The insurance industry is currently undergoing an intense digital transformation, and one of the key tools driving this change is low-code development. Low-code platforms are becoming increasingly popular among insurance companies worldwide, and the reasons for this trend are numerous and diverse.
In this article, we will present five reasons why low-code is gaining popularity in the insurance sector.
Speed of Implementing New Solutions
One of the biggest challenges faced by insurance companies is the need to quickly respond to changing market and regulatory conditions. Traditional software development methods can be time-consuming, often delaying the launch of new products. Low-code significantly shortens this process, enabling rapid prototyping, testing, and deployment of applications. This allows insurance companies to bring new products and services to market faster, increasing their competitiveness.
Cost Reduction
The costs associated with software development and maintenance are another important factor driving companies to choose low-code. Traditional approaches require large teams of developers, long development times, and complex IT infrastructure. Low-code platforms reduce these costs by enabling smaller teams, without advanced programming skills, to create applications. This results in lower operational costs and greater financial efficiency.
Flexibility and Ease of Adaptation
Insurance markets are dynamic and subject to frequent changes, both in terms of regulations and customer expectations. Low-code offers insurance companies the flexibility to quickly adapt applications to new requirements. Instead of overhauling entire systems, companies can make changes and updates to existing applications quickly and efficiently.
Collaboration Between Business and IT Departments
Traditionally, software development was the domain of IT departments, which often led to communication difficulties with business departments. Low-code changes this model by enabling greater collaboration between business and IT teams. With visual tools for application development, non-technical personnel can actively participate in the development process, ensuring that the final solutions are better aligned with actual business needs.
Increased Innovation
The ease and speed with which new solutions can be created and tested using low-code platforms promote innovation. Insurance companies can introduce new ideas to the market more quickly, allowing them to experiment with new business models, products, or services. As a result, these organizations can better meet customer needs and gain a competitive edge.
Case Study: Low-code from Decerto
Decerto, a company specializing in software development for the insurance sector, is an excellent example of how low-code platforms can support industry growth. Decerto operates in the low-code space, offering advanced tools and platforms that help insurance companies quickly and efficiently create and modify applications without writing large amounts of code. Their solutions allow for dynamic adjustments of insurance products, pricing, and underwriting processes to changing market and regulatory conditions.
For example, their Pricing & Underwriting System enables business users (without advanced programming knowledge) to independently make changes in the system, such as adding new products with different parameters. This allows companies to quickly respond to customer needs and bring new solutions to the market without involving IT teams.
Decerto focuses on flexibility and speed, enabling insurance companies to better manage their offerings, introduce innovations faster, and reduce costs associated with software maintenance and development.
Conclusion
Low-code is becoming a key element of digital transformation in the insurance industry. With faster implementation of new solutions, cost reduction, flexibility, and improved collaboration between departments, insurance companies can more effectively respond to the challenges of the modern market. As this technology continues to evolve, its importance in the insurance sector is expected to grow, contributing to further development and innovation in the industry.
