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Today's insurance businesses, brokers, MGAs, and underwriters are looking for innovative ways to become far more efficient, as well as to bring disruptive products to market. Enterprise solutions from yesterday are unexpectedly slow today and lack the speed needed to adapt to volatile markets.
In its stead, no-code software has grown, allowing insurance companies to experiment at scale and swiftly change the way they deliver products to customers. The Amazon Effect has changed how businesses work in a new global market, and property and casualty (P&C) insurance companies are no different. Customers today have very high standards because they are mostly tech-savvy, well-connected, and used to getting what they want right away.
They want services that are younger, better, faster, and don't stop.
To meet these expectations, agents and channels have worked hard to harness technical developments such as the Internet of Things (IoT) and use them to power the multi-channel digital services that consumers need. While incumbents and startups have found it simpler to make this transformation, many P&C organizations are still falling behind. A no-code enterprise application development platform can assist insurers in gaining a competitive advantage, driving innovation, and providing high-quality goods to their clients as rapidly as feasible.
What are no code platforms?
The low-code model is a software development methodology that enables developers to create applications with minimal coding effort. It's great to see that it gained popularity among developers who value efficiency and productivity. It's great to see that the technology has become accessible to a wider audience, including non-developers! The demand for developers is high, which highlights the importance and strategic value of their skills today.
Modern low-code platforms offer a great opportunity for both professionals and non-professionals to create customized software that meets their organization's unique needs. Low-code platforms provide users with intuitive drag-and-drop interfaces, allowing non-professional developers to create business apps with ease and minimal coding.
The difference between low code and no code?
The research firm Gartner says there is no such thing as "no-code." They believe that "no code" is a marketing tagline that implies the tools are intended for non-professional developers. Low code, on the other hand, implies the use of a scripting language in addition to all of the no-code platform capabilities listed below. As a result, this article will not differentiate between low-code and no-code systems.
The benefits of a no-code platform
All departments and industries can benefit from the value of making apps with a "no-code" framework. Some of the best reasons to use a no-code app creation platform are to save time, cut costs, and stop shadow IT, to name a few. When you find out the best things about no-code app creation for teams, you'll feel like you're on top of the world.
#1 Easily built
The evolution of no-code and low-code technology has ushered in a transformative era where app development is no longer confined to the realms of IT experts and professional coders. In fact, the statistics speak volumes about the democratization of application development. Nearly 60% of all custom apps are now being built outside the IT department, and an astonishing 30% of these applications are created by employees with either limited or no technical development skills.
This revolution signifies the most significant and empowering aspect of no-code and low-code platforms. The biggest and most important benefit is that almost anyone can now become an app creator. It's a paradigm shift where you don't need to know anything about code or have technical skills to embark on this creative journey. Citizen developers, armed with the intuitive tools and capabilities of no-code platforms, can bring their ideas to life in a matter of minutes or, in some cases, less than an hour.
#2 More cost efficient
In the ever-evolving landscape of technology, the role of developers, although invaluable, often comes at a significant cost. Exceptional developers, the ones who truly excel in their craft, don't come cheap. They demand substantial investment. But here's where the magic of no-code and low-code solutions truly shines, offering substantial financial benefits and increasing business value in ways that were once thought unattainable.
A recent survey reveals that companies can save as much as $4.4 million by opting for no-code and low-code solutions instead of hiring two IT developers. In this scenario, the investment required for these platforms is less than half the cost of hiring these two developers. That's a substantial financial advantage that can't be overlooked.
Furthermore, let's delve into the market's growth. As of 2018, the entire low-code market was estimated to be worth $4 billion. However, the tides of change swiftly swept in, and by 2019, the value of the no-code/low-code market had surged to an impressive $10 billion as these platforms gained widespread recognition. This explosive growth illustrates the increasing adoption of no-code and low-code technologies, with no signs of slowing down.
In essence, not only do no-code and low-code platforms save on expensive developer costs, but they also work quickly, conserving valuable man-hours that, in the long run, translate into substantial cost savings. This is a transformative journey towards efficiency, cost-effectiveness, and elevated business value that's driven by the unstoppable momentum of the no-code and low-code revolution.
#3 High agility
Agility is a paramount asset, be it in the realm of human endeavors or within the toolkit of software development. When we delve into the innovative landscape of no-code and low-code solutions, their potential to amplify this agility is truly remarkable.
Low-code platforms, for instance, stand as a testament to the transformative power of modern development tools. They have demonstrated a staggering 10-fold increase in speed compared to traditional software development methodologies. This exponential acceleration is a game-changer, enabling organizations to rapidly respond to market demands, experiment with new ideas, and deliver software solutions in record time.
Similarly, no-code solutions present a compelling proposition, promising a remarkable 90% reduction in development time. By automating the most labor-intensive aspects of the software development process, from testing to building, they liberate development teams from the shackles of time-consuming and repetitive tasks.
This liberation, in turn, empowers teams to focus on what truly matters – the creative and problem-solving aspects of their projects. With the burden of preparation and routine chores lifted, teams can devote their precious time to innovation, user-centric design, and crafting solutions that truly make a difference.
In a tech landscape that demands agility, responsiveness, and rapid iteration, no-code and low-code tools emerge as the beacon of progress, enabling organizations to not only keep pace with the ever-evolving digital landscape but to thrive within it.
#4 Development through iterations
According to Zapier's report, when asked about the reasons why users keep relying on no code tools, 74% of respondents claim that these tools allow for better flexibility, especially when it comes to customizing their own products. With no-code apps, users can make apps and change the way their updates look. It lets people who are not professional developers make changes at any time during the development process. Users can improve their ideas and make perfect apps because the platform is always getting better and it's easy to make changes.
The proliferation of microservices and APIs has made "plug-and-play" possible in the business world. By allowing developers to quickly create complex apps that don't rely on outdated infrastructure, no-code helps businesses stay up with the pace of technological change. As a result, your insurance business will spend much less time in the development phase and much more time in the income phase. The cloud can be readily connected into no-code apps, allowing for a wide range of new features and upgrades to be made available.
When there is a dearth of IT workers, no-code is a great tool for helping businesses come up with new ideas. Companies are under increasing pressure to fill development roles as the global demand for skilled programmers exceeds the available supply. Since no-code removes the need for specialized programmers to build complex apps, businesses can instead train their own employees in-house. This not only reduces expenses and speeds up the implementation of change, but it also reveals previously unknown opportunities within your firm.
The end result is quicker time to market, higher quality, and a reduced total cost of ownership, all of which are gains. From claims administration to shared service centers, the moment for no-code has come in the property and casualty insurance sector.
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