How Does ‘No Code’ Affect the Insurance Industry?
In this article, we’ll explain what No Code is, how it can benefit and enhance the insurance industry, and how it is already benefiting other industries.
What is No Code?
No Code is exactly what it sounds like: technology that enables you to build digital products without the need for any coding, allowing even non-technical people to use software without having to write a line of code. Some great examples of No Code technology making an impact in other industries include:
Squarespace - A drag and drop style website builder that enables anyone to build their own high-quality website.
Bug Reporting - A tool that helps companies to improve customer feedback.
Mailchimp - An email marketing platform that allows users to easily create, test and launch email marketing campaigns.
What Are the Benefits of No Code?
1. Speed - Arguably, the most attractive benefit of no-code technology is the shorter amount of time needed to complete a task. Take Squarespace, for example. Before the advent of tools like this, if you needed a website, you’d need the help of a developer, who could take weeks or even months to build a site from scratch. The No-code drag and drop interface of Squarespace means you can create an account, design, test it and publish it in just a few days.
2. Cost-effective - Probably the 1a or 1b of the most appealing benefits. Being able to do something that was previously complex and required the help of an expert yourself can save a lot of money, which can be used more effectively in other areas.
For example, if you had a custom-built email marketing tool built by developers, you’d be at the mercy of their schedule if something were to go wrong. If a bug appeared in the code, it could take a long time and possibly a lot of money to fix. Any updates or maintenance would also need to be paid for.
With a no-code system like Mailchimp, any issues are likely to be solved quickly and at no extra cost to you. As a subscription is a fixed cost, it also makes financial planning a bit easier, and you will have more money to allocate to other areas of the business.
1. Reduce Silos - In the past, before No code became popular, anything IT-related was often built in silos as the technical knowledge required to complete these tasks was enormous and scarce. Nowadays, as the platforms become easier to use, more people can get involved with the process of building a digital product. This can increase the quality of the end product as non-technical people can work collaboratively to ensure the final outcome works well from all the various stakeholder perspectives.
2. Enhance Efficiency - Being able to build something faster and have more people able to be involved can reduce workflow bottlenecks. Projects can be completed more efficiently, meaning that resources that would have been used up can be deployed elsewhere in the business.
3. Flexibility - Not having to rely on a small number of highly specialised and sometimes overworked staff means that there is more flexibility in how a team can complete tasks. Instead of waiting for scheduled openings for developers, you can delegate the task to a non-technical person or do it yourself.
How No Code Can Enhance the Insurance Industry
All of those aforementioned benefits of other industries are now possible in insurance agencies. Think of Insurtech and platforms like Instanda as our industry’s version of No-code technology.
Bring Insurance Products to Market Faster
As the world becomes more complex and fast-moving, insurance products have to keep pace. With previous legacy systems, this would be hard to do. However, with insurance specific no-code technology, it’s now possible to get products to market in a matter of weeks. Meaning brokers and MGAs can meet customer needs more adequately, giving whoever adopts this technology a competitive advantage. It’s now possible to be first and right.
Automation For MGAs
It’s possible to build a system with thousands of brokers and/or suppliers, each with their own custom rules for workflow and automation. MGAs could reap huge rewards by having access to this at a lower cost than normal , including saving time on figuring out processes when working with new brokers, and reducing the cost of building and maintaining such a comprehensive system themselves.
Reduced Silos
Being able to design, build and implement complex policies quickly and at scale means that some stakeholders in the industry can work more collaboratively to meet consumer demand and maintain compliance. MGAs or carriers can now work more easily with brokers to find the best deal for the end consumer.
Increased Flexibility with Insurtech
Being able to quickly make changes to policies makes negotiation between brokers and MGAs a much more seamless process. Customer retention is likely to increase if they find the process of finding the right deal for them a positive experience that is financially beneficial for all the parties involved in the long term.
Efficient Insurance Workflows
Virtually the entire process of insuring customers is now possible on just one easy-to-use system:
Design
Quoting
Binding
Payment processing
Underwiring
Negotiating
Claims management
Document processing
Policy management
This reduces the likelihood of bottlenecks, delays, customer churn and lost revenue.
Get a Competitive Advantage Today with INSTANDA
No Code technology is a wonderful opportunity for the insurance industry to innovate. So many problems from the previous generation are now solved by Insurtech. Don’t be the one that gets left behind.
