How insurance stands to gain from the No-Code/Low-Code revolution

The rise of No-Code/Low-Code platforms empowers insurers to unlock the benefits of cloud computing and microservices more easily. (Photo: greenbutterfly/Adobe Stock)

Today’s insurers know that their competitive survival depends on embracing innovation. But for the future-forward insurer, that’s not even half the battle.

The Harvard Business Review notes that insurers have traditionally faced two options for implementing new IT systems, both of which come with considerable tradeoffs. They could either have their own developers build entirely new systems — a model that aligns more closely with a company’s specific business requirements, but which also entails higher costs and longer development times. Alternatively, insurers could turn to external vendors — a much cheaper option that allows for quicker installation, but potentially at the expense of an ideal fit with the insurer’s business needs.