Does 'No Code' Technology Affect the Insurance Industry?

What is No Code and how does it benefit the insurance industry? In this article, we will explore how No Code software is already benefitting other industries and how it can enhance the insurance industry.

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 do-it-yourself website builder that allows anyone to create high-quality websites with their drag-and-drop interface.
• Bug Reporting – a tool that reports on the errors found on a website or within software.
• Mailchimp – an all-in-one marketing tool that allows users to easily create, test, and launch email campaigns.

What Are the Benefits of No Code?

1. Speed – One of the most attractive benefits of no-code technology is the shorter amount of time needed to complete a task. For example, Squarespace has sped up the process it takes to build a professional website. Before the creation of website builders, you would need the help of a developer, taking weeks or months to build a site from scratch. The no code interface of Squarespace means you can build, design, test and launch a website in just a few days.
   
   
2. Cost-effective – Previously, using IT teams and developers, would be costly. Now, the ability to do something yourself can save a lot of money. For example, if you had a custom-built email marketing tool that was built by developers, any updates or maintenance would require those same developers, costing time and money. With no code systems, like Mailchimp, any issues can be solved quickly and at the cost of your monthly subscription fee.
   
   
3. Reduced 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 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.
   
   
4. Enhanced Efficiencies - 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.
   
   
5. Flexibility - Not having to rely on a small number of highly specialized, 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 business user.

How No Code Can Enhance the Insurance Industry

With the rise of no code technology, all of those benefits are now available to insurers. Insurtech platforms, like INSTANDA, are bringing these technologies to the insurance industry.

Bring Insurance Products to Market Faster

Insurance, as an industry, has been held back by legacy systems. But as the world becomes more complex and fast-moving, insurers must keep pace. Now, with insurance specific no-code technology, it’s now possible to get products to market in a matter of weeks. Meaning carriers and MGAs can meet customer needs more adequately, giving whoever adopts this technology a competitive advantage. With no code platforms, it is not possible to be first to market…and do it 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. Insurers 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.

Click to request a demo today.