Ifigenia Arampelou

Director of Digital Transformation

How to Launch Insurance Products Fast!

What is a No Code/Low Code Digital Insurance Platform?

Low-code platforms are rapidly gaining popularity in the insurance industry to simplify and automate business processes and increase the speed to go to market.

These new generation low code platforms allow insurers to create and deploy digital applications without requiring extensive technical knowledge or coding skills. An initial investment in a reputable platform is required, but after this, the Insurers can have the flexibility and agility they crave.

Meet Customer Expectations with a Low-Code platform

The benefits of low-code platforms in the insurance industry include:

1. Faster Development: With no-code and low-code platforms, insurers can quickly and easily develop digital applications without waiting for IT departments to build custom solutions.
2. Lower Costs: Low-code platforms eliminate the need for extensive coding, reducing the cost of developing digital applications
3. Increased Agility: By deploying new digital applications, insurers can quickly adapt to changing market conditions and customer demands.
4. Improved Customer Experience: Low-code platforms can help insurers provide a better customer experience by automating processes, reducing errors and speeding up time-to-market for new applications.
5. Better Data Management: No-code and low-code platforms often include robust data management capabilities, allowing insurers to manage and analyze their data more effectively.

Insurance Industry Consultants 

Another effect of the new generation of digital insurance platforms is that they allow more resources from within an organisation to get involved with developing new insurance products or services.

With low-code platforms, non-technical users such as business analysts and subject matter experts who deeply understand the insurance industry can easily create digital applications without requiring extensive coding knowledge. This allows for greater collaboration and helps to break down the traditional silos between IT and business team.

Additionally, low-code platforms can also help to democratize technology, enabling smaller organizations to develop digital applications that would previously have been too complex or expensive to build. By empowering a more comprehensive range of individuals to participate in digital development, low-code platforms can help organizations become more agile, innovative and responsive to customer needs.

The Importance of Security in the Insurance Industry

Low-code platforms have gained popularity in the insurance industry as they offer a faster and more efficient way of developing digital applications. However, security is a critical concern for any platform handling sensitive data, and this is particularly true for the insurance industry, where regulations like the GDPR and HIPAA require strict data protection measures.

In conclusion, while low-code platforms offer many benefits for the insurance industry, it is essential to consider security when selecting and using them carefully. Insurers should carefully
assess the security features and capabilities of low-code and no-code platforms, and ensure that they comply with relevant security regulations and standards.

Rapid Insurance Products Launch

In conclusion, low-code platforms are becoming increasingly popular in the insurance industry as a way to increase agility, reduce costs, and improve the customer experience.

Remember, speed and agility are key to success in the insurance industry. Stay ahead of the curve with a low-code platform designed to accelerate your insurance product launch process.

The Future of Insurance Products

Discover how a low-code platform can transform your insurance product launch process. Unlock unprecedented speed, flexibility, and collaboration, giving your business a competitive advantage in today's dynamic insurance landscape.

Don't let slow product launches hold you back. Embrace the power of a low-code platform and revolutionize how you bring insurance products to market. 

Look at our brand new website that showcases our low-code digital insurance platform, CoverKraft and be one of the first to experience this digital revolution!

Discover Digital has been at the forefront of the Digitisation of insurance since 1995, developing solutions and helping Insurers globally through their digital transformation and revolution. Get in touch with us today to learn more and embark on a rapid innovation and growth journey. Talk to our team today for an initial conversation and demo of the next generation of digital insurance platforms. Take a look at our case studies to get a flavour of the insurance products and industries we have worked with!

Transform your insurance business today and launch products faster than ever before.