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.
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:
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.
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.
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.
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.
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.
Virtually the entire process of insuring customers is now possible on just one easy-to-use system:
This reduces the likelihood of bottlenecks, delays, customer churn and lost revenue.
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.
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