Budget crunch? 10 reasons to consider a no-code platform in 2023
2022 has been a turbulent year for the global markets. The insurance industry has been particularly hard hit. We are entering the hard market.
According to the latest underwriting projections by actuaries at Triple-I and Milliman, the loss pressures and a hard P&C market are expected to continue in 2023 due to inflation, supply chain disruptions, and increased geopolitical risk (source: iii)
According to Goldman Sachs, the hard insurance market will likely continue in 2023, saying that "inflation, geopolitical uncertainty, and natural catastrophe will maintain upward pressure on pricing."
Analysts expect the hard market to persist due to multiple factors
- An increase in frequency and severity of natural disasters
- An overall increase in claim activity
- A rise in expenses, such as reinsurance costs
- Pressure on investment income
As a result, insurance companies are under immense pressure to improve their profitability metrics. In order to improve their combined ratios, insurers need to find ways to lower costs and increase revenues.
2023 Digital Transformation Projection for the P&C market
As we move into 2023, insurers will be looking to cut costs wherever possible. One area where savings can be made is in the digital transformation budget.
Yet, this is a dangerous game, as insurers who don't keep up with the digital transformation will be left behind. Especially organizations that find themselves on the lower spectrum of the digitalization scale.
The initiatives that will make it into the 2023 digital transformation budgets will be those that have a high probability of success, high ROI, and a low cost of implementation. This is where no-code comes in.
Here are 10 reasons to consider a no-code platform for your digital transformation in 2023:
1. A no-code platform will save you money
No-code platforms offer a middle ground for insurers looking to save on their digital transformation budgets. No-code platforms offer a cost-effective way to achieve transformation goals, with less need for expensive consultants and developers.
In a world where you can't afford to be left behind, a no-code platform could be the answer to your prayers.
2. A no-code platform will help your team move faster
it is much quicker to develop and deploy applications on a no-code platform than it is on a traditional code-based platform.
A no-code platform will also help you move faster, as you give your IT tools to develop and deploy new applications faster. This is crucial in a rapidly changing market where insurers must be agile to survive.
The solution is to move to a no-code platform that will enable you to develop new applications quickly and efficiently.
3. A no-code platform will make your processes more efficient
By automating manual tasks and processes, a no-code platform can help you make your operations more efficient. This will free up time and resources that can be better spent on other business areas.
Customer data intake is one area of the business that has traditionally been very manual and time-consuming. By automating this process with a no-code platform, you can improve efficiency and free up resources to focus on other areas of the business.
4. A no-code platform will improve customer experience
A no-code platform can help you improve customer experience by creating custom applications that meet their specific needs. This is vital in an industry where customer retention is key to success.
It has been shown that happy customers are more likely to stay with an insurer for longer. Customer satisfaction is directly related to profitability, so it is essential that insurers focus on this area.
5. A no-code platform will help you future-proof your business
By investing in a no-code platform, you'll be future-proofing your business against the ever-changing needs of the market. This will give you a competitive edge and help you stay ahead of the curve.
Compatibility with new technologies is one of the main benefits of a no-code platform. As new technologies emerge, you'll be able to quickly and easily integrate them into your existing applications.
6. A no-code platform will help you keep up with the competition
As the insurance industry becomes more digital, those who don't keep up will be left behind. A no-code platform will help you build the applications you need to stay competitive.
As insurance companies become more digital, the need for custom applications will increase. But budget-crunching IT departments might not have the resources to develop these applications in-house. This is where a no-code platform can help, by enabling insurers to quickly and easily develop the custom applications they need to stay ahead of the competition.
7. No-code platforms will help you scale.
Scaling quickly is a challenge for most businesses, but it's an especially difficult task for insurance companies. No-code platforms can help you overcome this challenge by making it easy to develop and deploy new applications as your business grows, without requiring tons of resources.
8. A no-code platform will make your team more productive
By automating manual tasks and processes, a no-code platform can help your team work more efficiently. This will free up time and resources that can be better spent on other business areas.
9. A no-code platform will improve communication and collaboration
No-code platforms offer an easy way for teams to communicate and collaborate on projects. This is crucial in an industry where teamwork is essential to success.
10. A no-code platform will help you meet regulatory requirements
Doing more with less is a challenge that all businesses face, but it is especially difficult for insurance companies. This is because they are often hamstrung by their need to maintain compliance with regulations. A purpose-built no-code platform can help you overcome this challenge by outsourcing compliance and security burden to the vendor.
Digital transformation is no longer an option for insurers - it's a necessity. And a no-code platform can be the key to success. If you're looking to save money, move faster, and improve efficiency, a no-code platform is the way to go.
Boosting profitability by transforming customer data intake
One digital transformation challenge that can be solved with a no-code platform is customer data intake. This is the process of collecting and storing customer information so that it can be used to make better decisions about coverage, pricing, and claims.
There are two main ways that insurers collect customer data: through manual input (such as paper applications) or through digital channels (such as email, PDF and website forms).
A no-code platform can be used to develop a custom application that automates data entry. This has multiple benefits:
Ten ways digital data intake improves profitability in insurance
- Reduces the cost of customer data collection
- Improves data integrity and accuracy of customer data
- Makes automation downstream possible
- Reduces fraud and boosts underwriting profits
- Transforms the customer experience
- Helps identify upsell and cross-sell opportunities
- Deflection to self-service from your call center
- Improves the quote-to-bind ratio
- Automates customer communications
- Allows for real-time customer segmentation
For digital channels, a no-code platform can be used to develop an interface that makes it easy for customers to submit their information via self-service channels If you still use PDF forms and clunky manual processes, there is no doubt that you need to make some changes on that front.
EasySend is the leading no-code platform for developing digital customer intake solutions. We have helped insurance companies of all sizes increase their profitability by transforming customer data collection and improving the customer experience. Contact us today to learn how we can help you transform your data intake processes.