Digital Transformation and No-Code in the Insurance Industry

How no-code is enabling industry leaders to shape the future of insurance

Use no-code to:

Facilitate the shift to a prevention-based approach

Meet consumer-demand for digitized services

Cut costs and improve compliance

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Embracing digital transformation

With the insurance industry now largely embracing digital transformation, the emerging technologies are more exciting than ever. Taking a glass-half-full view, there are plenty of opportunities for tech-savvy insurance companies to maximize their revenue and market share, and consumers now also stand to benefit from increasingly personalized and user-friendly services.

But there are also challenges fueling this transformation, such as increased competition from InsurTech startups, increased security needs alongside technological advancements, attracting and retaining staff, and balancing digitized services with a personal touch.

Though there are still more challenges to overcome and many changes on the horizon, future-focused insurers that embrace digital transformation early can and will weather the storm.
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Challenges

The road to change

Various challenges are driving change in the insurance industry and with today’s highly competitive landscape the pressure is mounting.
 
Of course, not all of the challenges faced by the industry can be solved with digital transformation alone, but those companies that embrace digital transformation, along with the tools to expedite it, stand to earn the lion’s share of the market.

Insurance industry challenges

  • Insurance companies remain a prime target for cyber-crime
  • Outdated processes cost time and money and are highly error-prone
  • Tech-savvy startups are acquiring customers with digitized services
  • Legacy systems impede transformation and increase security risks

What does innovation look like?

How are leading insurers utilizing the latest technology to solve a wide range of challenges and generate new opportunities within the industry? From turning analog spreadsheets into fully responsive dataflows to allowing for the optimization of documentation and quality assurance processes, the possibilities seem limitless.
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Automation 

Processing claims manually can be a lengthy, error-prone process, and resulting delays and mistakes can lead to regulatory penalties and reputation damage. But by automating this process insurance companies can reduce the amount of manual work by 80% whilst simultaneously improving the customer experience.

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Artificial intelligence (AI) and machine learning (ML)

Insurance is primarily a relationship-based industry and many experts believe that AI and ML will play a vital role in providing a first-rate customer experience. From automated claim reports to chatbots to dynamic underwriting, AI and ML are sure to shape the future of insurance for the better when it comes to the consumer.

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Mobile payments 

Consumers today expect a seamless payment process, including from their insurance provider; as Forbes states, “Consumers want payments to be instant, invisible, and free (IIF).” The drive towards making payment platforms more efficient and personalized also has huge potential in terms of cutting costs and generating additional revenue.

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Cloud computing

Leading insurers are increasingly moving data and applications to the cloud, with the increased speed, flexibility, and lower operating costs being the main impetus. Indeed, Deloitte states that cloud computing could be a “ . . . potential game-changer for how financial services organizations will operate in the future.”

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Internet of Things (IoT)

By tracking how customers really use a range of products, insurers are able to offer reduced premiums for low-risk individuals and get better at accurately predicting risk. Metromile, for example, uses IoT-connected trackers to monitor driver behavior and therefore provide cost-effective per-mile policies.

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Data analytics

The importance of leveraging data in the insurance industry can't be understated. Analyzing data from a variety of sensors ad sources is enabling insurance companies to manage risk better than ever before. It results in more accurate financial planning for companies and more personalized policies for customers — a true win-win.

“Technology can increase efficiency by automating manual processes, assist in identifying emerging threats, and provide insights into risks and their causal factors.”

Customer case: Univé

Insurance companies are beginning to shift from protection-based models to more preventive approaches, and Univé is at the forefront of this shift. The Dutch insurer’s Innovation Lab was searching for new ways to use technology to prevent accidents from occurring, thereby improving its ability to mitigate loss and helping customers avoid potential disasters.

The solution
The first idea Univé tested with Betty Blocks (and with the help of implementation partner Ilionx) was ‘Veilig Wonen’ (Living Safely), an application that provides customers with subscriptions for services like chimney inspections, alarm servicing, gutter cleaning, and more. Armed with a no-code platform, Univé’s Innovation Lab was able to go beyond simply testing intentions, as is standard with mockups or prototypes. Bas and his team were able to measure customer behavior by piloting a working application; this would confirm whether or not Univé’s customers were actually willing to pay for such subscriptions. It allowed the Innovation Lab to demonstrate value and generate buy-in among stakeholders.

“The speed of building and how little money we spend on building the system is what really draws people in. Experiments take months, but building takes days.”

Bas-Wit-Quote Bas Wit, former innovation manager, Univé

75% increase in development speed

The Innovation Lab has the freedom and flexibility to develop new propositions for Univé by proving that their ideas actually work. By using Betty Blocks to do this, Univé has reduced time-to-market for new applications from 1 year to 2.5 months, speeding up development by 75%. But perhaps more importantly, Univé has found a way to quantify innovation and in doing so the insurer is making a real difference in the lives of its customers.

Developed applications

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Veilig Wonen

Prevent damage from fire, water, and electricity or cover damages from burglary with a Veilig Wonen subscription.

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Legal assistance on demand

With Legal Assistance on Demand, Univé helps its customers with tailor-made legal assistance.

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Private lease

With private lease from Univé, you can drive a brand new car for an extremely low monthly payment. Always including maintenance, insurance, and taxes.

See for yourself in the App Gallery
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Betty Blocks and the insurance industry

We’ve seen how Betty Blocks was used by Bas Wit and his team to help Univé shift to a more preventive approach, thereby improving its ability to measure risk and service its customers. Let’s dive a little deeper into the capabilities of Betty Blocks that make all this possible.
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Connection to legacy systems

Using Betty Blocks means your insurance company no longer needs to be held back by legacy systems; instead, it frees you to operate at the pace of InsurTech. Betty Blocks connects easily to all kinds of existing core systems, including SAP, Salesforce, Oracle, Microsoft Dynamics, and more. And legacy systems need not be replaced in one fell swoop; you can speed up your digital transformation by creating a modern layer around outdated legacy systems, whilst continuing to use them where necessary.

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Now what?

With IT departments focused on “keeping the lights on” it can be difficult to give attention — and budget — to implementing new ways of working. But when it comes to playing the long-game, digital transformation is a must, and no-code can help you get there with the resources you already have. Insurance is fundamentally a relationship-based industry and no-code technology is enabling insurers like Univé to know their customers — and their business — better than ever before. To find out more about how Betty Blocks could enable your insurance company to do the same, download our free insurance-focused whitepaper.
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