Thus, low-code/no-code development platforms reduce time to market and the overall development cost. The traditional approach to application development creates many challenges. Historically, when insurance decision-makers created automated tools or platforms to address endemic challenges, these were difficult to modify, were not well integrated, and were poorly conceived. In most instances, these tools or platforms are mission-critical, and they get handed down to IT for corrective action. IT departments within the insurance industry face unique challenges, including limited discretionary budgets and competing priorities.

Low-code/no-code platforms allow insurers to speed up system modernization and create digital applications quickly with relatively lower support requirements from the IT governance and risk management function. Low-code/no-code platforms require zero or minimal coding experience; thus, mission-critical solutions can be created and managed by the business and ratified by IT, delivering superior business and operational outcomes. The changing regulatory landscape means that insurers need to streamline operations, increase premiums, maintain better data for reporting requirements, and achieve profitability while remaining compliant. It requires implementing solutions that can be quickly deployed and meet regulatory requirements. Low-code/no-code platforms can function as effective facilitators to achieve those goals.

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