As digital interaction becomes mainstream, the insurance industry needs to re-assess its risk analysis when it comes to a digital transformation. The risk is no longer an "if" or "when" calculation -- it has become a "now" calculation. Companies that want to grow faster and be more profitable must aggressively improve their customer experiences.
Transforming isn't easy. It requires more than technology. It requires a change in culture -- a change in doing things. Insurers have been slow to change, citing such obstacles as:
- Legacy systems that are unable to communicate
- Inefficient processes that slow customer responses
- Cultural silos that impede collaboration
In the past, insurers may have felt in control of how and when to overcome these obstacles, putting the digital transformation towards the bottom of the priority list. Now, removing these obstacles has become the top priority. So, how can insurers ramp up their transformation while mitigating associated risks? No-code development platforms are a way to remove the barriers and drive a digital transformation in insurance.
What is No-Code Development?
No-code is a development tool that lets non-programmers build applications. These non-programmers or citizen developers are individuals who create web, business and mobile applications using specific development tools or platforms. In the beginning, citizen developers were people who could make forms in Excel or reports from Access. Today, these employees can create applications that can be deployed on the web or as a mobile app.
No-code solutions use a visual environment that lets users drag and drop components onto a page. Users can re-arrange components for a more visually appealing display. They can configure items by selecting such things as colors, fonts and effects. The flexibility means more customized solutions that can be used across an enterprise. And because many of the citizen developers are also subject-matter experts, their applications meet the exact business need.
How is No-Code Used?
Forms and insurance seem to go together. Historically, those forms were paper- based. Whether it was a clerk making individual copies by hand or an agent printing multiple copies for signature, forms and paper seemed to be forever bound together -- until now.
With no-code solutions, forms become digitized. No more paper. No more delays. Instead, the customers complete a digitally created form, add an electronic signature, and done. Plus, the form is designed by employees who use the form. What better way to ensure that the form meets the needs of the user than to have the user create it?
No-code platforms can incorporate workflow management so that the forms flow through the enterprise, integrating with existing systems as needed. If a form needs approval before submission, no problem -- design the approval process into the application.
Due to the fact no-code platforms consist of components, users can arrange them in a multitude of ways. Each arrangement could be deployed to meet a business need. Multiple users creating multiple solutions can rapidly move a company forward in its digital transformation.
Why No-Code over Code?
Developing a software program takes time. Depending on the complexity of the requirements, a solution can take months to complete, and the overall cost can put a dent in any budget. No-code bypasses many constraints that impact software delivery, such as
Whether the development is performed in-house or outsourced, these three factors can impact the cost-effectiveness of a software development project.
In most organizations, development is part of IT, and IT is responsible for the network, in-house support and any technical task that might arise. When a development project is added to the mix, the available resources may be limited. Instead of five programmers, only two are assigned, extending the delivery time by months.
A no-code solution relies on citizen developers who are also subject-matter experts to create business solutions. There's no struggle to find available resources. Instead, companies can deliver custom solutions quickly. Knowing how the solution will be used makes it easier to visualize how it should work.
Software developers are expensive. An hour of their time can range from $48.00 to $75.00. It's a better use of resources to have a subject-matter expert create the business solution with no-code tools than to have a developer devote months to a project.
With lower costs and faster delivery, it is no longer cost-prohibitive to develop forms for specific uses. For example, a short-term form could be built to request permission for an employee to take home a work computer. If a natural disaster hit, a simple form could be created so customers could quickly update their contact information.
Once a software program is deployed, any changes or fixes must go back to the developer for modification -- and that means, fighting the same battle of limited resources. If the request was time-sensitive, its delivery might come too late.
Using citizen developers bypasses the IT queue. If a change is needed, it can be accomplished much faster using no-code tools. It may be something as simple as swapping out a component or changing a configuration setting.
Better Bottom Line
A no-code platform lowers development costs and shortens the delivery time. If a change is required, citizen developers can make the change quickly, so it has less of an impact on the customer experience. A better customer experience at a lower overall cost translates into a healthier bottom line.
Now is the time for insurers to focus on a digital transformation. It doesn't matter that the industry lags behind other business segments or that the customer experience ratings are low. What matters is what insurers are doing now. As an insurer, are you aggressively moving along the digital continuum?
Whether your organization embraces transformation or shies away from it, no-code platforms can move you along the digital continuum with minimal risk. No-code solutions can drive transformation by delivering business solutions that improve the customer experience while reducing back-office processing.
The right no-code solution can lighten the IT workload. Using citizen developers means IT personnel are available for mission-critical tasks such as securing networks for remote worker access. But, the customer-facing solutions can still be delivered and quickly modified as requirements change.
With no-code platforms built to address the needs of global insurance companies, insurers can move quickly into the digital world. They can create multiple solutions simultaneously, moving businesses forward in their transformation. By using citizen developers, organizations can sustain their transformations while improving the customer experience.
EasySend is a process streamlining and intelligent automation company. EasySend’s no-code platform is used by leading insurers, financial institutions, and other companies to change their industries by digitizing customer journeys. EasySend is putting an end to inefficient manual internal processes and frustrating paperwork that impede data collection, customer service, customer satisfaction, and revenue growth.