What's the real advantage of NO-CODE software?
Giving the line of business people back control so that they can combine a customer focus with the innovative ideas to change customer user-experience (UX) and customer journeys?
Being able to innovate, iterate and apply constant improvement without being tied to a vendors consultants and developers?
Being able to anticipate customer needs? The pandemic made urgent change vital to deal with the surge in travel cancellation claims and business interruption claims. Insurers and their inspection partners needed an alternative to site visit inspections stopped by social distancing and lock-downs.
These are all examples where a no-code solution enables an insurer to anticipate and deploy solutions fast and at no cost other than the time it take a business analyst to configure the platform in plain English (or German, Spanish, French, Chinese etc) without any coding.
A significant benefit yes but I would argue that it misses the point.
No-code platforms empower an insurer to combine customer knowledge and feedback with an agile means (in house and free of a vendor's shackles and dev costs) of deploying simpler, faster, more relevant and beneficial means by which customers can engage with insurers.
The degree of improvement is only limited by the imagination, customer awareness and ambition of an insurer's staff. And if you need inspiration and a fresh you can always ask an ideation consultancy. The point being that you can the configure, test, re-configure and when it works well deploy the new online services immediately. That day, tomorrow, or next week depending how long it takes to test and ensure the effectiveness of the innovation.
This is the means by which an insurer creates competitive advantage and real differentiation over other insurers.
Competitive advantage over the Lemonade and other full-stack insurtechs snapping at their heels.
Competitive advantage over disruptive threats outside incumbent carriers, reinsurers and brokers.
That competitive advantage and differentiation combined is IPR that insurers can monetise.
It is the massive impact that no-code software and platforms offer you today. No longer in thrall to big-ticket licensing fees and complex coded apps that are obsolete before finished. No longer being trapped in older versions of main-stream platforms that are too costly and tome consuming to upgrade until finally you just have to all over again.
No-code software and tools frees insurers from the hold technology vendors have maintained for decades and delivers real competitive advantage to: -
- Keep existing customers
- Win new customers
- Out-compete disruptive threats
2. Ideation and teamwork: Collaboration helps explore new market opportunities and target innovative solutions for growth. Rather than building or buying new solutions, licensing existing technology platforms can be more cost effective and allows the businesses to become the architects and engineers of those solutions. By engaging a number of vendors, companies are able to push out pilots across multiple functions and business areas. Similarly, crowdsourcing innovation ideas with the entire company can help change the way the organization thinks about a problem and engages and challenges ways of thinking. Even just asking employees to share their most innovative ideas can help start the creative thinking process.
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