The buzz around low-code no-code technologies has reached a crescendo. This excitement is understandable; the promise of fast, easy and cost-effective technology solutions remains a holy grail across insurance technology. But although low-code, no-code technologies are quite simple to understand conceptually, they can be frustratingly difficult to execute in the real world. DRC, however, has a head start because we have effectively been building no code solutions for years by building functioning applications from Excel Workbooks.
Simply put, a no-code software platform allows for the building of new applications with no coding required. These platforms give non-developers the opportunity to create applications using basic systems like drag-and-drop, visual cues, buttons, etc. This liberates the organization from having to rely on trained coding professionals in an IT capacity to execute on the application. Low-code platforms are similar, but do require a modest amount of professional coding.
Low-code also has the benefit of increasing productivity for those developers who do know how to code, but don’t need to begin every application from scratch. Modular platforms can give coders a headstart on developing an application, delivering efficiencies for the business and faster response time for operational or customer requirements. Another plus to low-code is that there is some built-in flexibility so a creative coder can create a number of different applications without being constrained by a more rigid no-code platform.
How can low-code benefit insurance?
Insurers are under more pressure than ever before to change their business models to adapt to faster, more consumer-friendly operations. Millennials are increasingly demanding tailored solutions. We see significant improvements to the speed and efficiency throughout the claims process appear and new communications technologies are having an equal impact on transforming the customer service experience.
To stay on top of these changes, carriers need technology that allows them to be nimble and respond to quickly-changing market situations and consumer demands. Low-code options can, for example, give carriers the opportunity to quickly roll out new products and build new revenue streams. Low-code also gives developers the ability to quickly tweak a system that needs adjustment, rather than having to start from scratch. Low-code can be useful too when an application is successful and needs to be scaled up quickly. Developers can adapt to suit a greater number of users or functionalities and address scaling issues rapidly. Taking advantage of policy upsell opportunities is also important – low-code applications allow organizations to pivot fast, and not lose out on revenue because of a slow IT process.
DRC has been developing low-code technology for many years and is an industry leader in delivering these types of solutions to its clients, staking an important claim in the market. For example, DRC’s “Spreadsheet to Application” solution is a low code option, where an Excel workbook can easily transition to a fully functional web application. Other organizations have integrated complex proprietary graphical designers into their application solutions. DRC, however, leverages the world’s most ubiquitous business tool, Excel, to enable non-developer business users to create full-stack web applications customized to their insurance product workflows. DRC has in its DNA pioneering advances in low-code, and continues to expand and extend low-code options for its clients. Low-code, no-code may be all the rage today, but for DRC, it’s been our approach all along.