No-Code and Low-Code software and applications have a potential sting in the tail. People with the knowledge, experience, professional skills and ability to anticipate the future are a pre-requisite to configuring platforms and products.
No-Code aims to allow such people to create competitive advantage for the insurers, brokers, reinsurers and MGAs they work for in weeks and months rather than the long gestation periods of hard-coded software. The people who can leverage no-code will tend to be business analysts and specialists in business units with programming skills.
It is still asking a lot for them to start from scratch with a blank, digital sheet and configure a complete platform pr product, test and iterate and launch when production ready. It is one thing to know how to configure and customise and quite another to know why. Without a clear vision and strategy across the company it is unlikely no-code will achieve its potential. That is why insurtechs with no-code in their digital DNA still tend to build the innovation and transformational products on behalf of the customers.
That and the fact that despite the no-code label to deliver the desired outcomes the insurtech still has to complete development work and scripting to bridge gaps in their platforms. No-code is often "lowish-code" but that is not to denigrate the benefits of these alternatives to the gorillas in the market that tied you to using their consultants, analysts, developers and partnering systems integrators to deliver interim upgrades and, every three to five years or so, major new versions to stay competitive. All at great cost in time and money.
Unqork, like many insurtechs, aims to advance customers planning underwriting transformation beyond the "blank digital sheet" stage with business accelerators.
" ......configurable templates for every step in the underwriting process, from first customer contact, through the application process, all the way to policy delivery. The P&C Product Launcher also includes 70+ pre-built integrations with third-party services, including everything from data enrichment to policy admin systems."
Given the success Unqork has experienced across the insurance industry this was a natural step and the benefits claimed below show the potential.
- Pixel-perfect UI: Customize the user experience to precisely meet a carrier’s brand guidelines
- Multi-party engagement: Create broker- or client-led intake and self-service workflows that are directly connected to the underwriting workstation for a seamless underwriting experience
- Streamlined integrations: Leverage integrations with leading insurtechs and data providers, including Dun & Bradstreet’s Company Entity Resolution, DocuSign eSignature and others to accelerate intake, automate clearance, digitize rating, and streamline quote, binder, and policy issuance
- Digital dynamic workflows: Orchestrate dynamic workflows including assignment, registration, referrals, modeling requests, etc. across multiple products and geographies
- Transparency and accountability: Manage ownership with automated routing, alerts, and notifications
By implementing Unqork P&C Product Launcher carriers can:
- Accelerate product launches: Launch new products in 12 weeks with streamlined product development, automated intake, and a built-in underwriter workstation
- Increase underwriter capacity: Automate manual tasks and streamline the underwriting process to free up underwriters to focus on new business opportunities
- Reduce operational risk: Automate manual processes, incorporating built-in approval controls, and maintaining an audit trail
- Improve customer & agent satisfaction: Enhance client, agent/broker, and underwriter experiences through modern UI and self-service capabilities
Unqork are not the first to deliver such advantages.
Synergy in the UK offers carriers the same benefits for insurance claims transformation from eNOL through investigation and supply chain management to automating cash payments. It has gone further to automate the thorny matter of integration with self-serve access to APIs and web hooks.
RightIndem delivers the no-code benefits across all claims classes to speed up transformation, innovation and continuous improvement and allows easier integration of best of breed point solutions on its end-to-end digital claims platform
360Retrieve offers business accelerators in the form of counter-fraud solutions across home, auto, travel and other claims. 360SiteView exploited no-code capabilities to deliver business interruption (BI) claims platforms urgently when the FCA decided on the side of insureds that they were covered by BI policies when the pandemic closed down businesses.
Snapsheet, Ushur, Netcall, Instanda, Salesforce Industries, Claims Technology and a longer list of no-code and low-code vendors shows that this is a maturing technology and not first-mover. Yet it is wise to not take a claim of No-Code at face value.
In claims journeys and digital transformation you might be told that no coding is necessary and you can innovate, iterate and continuously improve inhouse using the configuration tools and workbench. Only to find that when it comes to the nitty gritty of integration that suddenly you are in your own. The API documentation is outdated and does not cater for the many ad hoc deployments major point solution vendors have implemented to cater for the unique circumstances of different carriers hotchpotch mix of inherited systems.
That's when you find out who has practical no-code solutions and who has not.
Even so, Unqork's launch announcement and the already deployed transformation from the vendors mentioned shows the importance and benefits of no-code and low-code.
There is no going back and thankfully, just like Aladdin. you can unleash the faster and more effective innovation genie by rubbing the magic No-Code lamp.
PS: I have no role at nor work for Unqork and have used it's announcement as a catalyst to encourage the deployment of no-code software to free carriers, brokers and MGAs from the shackles of hard-coded enterprise software.
Further reading from Forbes
Low-Code Versus No-Code And The Future Of Application Development
Unqork, the leading enterprise no-code platform, today announced its P&C Product Launcher application to help carriers digitize and automate every step in the underwriting process. Unqork’s application helps carriers break away from the inefficiencies of outdated, manual systems, enabling them to quickly build and launch software without writing or creating a single line of code. As a result, carriers are able to accelerate new product launches, save valuable resources and provide better user experiences for brokers and customers. Underwriting processes are foundational for every carrier, yet many use inefficient systems that rely on legacy architecture. These inflexible underwriting systems significantly hinder a carrier’s ability to launch products and update existing ones. Too often, underwriters must work across multiple disconnected systems, which leads to high error rates, slow quote turnaround times, and leaves customers and brokers with a poor user experience.
https://content.unqork.com/press/pc_product_launcher?utm_content=webpage
unknownx500
