PriyaPatel
TLDR:
- The insurance sector is adopting easy-to-use technology for digital transformations.
- No-code and low-code software are flexible tools allowing businesses to develop applications without extensive coding skills.
The insurance industry is facing challenges with legacy systems and enterprise software upgrades. Historically, insurers had only two options when planning upgrades: buying pre-made IT solutions or writing their code to create bespoke solutions. However, maintaining and updating legacy systems have been consuming a significant portion of IT budgets.
Low-code and no-code software have emerged as a solution, enabling businesses to develop software applications without extensive coding skills. These tools allow for digital transformations, improved operational efficiency, enhanced customer satisfaction, and drive innovation in the insurance landscape.
These platforms are becoming increasingly popular, with Forrester estimating a significant market growth by the end of 2023. Enterprises are adopting low-code development platforms for various development work, with a focus on accelerating application development and enhancing customer experiences.
By utilizing no-code and low-code platforms, insurance companies can break free from legacy systems in a controlled manner, integrate modern applications, streamline operations, improve data accessibility, and enhance overall system efficiency. These easy-to-use platforms empower frontline workers to create customer-centric applications rapidly, improving customer experience, operational efficiency, and speed-to-market advantage.
In summary, low-code and no-code approaches are playing a significant role in the digital transformation journey of the insurance industry by providing usable technology solutions to frontline workers, accelerating application development, improving customer experiences, and driving innovation in the industry.
