Ever since the technological boom in this decade, the consumption pattern of the current generation has caused a major shift in handling insurance needs. The most significant change is that new product development and a personalized sales experience have become an important drivers for insurers’ financial strength and business growth. The pandemic has also shaped consumer behavior. Consumers are getting used to seamless journeys from different apps and online platforms to help with their daily needs. They’re expecting the same sophisticated and seamless experience in other areas. Insurance coverage is unavoidably one of the areas.
Insurers need the ability to launch new products fast and offer unique policy features as the situation allows. Insurers also need to reimagine distribution and enable their agents to explain complex products virtually, while giving their customers personalized buying experiences.
However, product changes or digital sales tools often require layers of approvals even before getting added to the IT queue for months-long implementation. This process comes at a substantial cost in time and money.
No-code/low code tools can solve these problems
Insurers who can accelerate the process of building, testing, and launching products will have the competitive advantage over other players.
No-code technology has the potential to help accelerate business. It empowers business users without coding knowledge to design and release applications that drive the business forward quickly. Coding requires massive resources and time to translate business and customer needs into a digital product. No-code environments provide:
- A ready-built starting point for app development that accelerates software development lifecycles without straining IT resources
- Iterative capabilities to business users, encouraging experimentation
- Industry experts a way to actively design the systems to make the biggest impact to their professional functions.
This switch allows insurers to develop new automated solutions to meet rising customer demands quickly and efficiently.
How does no-code help insurance distribution
To increase competitiveness, insurers are creating products with more unique features, inevitably making the products more complex. This makes product distribution more challenging as agents need help understanding the complex products and explaining them to customers.
Digital tools or applications that can help agents easily give customers quotes and illustrations along with insightful and engaging advice are essential. With clean and appealing interfaces, these applications help agents provide a personalized sales experience— even when they are not face-to-face.
With code, creating the above mentioned applications requires business users (typically product actuaries) to write business requirements that explain the product features and complex logic for developers to build. The process requires long development time and testing.
Coherent Explainer is the solution
Coherent Explainer offers business users an easy way to create customized applications through configurations. Business users only need to focus on products and the related business logic during the process of making the application. They can enjoy the flexibility of Coherent Explainer when changing different configurations to make their desired applications. The whole configuration process can be completed within minutes and the business users get applications that best fit their needs.
The simplified, smooth process also benefits IT teams. As Coherent Explainer allows business users to configure their own applications, IT teams can focus on operating the application and managing technical assets of the application, without distraction or exhaustive time spent on understanding complex product and business logic.
In short: Low-code / no-code solutions, such as Coherent Explainer, help insurance companies provide the high-quality experiences customers demand—and to deliver those experiences faster and more efficiently than ever before.
Winnie Hung
Product Lead for Coherent Explainer & Managing Director, Actuarial
