The problem: traditional insurers slow to move on new technology
Whether it’s autonomous vehicles, drone delivery services or digital marketplaces, almost all industries are now seeing exponential acceleration of digital transformation. However, laggard industries like insurance, are facing a widening gap in both products and experiences as they continue to consume resources maintaining analogue processes and legacy systems. Frustration and dissatisfaction in a disjointed customer experience are the accepted norm for these industries.
Incumbent insurers have been experts at managing risk for hundreds of years, which means opportunities to innovate can be missed or dismissed. Large corporates navigating complex regulatory frameworks and convoluted legacy systems struggle to move quickly on new technology. Meanwhile, new digital-first insurers are rapidly gaining market share as they roll out new products in months, not years.
Insurers that do manage to implement digital solutions either spend years building it internally or buy off-the-shelf solutions that require extensive customisation. Either way, the insurer has extended or added a digital platform to an already messy ecosystem and created dependency on large internal IT teams to have to manage.
Change is difficult (and expensive) to execute when it comes to legacy system upgrades or replacements. However, throwing out the old in place for the new is not always the best digital transformation strategy.
New technology is being built to help traditional insurers migrate to the digital-first world with solutions that solve pain points across the value chain and integrate to those core systems.
The solution: democratizing digital with No Code technology
One of the weights holding back insurers from digital transformation is the need for large, highly specialised development teams to navigate core systems.
– What if your marketing team could build new applications?
– What new products could you launch if your team could create a digital prototype in an afternoon?
– How might you reduce costs if your admin team could build a digital onboarding process in a few days?
– And what would the claims experience look like if you could digitize it without needing developers?
These are just some of the use cases that No Code technology is empowering traditional insurance businesses to make a reality. An increase in demand for No Code solutions globally is just one indicator of its potential power the category represents to traditional business.
The future: predictions for how No Code will transform insurance
By removing complexity in development and a reliance on overburdened IT teams, enterprises can bring new solutions to market faster – an essential capability in today’s digital world.
Launch new solutions to market in a fraction of the time - some estimates no code development is 6-20x faster than traditional tech.
Lower ops costs
Reduce costs of buying and customising large enterprise solutions and reduce the need for specialist in-house tech resourcing.
Foster an innovation culture by testing and learning with new propositions and solutions without the traditional project lag and budget risk.
Manage risk & compliance
Reduce IT team dependency and manage compliance risk associated with lengthy upgrades to core systems with built-in native security.
Empower non-IT teams to deliver innovative solutions while focusing developer resource on more complex business challenges.
Deep dive into Axell's No Code Tech Report
Deep dive into how no code technology will revolutionise the global insurance industry. The report features major change drivers fuelling the transition to no code solutions. It also showcases emerging no code start-ups from Israel’s thriving tech ecosystem.