We hate to wait. With the exception of the British, who stereotype do not mind a "queue", most of us spend a lot of time figuring out how to save time. We do not want to wait 20 minutes for customer service to call our call. We do not like long lines when driving. If we have a home project, we do not like to wait for specialists to get the job done (although they may do it better). We say to ourselves, "Just give me YouTube and a hardware store and I'll do it myself."
Waiting, however, is not just about impatience. In insurance companies, it is a "competitive black hole" to wait to make changes in customer experiences, products, technology or services, let alone to create new ones that we can quickly and cost-effectively test on the market. If we have to choose to create something now, built easily with our own hands, or wait in an IT queue for the next few months or years depending on the lag, we can say, "I would rather do it myself."
So we If we try to do certain things on our own, we may not have what it takes to get the job done. If we are too dependent on IT or developers to perform tweaks to our systems, we may lose a market opportunity or competitive advantage.This is the short story about DIY insurance that has led to the explosion of no code / low code business dynamics.
The growing no code / low code technology area is leading to disruption and transition to the digital age of insurance. other overused "buzz words", the use of no code / low code platforms has led to confusion as to what they are.The term is misleading because it is not about whether you code or not, it is about broadening the pool of people who can use the platform to build applications. The definition of the term is not only confusing, but the real benefits of no code / low code are not always fully appreciated.
This month, Majesco will release its latest thought leadership report, Insurance Platforms: The Digital and No Code / Low Code Platform . In our report, we consider platforms ̵
Similarities and differences: Definitions of no code / low code
In a July 2020 Forbes article, Jason Bloomberg, notes the following:
"In No-Code the corner is" citizen developers "- business users who can build functional but generally limited apps without having to write a series of code. The Low-Code corner, on the other hand, focuses on professional developers, streamlines and simplifies their work – delivers enterprise-class applications with little or no hand coding.
These no-code / low-code solutions offer new levels of usability, capacity and access to data and other technologies to create the next generation of business solutions ranging from portals to comprehensive enterprise-level solutions to innovative new products such as on-demand or parametric products that require real time data for continuous warranty. Too often, insurers use a variety of tools on a piecemeal basis, rather than looking for a platform that can support every step of their digital transformation journey, from portals for personal experiences, to innovative new products and business models.
No code / low code platforms that can support this set of features offer benefits for businesses, including greater flexibility, reduced complexity, reduced cost, and improved productivity and speed. Research conducted by OutSystems identified the main reasons why companies cite for not using any code / low code solutions, which is reflected in Figure 1. The top three reasons were the ability of these solutions to accelerate digital transformation (69%), reduce current IT backlog and increase responsiveness (55%) and reduce reliance on high-tech skills (40%). [i] Without code / low code, companies become more for less … faster
Figure 1: Important reasons for using low code solutions
In line with this, our research on strategic priorities emphasized that no code / low code platforms and digital experience platforms – which often does not use any code / low code – appears as a top priority to accelerate digital transformation.
Gartner predicts that low-code applications will account for 65 percent of all app development by 2024. This means that the majority of apps created in 2024 will be developed using platforms and tools that provide turnkey programming methods. [ii]
In addition, Forrester predicts significant growth of 40% -55%, which is reflected in Figure 2. [iii]
Figure 2: Estimated growth with a low code development platform in the market
Many of the leading insurance industry analysts have studied the increase in platform technology and platform-based business models over the past 2 years. Not surprisingly, there are a number of opinions, but with some commonality. Key common descriptions include:
- Described as a development paradigm and market segment
- Supports rapid application development and delivery
- Model-driven design and metadata-based programming languages
- Visual programming with graphical representation of workflows and business logic
- of user interfaces, business logic and data services
- Expands the pool of developers through reduced technical expertise required and minimal training
- A key strategy to accelerate application delivery and digital business transformation
Interesting Forrester notes no code / low code has potential to make software development as much as ten times faster than traditional methods. They note that these platforms help promote digital business in three key ways: “They have the potential to significantly reduce the time required to meet business requirements; they use the shadow forces for good, not evil; and they play an important role in automating operational processes. [[iv]
DIY – No code / low-coded business applications and capabilities
Now it's time for details. Which areas of insurance technology are ready to be acquired and used without a huge development or integration effort? Insurance-specific digital platforms, which have no code / low-code functions (as horizontal), make it easy to quickly create business applications with these four key components:
- Pre-insurance plans with a variety of insurance apps and accelerators such as insurance which covers the entire insurance function, page layouts, UI widgets and more.
- Digital ecosystem of partner functions data or services that can be used via a plug-and-play configuration such as artificial intelligence (AI) that enables companies to create and launch smart business applications that integrate AI partner capabilities rather than creating algorithms.
- Built-in integration hub that connects to a variety of systems via SOAP, REST and OAS APIs without writing code and enables the publication of custom APIs for partners to expand and improve digital functions.
- No code / low code functions including:
- Digital – Branding, visualization, travel design and usage analysis functions.
- Configuration – Robust user interface builder, data models, workflow and localization features.
- Architecture – Full cloud, micro services, multi-tenant, built-in DevOps, release card and automatic scaling. Flexibilit y – Possibility to provide sandboxes and several geo-instances.
Indication of the case: A summary of the benefits
- Speed to the market – Stop waiting in the IT queue! Dramatically reduce the development cycle for custom applications, estimated at up to 80%.
- Improved productivity and cost-effectiveness – Accelerate IT and business orientation and bridge the historical gap that enables companies and IT to collaborate and deliver business value faster, enabling business users to create their own applications and have an IT focus on the more complex development, adapt resources, save time and money.
- Digital anywhere and in any way – Allows application distribution across any device, anywhere, anytime with full integration with core systems and enables data flow to appropriate systems or data stores.
- Improved risk management – With a single unified platform, companies can meet new business requirements, deadlines, project goals and market changes more quickly, enabling improved risk management and control.
Majesco Digital1 pcs ® Insurance is a digital no code / low code platform that has all the functions of a horizontal platform, but with insurance-specific templates and content that accelerates development and launch. That's why not all code / low code solutions are the same – and why industry-specific platforms can offer everything that horizontal has but with the added benefit of industry-specific content, which eliminates the need for multiple platforms. This takes insurance DIY to the next level – opening doors to features that will support your strategic goals with less effort.
For an in-depth discussion of today's digital platforms, be sure to set up my conversation with KPMG Principal, Jeanne Johnson entitled Digital Transformation Tipping Point: Digital Platforms Redefining a New Era of Leader s, and then capture our upcoming thought leadership release Insurance Platforms: The Digital and No Code / Low Code Platform [19459005
[i] “The State of Application Development, 2018,” OutSystems, https://media.bitpipe.com/io_14x / io_141278 / item_1651051 / OutSystems% 20-% 20State% 20Application% 20Development% 20Report% 202018% 20-% 202018-06-18_v1_web% 20 (2) .pdf
[ii] Vincent, Paul, et al., “ Magic Quadrant for Enterprise Low-Code Application Platforms, ”Gartner, September 30, 2020
[iii] Rymer, John,“ Why You Need to Know About Low-Code, Even If You Are Not Responsible for Software Delivery, ”Forrester, August 8 2018, https://go.forrester.com/blogs/why-you-need-to-know-about-low-code-even-if-yo ure-not-responsible- för-programvaruleverans /
[iv] Rymer, op. cit.