Disruptive technologies, evolving customer preferences and expectations, new entrants in the market, and product innovations are forcing the insurance businesses to constantly reimagine and rebuild their business models and revamp business processes to thrive in the industry and stay ahead of the competition. And this in turn has insurers looking to adopt technologies that can be a game-changer for them in their digital business transformation journey.
Enter digital platforms with no code technology that can be key in ensuring agility and speed to insurers and enable them to offer impeccable customer experience, launch innovative products, and explore new channels.
So, what are the benefits insurance businesses can get with no-code development platforms?
Key benefits of No-code development platforms
From enabling insurers to compete effectively with new entrants and digital-first players to optimizing operations, here are some of the top benefits of no-code development platforms.
Greater Agility & Scalability
By switching to no-code development platforms, insurance carriers running on legacy systems can finally embrace digital agility to compete better with digital-first newcomers with their innovative business models and solutions.
Also, with humongous amounts of coding involvement, scalability could be a serious issue. But with no-code platforms that have a very little amount of coding involved could mean updating all the applications built on these platforms could be altered and scaled as required with just the single click of a button.
Faster Time to Market
No code platforms with pre-built components significantly boost the time-to-market of any digital insurance product. What used to take months or even years can now be completed in a matter of days, hours, and even minutes, thus ensuring insurance carriers, who have been slow-moving in the past, can be become lightning fast.
IT Cost Savings
Skilled IT talent is quite expensive, especially developers. With skilled IT talent shortage soon to become a huge issue with a global phenomenon like the Great Resignation, no-code platforms that can be used easily by all business users and citizen developers could be a welcome change.
Reduce heavy dependence on IT teams
A continuation of IT talent shortage, legacy systems involve large amounts of coding, thus creating heavy dependence on IT teams that are already burdened. And with the urgency for insurers to quickly churn out solutions, rebuild applications based on modifications, etc., could be taxing on the IT teams.
From new implementations to bug fixing to the maintenance of the existing digital assets, your IT department plays a key role in it all. Hence, it wouldn’t be surprising to know that they would be deep-neck stuck, thanks to the endless requests from each department. And by the time they finish handling outstanding tickets; new requests are already waiting in the queue. The larger the organization, the bigger the backlog. It’s a never-ending, vicious cycle and it seems to be the way of the world. But with no-code development platforms, a large chunk of these challenges could be easily resolved.
No-code apps can be deployed at a much faster pace, with very less involvement from the IT team, thus helping them focus on other core areas and reduce the backlogs, which in turn can enhance productivity.
Reduce Operational Costs
No-code development platforms can help insurers achieve digital transformation much easier and faster, thus optimizing processes and removing any inefficiencies, which can help reduce a lot of operational expenditure.
Enhanced Customer Experience
Today’s customers have very high expectations which are advancing and evolving at an almost alarming rate, and the case of insurance customers is no different. They are no longer willing to accommodate delays and are highly digital. To address such challenges concerning customer experience, agility is key, and lengthy and complex coding issues are a stumbling block in achieving it. But with faster and highly efficient no-code development platforms, insurers can breathe easy, thanks to innovative and rapid solutions, thus ensuring enhanced and improved customer experience, also a great way to stay competitive.
Boost Sales & Revenue
It is no doubt that inefficient processes and lower customer experience can translate to lower revenues that can ultimately affect the bottom line of insurance businesses.
No-code platforms can help insurers to bring to customers innovative solutions and products faster to the market, thus empowering insurers to get the right services to customers, thus boosting revenues.
Personalization of products and solutions is no longer an innovation, but a necessity, and it has advanced to hyper-personalization made possible with intelligent technologies like AI and the immense amounts of data collected from customers by insurance carriers. And hence in turn for the valuable data obtained from them, customers expect outstanding, and highly personalized experiences at every interaction from every touchpoint, resulting in improved customer experience. Thanks to no-code platforms, insurance businesses can quickly create and provide digital experiences to customers, digitizing areas that require highly complex custom development.
In today’s extremely competitive landscape, insurance carriers have only two very difficult options – to be disrupted or be the disruptor. To stay ahead of the competition and future-proof themselves, one among the latest weapons to add into their digital artillery is undoubtedly no-code development platforms that can help insurers rapidly create and deploy innovative products, services, and business models to ensure success.
At Axcel Beck, we have formed a strategic partnership with the leading no-code platform, Unqork to take full advantage of their speed, performance, and ease of use to deliver high-impact digital transformation solutions. We can help you unlock the full potential of application development, build functional, cost-effective solutions that are faster to implement, deepening the value the Unqork platform provides in your digital transformation journey.