Axcel Beck


2021 has been a rollercoaster ride of a year for insurance companies. With the pandemic raging on, Insurtech’s have been gaining ground on the market and insurance companies are struggling to keep up. According to the latest Insurtech Global Outlook report, the substantial progress made by Insurtechs is becoming a real threat to the traditional insurance industry, which is still suffering from a lack of digital modernization. It is an evolution that shows no sign of slowing down anytime soon. Investments in Insurtechs reached $ 6.3 billion in 2019, a 58% increase over the previous two years, with the cloud world consuming most of the technology-related investments.  

What are Low-Code/No-Code (LCNC) Platforms? 

In layman’s terms, low-code/no-code platforms require insurers to create applications with minimal specialized coding skills.  

Low-code platforms make it possible to create software quickly with minimal custom code. These platforms provide base code and integrations so that companies can build applications sans developing complex infrastructures. Low-code software enables customized workflows and functions and shortens the development cycle to days or hours. However, it still requires good programming skills to create products. Some prominent examples of low-code platforms are Guidewire, Duck Creek, OutSystems, Salesforce, etc.  

No-code platforms, on the other hand, do not require any specific knowledge related to coding or development. It works on a simple drag and drop functionality, where non-technical users can effortlessly assemble and design apps. The platform already has everything that is required to build the app, thereby leaving the user to assemble the product that they designed. No-code offers less functionality but can be created rapidly and are highly scalable solutions. 

Here are the main differences between low-code and no-code platforms. 

  Low Code  No code 
Who is it for?  Developers  Non-technical users 
Main objective  Speed of development  Ease of use 
Coding requirements  Low  No coding 
Customization  Complete customization  Customizable pre-built templates 
Platform lock-in  Freedom to switch platforms  Locked in to the same platform 
End-to-end development  All platforms provide end-to-end development  Same platforms provide limited capabilities 
Purpose  Next-gen Rapid App Development tool for developers  Self-service applications for business users 
App Complexity  Can create complex applications  Can create simple apps 

Advantages of Using a Low-Code No-Code Platform 

Accelerate Development Cycles 
LCNC app development plays a crucial role in accelerating development cycles. In addition to this, it helps in lowering the barriers to entry for innovation and testing. End-users who envision improved functionalities can design and build their own products without going through red tape.  

Lowers Burden on Maintenance 
By eliminating various tedious tasks from day-to-day development, LCNC reduces the burden on the software maintenance team drastically. Since LCNC platforms use pre-built templates which have been rigorously tested by the platform providers, there is very little maintenance to do. It enables developers to reduce maintenance time and focus on more innovative tasks that add business value. 

Legacy Systems Integration 
Besides increasing agility in application development, LCNC platforms are readily available for legacy systems integration. By integrating legacy systems, insurance companies reap benefits such as rapid development, flexibility and adaptability as well as resilience. 

Enhanced Customer Experience 
The low-code / no-code platform automates several processes that are critical to the customer experience. The agility in app development and strong business process capabilities help create much better apps, thereby improving the overall customer experience. 

Robust Governance 
The low-code platforms help automate the governance functions that are managed and monitored by the IT team. This means that while users can develop apps according to organizational needs, they cannot be deployed without final approval from the IT department. 

When Is the Right Time for insurers To Invest In LCNC Tools and Platforms? 

  1. When They Are Digitally Enabling Their Legacy System: Some insurers may prefer to modernize their legacy systems over overhauling them for a modernized core. When augmenting their legacy systems, insurers will find digital LCNC tools to be highly effective in providing their distributors and customers with a refreshed and capable platform that can extend the life of their legacy systems. 
  1. During a Digital Suite Evaluation: Insurers who have already licensed their core solutions may need to approach their vendor partners to also license their digital suite. Many digital suite solutions like Duck Creek and Guidewire provide a conducive partner ecosystem with LCNC toolkit capabilities.  
  1. When They Are Carrying Out a Digital Transformation: The most ideal scenario of leveraging LCNC technology by far is during a digital transformation. While starting with a clean slate, insurers can plan their applications, user interface, products, revamped processes, etc.  around LCNC platforms as these tools can be highly beneficial in developing robust solutions.


Insurance platforms that use LCNC allow you to build and host applications without writing a single line of code. Rather than having 1% of people working on your systems, the future is all about making coding easy and allowing everyone to develop and build their innovations themselves. Due to the changing dynamic of low code software, enterprise software providers will have to simplify their platforms to allow faster integration. 

To keep up with the challenge posed to them by LCNC, developers will have to charge less for customized solutions. It’ll also mean that in the coming years we’ll see a completely new industry for programmers, thereby enabling quicker application development. It will also be much easier for startups to launch their products to the public without having to wait for funds or investments. The future is exciting.

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