Launch Insurance Products Fast!
Tuesday, February 7, 2023
Ifigenia Arampelou
Director of Digital Transformation
What is a no code/low code Digital Insurance Platform?
No-code and low-code platforms are rapidly gaining popularity in the insurance industry as a way to simplify and automate business processes and increase the speed to go to market.
These new generation no and low code platforms allow insurers to create and deploy digital applications without requiring extensive technical knowledge or coding skills. An initial investment on reputable platform is required but post this the Insurers can have the flexibility and the agility they have craved.
The benefits of no-code and low-code platforms in the insurance
industry include:
- Faster Development: With no-code and low-code platforms, insurers can quickly and easily develop digital applications without having to wait for IT departments to build custom solutions.
- Lower Costs: No-code and low-code platforms eliminate the need for extensive coding, reducing the cost of developing digital applications
- Increased Agility: Insurers can quickly adapt to changing market conditions and customer demands by quickly deploying new digital applications.
- Improved Customer Experience: No-code and 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.
- 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.
The new role of Insurance Consultant is born
Another effect of the new generation of the digital insurance platforms is that they allow more resources from within an organisation to get involved with the development of new products or services.
With low-code platforms, non-technical users such as business analysts and subject matter experts that have a deep understanding of 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 wider range of individuals to participate in digital development, low-code platforms can help organizations to become more agile, innovative and responsive to customer needs.
Always keeping Security in the front of our mind
Low-code and no-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 and no-code platforms offer many benefits for the insurance industry, it is important to carefully consider security when selecting and using these platforms. Insurers should carefully
assess the security features and capabilities of low-code and no-code platforms, and ensure that they are in compliance with relevant security regulations and standards.
Your next steps
In conclusion, no-code and low-code platforms are becoming increasingly popular in the insurance industry as a way to increase agility, reduce costs, and improve the customer experience.
Have a look at our brand new website that show cases our low code digital insurance platform and be one of the first to experience this digital revolution!
Discover Digital has been in the forefront of the Digitisation of insurance since 1995, developing solutions and helping Insurers globally through their digital transformation and revolution. 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!