In a recent blog post, we touched upon the two prevalent strategies for digital transformation in businesses: in-house development and SaaS product adoption. Data points towards a clear trend: 70% of companies struggle to digitalize on their own due to a multitude of factors. This leads to the inevitable conclusion that adopting a no-code platform may well be the most effective strategy.
In this article, we'll dive deep into the world of no-code platforms in the insurance industry and provide an overview of how you can seamlessly implement one.
What Is No-Code Insurance Platform?
A 'no-code' platform is a software application that allows users to create and customize digital solutions without the need for any traditional coding.
In the context of the insurance industry, these platforms enable insurance providers to digitalize their operations swiftly and effectively.
As we have described earlier, there are two strategies how a company can become digital insurer: build your own digital solution from scratch through in-house development or use no-code platforms (or SaaS solution).
However, with leading companies moving towards SaaS products, the strategy of in-house development seems like a relic of the past. Why, you ask? The benefits of no-code platforms are manifold:
Faster implementation time. Implementing a SaaS product takes less than a month, in comparison to developing own digital solution, which takes two years on average.
Reduced costs in both development and maintenance. To create and maintain its own digital solution, a company needs significant investments, including hiring a development team, which typically averages dozens of millions of dollars.
Flexibility to customize as per company needs. SaaS companies prioritize the needs of their clients and can adapt or modify the product to meet those needs.
Ensuring that a company stays updated with the latest digital trends. SaaS companies have more recourses and expertise to stay up to digital trends.
The Role of No-Code Platforms in Insurance Digitalization
As we have already mentioned, adapting no-code platforms in insurance is the smartest way to embrace digitalization and stay competitive.
No-code platforms have established themselves as pivotal tools in the insurance industry, especially when considering the multitude of processes they impact. Based on the Global State of Insurtech 2023, here are some primary insurance operations:
Forecasts suggest that in just a few years, up to 50% of these tasks will be automated by platforms like these. Interestingly, this automation drive is expected to start with customer-facing processes. The most immediate AI cases are targeting lead generation, enhancing interactions, and developing advanced customer portals.
In our blog post, we told about the best use of AI in the insurance industry with an example of no-code platforms to consider.
Additionally, as the insurance landscape becomes increasingly digital, the insights garnered from customer interactions on these platforms will prove invaluable. By analyzing this data, companies can better understand customer behavior, preferences, and pain points, allowing them to refine their offerings and improve customer satisfaction continually.
How to Implement No-Code Platforms In Insurance
Setting up SaaS products is pretty quick and easy, especially when you compare it to building digital solutions in-house.
For example, Renova, a no-code platform for insurance providers, can be implemented in the workflow of a company just within a week. There's always a team ready to help understand what the company needs and guide them through the whole setup.
To understand the implementation process let’s use Renova as an example and describe it, step-by-step:
Step 1: The process usually starts with a demo call with a sales team, during which the needs of the insurance provider are being identified. Together with an expert, an insurance provider can upload their insurance program, add policyholders, and see how the big and complex documents become digital within minutes.
One of the most significant advantages of platforms like Renova is that data integration is managed without the need for any developer assistance.
Step 2: During the next stage, sales team helps an insurance provider finalize signing contract, as well as to send invitations to insured individuals - welcome e-mails with a link to download the application.
If necessary the team is always there to re-show the platform to familiarize with specific features of the product, like Clara AI that simplifies insurance programs and provides quick answers to operators, or demonstration the white-label app for policyholders that allows direct communication with the customers.
Step 3: With everything set, the insurer is now equipped to engage with the insured individuals actively. Insurance staff can now manage programs inside the platform, gather feedback, and subsequently, expand their market share.
All this takes: 1 week.
Major Advantage: The insurer receives full support starting from implementation and continues to receive it during operation. The team helps to build a comfortable workflow and you never feel alone in a 1-on-1 setting with the platform. Additionally, the team is always there to adapt the platform to the needs of the insurer and to maintain new features.
Conclusion
For insurance providers, staying ahead of the digitalization wii inevitably bring to loosing customers and loosing their market share in a couple next years. The best strategy to become digital insurer is adapt no-code platform that helps to streamline insurance processes and meet expectations of modern customers.
Digitalize your insurance business in ONE WEEK with Renova!