Quite a few digital transformation leaders are finding themselves in a tricky situation now. On one hand we have the constantly evolving customer’s demands and expectations, and on the other the limited capability of technology.
Forrester refers to the Low Code market as a “high growth” area, and predicts it will grow to great heights by 2019, beyond $10 Billion.
While the customer’s demands are forcing insurance companies to alter their business model and strategies to ensure they gain an edge in the market, the technology solutions are also constantly evolving, giving them little choice but to hop on board some of the advances and adopt the same into their system. Digital adoption requires taking initiatives and acting on them rapidly. Therefore, the one thing that remains the same, that will make all this possible is low code development platforms.
We had in fact shared a blog post on how low code is accelerating digital transformation, in this post we shall touch upon the new developments and innovations.
Here are few additional benefits of low-code that would help digital transformation,
More targeted outcomes – When an insurance enterprise adopts a low code development model they are enabling non-technical developers and/or citizen developers to come up with designs and create solutions that would otherwise have not been possible. They can also develop specific solutions, update them on the fly adding to business agility.
Rapid, & cost-efficient delivery – Low-code or rapid development platforms [RAD] can be adopted by businesses and IT departments with ease [to create applications and solutions]. This is infact done within no time. There is also the built in integration feature, few out of the box capabilities that help with Business Process Management [BPM]
Enhanced experience across devices & platforms – Since low code comes with drag and drop features, the experience offered to the end user and to insurers is streamlined and organized across functions. It also allows for better tracking which in turn increases efficiency. The users can access the same across devices and platforms and from anywhere anytime.
Optimization of resources – With the available resources in the organization, the workload can be distributed and using the low code platforms, the strain on the IT department is reduced. Since these require little to no technical know-how, the digital adoption is also easily facilitated with minimal training.
Freedom to innovate – Innovation is the key to any business growing and gaining an edge over their competition. In this competitive world, low code is the only solution to experiment and innovate. Testing the viability of the solutions across data sources, business processes, operational workflows and end-users is now possible and can be done in a short span of time. Similarly, obtaining feedback on the app, the UI/UX and optimization of the process, which would lead to better outcome, is an added bonus. For insurance businesses that are on their journey towards digital transformation, innovation becomes a critical factor towards overall organizational growth.
Forrester has also discovered that nearly 90% of business leaders have confirmed that the flexible design of low-code development platforms helps improve customer experience significantly when compared to the traditional platform. And in today’s world, this is the most crucial.
By 2020, at least 5% of all new business applications will be created on either low-code or no-code application development platforms. Similarly, by 2021, the market demand for app development will see a growth of at least 5 times. [Gartner]
While there are several elements that go into making digital transformation a reality, bringing together low-code development platforms, mobile apps, cloud services and the readiness of the insurers/others in the company to use the advanced technologies to enable scaling opportunities in business is the crux of it all.
Neutrinos is a low-code application development platform that allows you to quickly build applications for various devices. You can build a variety of applications for web, mobile, and IoT capabilities, by using the in-built drag and drop features in a matter of days. To learn more, or gain insight, connect with us now.