Everything You Need to Know About Low-Code Technology

  May 2024       InsurIQ Team

Over the last decade, cloud services in business have gone from a luxury to an expectation. In fact, Gartner (2023) forecasts that by 2028, the cloud will be a business necessity. But how can software developers and IT departments keep up with this growing demand for automation and digital transformation?

Enter low-code: “a visual approach to software development that enables faster delivery of applications through minimal hand-coding” (IBM). With a reduced reliance on coding, businesses can spend less time in the weeds of software development and more time reaping the rewards of automation with more efficient workflows and lower operational costs.

Businesses are quickly catching on to the advantages of low-code technology. In fact, this software development approach was projected to grow nearly 20% in 2023 (Gartner 2022). As we progress further into 2024, that growth isn’t likely to slow down. Here’s how your insurance company can benefit from leveraging low/no-code technology in your business processes this year:

Why Adopt Low-Code Technology?

Cut application, underwriting, claims costs: Cloud services’ automation capabilities reduce both processing time and support costs, which will improve your bottom line.

 Decrease IT legacy costs: Unlike legacy systems, low-code technology enhances data transparency and standardizes the migration of data, which lowers the cost of IT legacy support.

 Gain competitive edge: Digitizing with low-code platforms improves the omni-channel experience and makes businesses more competitive in the digital era.

 Improve compliance: Low-code technology allows workflows, business logic and rules, and the application user interface to be customized in a matter of hours. This means your business will stay on top of changing rules and regulations and avoid any penalties from non-compliance.

How Can You Use Low-Code Technology?

Application submission: With low-code tech, the applications submission process can take place online by submitting an electronic PDF. Direct data feeds also ensure that the customer receives accurate, up-to-date information about the status of their application.

 Customer experience: Low-code platforms allow insurance companies to build and deliver an intuitive, omni-channel digital experience. Customers can expect more prompt responses to their inquiries, as well as ease of use.

Underwriting workflows: Low-code technology automates various underwriting processes like application collection, rating, quoting, and policy issuance. The automation of tasks reduces manual efforts for underwriters, allowing them to focus on more complex cases.

 Claim reporting: Cloud services simplify and streamline the entire claims process by automating claims submission, review, approval, and payment request.

 Analytics: Businesses that use low-code technology can visualize submissions, quickly address bottlenecks, and minimize operating costs.

 Compliance: Cloud services are dynamic and adaptable, so businesses can count on this technology to manage state variability and compliance verifications, even as they change over time.

Streamline Your Business Processes with WorkflowIQ

If you’re ready to make paperwork a thing of the past–without getting bogged down in confusing code–then WorkflowIQmay be the solution for you.

WorkflowIQ is our no-code platform that’s designed to create customized forms and automate your business processes. It simplifies data capture, transfer, management, and analysis across a variety of business modules, making your operations smoother and more efficient.

If you’d like to view a demonstration of our platform, you can view our webinar, “WorkflowIQ: Unleash the Power of No-Code Automation.”

Contact us to discover how WorkflowIQ can automate your workflows and give your insurance business a competitive edge in 2024.

 

 

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