Fueling New Propositions and Services: The Future of Insurance With No-Code
How insurers drive growth in an evolving market with no-code application development
How insurers drive growth in an evolving market with no-code application development
The insurance industry is going through a period of growth. Spurred by digital disruption, consumer demand, and indeed the post-COVID-19 landscape, insurers are searching for ways to foster growth and remain competitive through implementing additional services, developing new propositions, and adopting prevention-based models.
It’s the insurers that embrace the tools to expedite digital transformation, along with strategies to increase organizational adoption, that stand to earn the lion’s share of the market.
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.
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.”
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.
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.
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For the insurance industry, a shorter time-to-market means having the ability to more readily adapt to changing regulations and market fluctuations, and to roll out new services, such as chatbots, before customers begin to look elsewhere.
Because Betty Blocks operates 100% in the cloud, it sets you up to start reaping the benefits that cloud-computing offers right from the get-go. It also means security remains paramount, with instant and automated updates across all applications.
Implementing Betty Blocks strategically enables you to control your own innovation and opens up a whole new pool of developers within your organization: no-coders and citizen developers (who work together in an environment sanctioned by pro-coders).
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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