Although every insurance company has a website and perhaps a mobile app, digitization is far from being explained by a website and app. Digital transformation requires high attention to the use experience of customers and employees, the ease of use of data, the automation of processes, the optimization of cumbersome processes, and the efficient assistance of artificial intelligence. When developers continue to receive improvement needs from operators, and the backlog of work can not be completed quickly, it is likely to lead to a negative psychological state of all parties. At the same time, customers also look forward to the perfect insurance product experience of “supreme, intelligent and enjoy”.

Many insurance companies began to realize a few years ago that as the global economy becomes more and more real-time, they need to be more flexible. In recent two years, COVID-19 needs highly agile enterprise to adapt to the fast changing environment. Such market changes are driving the need to use low code and no code to solve problems in different ways.

What are low code and no code?

Low code and no code is a visual way to build applications, create digital experiences and automate processes. Low code is applicable to professional software developers, while no code is applicable to “citizen developers” – that is, “non programmers” with high requirements for function development but no programming background. Professional developers can intuitively create most applications with low code, so as to shorten the time to market and accelerate the realization of value. Citizen developers can use no code to create their own simple applications and task automation without the help of programmers. However, applications created by citizen developers tend to become complex with the development of actual needs, and more professional knowledge is needed to optimize the previously created simple applications. Therefore, it is very important for low code and codeless platforms to share a common code base. This gives professional developers the opportunity to optimize directly: if there is no general code base, they can only rebuild the application from scratch.

The plight of the insurance industry and the countermeasures to get rid of it

Many insurance companies are facing two major competitive pressures: improving customer experience and improving operational efficiency. Low code and no code can solve these two problems at the same time.

On the one hand, for insured customers, the claim settlement process is very troublesome – it takes weeks just to receive the notice of whether to settle the claim. Compared with the increase of premium, perhaps the poor claim settlement experience will “reduce” the image of the enterprise in the eyes of customers. On the other hand, the underwriting process is also a very painful process for the underwriters. During this period, due to the clear barriers of authority, 80% of the needs put forward by customers may need to “ask the superior”, which sharply increases the cost of evaluation.

In fact, AI plays an important role in this regard. It can identify process and technical capability gaps that the company could not identify before. In the consultation before insurance, customers need to quickly obtain insurance quotation. For example, after informing the salesman of his own situation, he most hopes to get a concise, direct and clear quotation and insurance scheme within 10 minutes, rather than a lot of “template scheme”, “financial package” and “concept products” that have nothing to do with himself and are suitable for the vast majority of people. Therefore, the insurance salesman needs to shorten the response time and accurately match the appropriate customized scheme for customers. This requires some tasks in the process to be automated through AI, but this does not include those requiring manual intervention, such as comforting a distracted customer.

In the post insurance claim settlement process, the policyholder also hopes to get a rapid response from the insurance company, and process automation is also an indispensable part. For example, after a traffic accident, insurance companies should not spend weeks or even a month to feed back whether claims can be settled, but need to establish a customer-oriented and AI assisted mobile application. The application can synchronize case information in real time, automatically update claim status, quickly respond to customer needs, and confirm whether customers receive claims in real time.

Win with customer experience

Insurance companies realize that when the company’s core system can not provide the required customized experience for the underwriting team, they need to use third-party data services to improve the experience of underwriters and customers. For example, use the data provider application programming interface (API) automatically fill in the form of customer information. In this way, the policyholder does not have to fill in the lengthy form every time, because the information should be known by the insurance company. Similarly, the underwriter who has the customer information does not have to carry out a series of time-consuming and laborious background checks to verify the customer’s personal situation and assets.

Experience is the core of competition

Low code and no code can help insurance companies plan the interactive strategies of operators and insured users in the whole process from the overall investment and underwriting links, unify the caliber of information entrances and exits and various channels, open up the information gap, make even the business with a large agency scale standardized, and create a perfect use experience and good brand awareness for users. This is the core for insurance companies to maintain competitiveness and innovation, and it is also an unmatched advantage of the traditional system.