Bridging the Technology Gap in the Insurance Industry with No-Code
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If your company has been in existence for more than 30 years, your technology stack is carefully balanced. A single misstep could flatten the stack, turning it into a game of 52-card pickup. Companies may be able to collect their cards, but putting their decks back together may prove impossible. Many of the technologies do not integrate well — if at all. The incompatibility forces businesses to revamp their tech stack.
Creating a new technology stack can be challenging, especially when trying to build an end-to-end solution. It is not only cost-prohibitive to replace enterprise-wide technology all at once, but it is also disruptive to employees and customers. For many organizations, the technology stack may involve a core system, an IVR solution, OCR capabilities, web interfaces, and miscellaneous applications such as ACH processing or biometrics. That’s why businesses need a plan for modernizing their technology stacks.
Where do insurers begin?
The best way to strengthen a technology stack is to:
- Understand the technologies
- Assess solutions
- Build bridges
- Plan to transform
Organizations may not realize that technology is controlling how they do business. If they want to build an infrastructure that supports a customer-focused business, they must shift their thinking. Instead of asking, “Can the system do that?,” insurers need to ask, “How can we do that?” If the industry lets technology determine what can and cannot be done, they may find it more challenging to meet customer expectations.
When technology first entered the insurance industry, it focused on operational efficiencies. Instead of staff manually updating records, computerized systems were deployed. Data was entered into the system during business hours, and data processing happened overnight. Information was stored on computers instead of in filing cabinets.
Eventually, technology defined internal workflows. Staff opened accounts or filed claims using an application-defined process. Failure to follow the pre-set steps resulted in errors. Although applications became more user-friendly, the fundamental design did not change. The systems were designed to collect and store information. They were not designed to share it.
The inability to easily share information became a limiting factor as newer technologies needed access to the data. For example, IVR lets customers phone-in to check claims or make payments. Websites needed information about policies, rates, and claims. With every customer-facing application, came the request for information from a system that was never meant to share it.
Sharing data across an enterprise is a foundational component of digital transformation. It’s impossible to deliver a consistent customer experience if there isn’t a single source of truth for the information. Yet, many core systems struggle to deliver information to multiple endpoints in real-time.
Some insurers have deployed middleware to facilitate data sharing in real-time. Others have created mirrored systems or integrated a core system with a customer relationship management system (CRM) to improve customer interaction. No matter the workaround, there’s always a point in the process where employees have to bridge the gap between technologies.
Employees may stay late to start a process or spend time importing data from one system and exporting it to another. Custom reports may require staff to collect data from multiple sources before they can be generated. Customer support personnel may have to toggle in and out of different systems to address a single customer request.
Insurers may have found ways to bridge technology gaps in back-office processes, but those same solutions do not apply to customer-facing applications. Employees must work within the confines of the tools they are given. Customers have no such constraints. If insurers cannot deliver excellent customer experience, they will struggle to compete with those who can.
No-code platforms can serve as that bridge. Such platforms can:
- Lessen the burden on IT
- Scale for growth
- Facilitate integration
- Expedite digital transformation
No-code platforms use citizen developers with little to no coding skills to create applications. Because no-code platforms do not require coding experience, non-technical staff can build applications that would typically go to IT. Citizen developers use visual tools for dragging and dropping components into a template. From the graphical user interface (GUI), employees can arrange different elements until they have working applications.
Lessen IT Burden
Many IT departments are faced with maintaining legacy systems, integrating technologies, and delivering system improvements, even as technical positions go unfilled. Current projections show a 12% to 20% growth in computer-related jobs over the next ten years. Yet, the number of qualified people is not projected to increase dramatically.
Companies will have to learn how to deliver more with less. No-code solutions enable citizen developers to construct applications, freeing IT personnel to focus on more technical-demanding tasks. Taking some of the burden from IT not only shortens the timeline for feature delivery, but it also reduces the cost associated with hiring technical staff. The average salary for an IT employee is about $100,000 per year.
Scale for Growth
A company scales when it continues to operate efficiently while meeting ever-increasing market demands without adding costs at a similar rate. Insurers find it challenging to accomplish significant scaling while tied to older technology that struggles to share data. They will need to look for solutions that can scale while bridging the gap between different technologies.
With no-code, companies can create customer-facing applications that collect and route information. Depending on the data, no-code applications can forward information to different endpoints. Whether the data needs to go to a CRM package or an RPA solution, no-code platforms such as EasySend can route the information to the appropriate endpoint. It can even deliver the data to legacy systems. This capability allows insurers to scale their customer-facing components with little impact on core systems.
Integrating no-code applications into a technology stack can create a single source of truth for customer data. Whether it’s closing a claim or signing a document, no-code platforms can serve as a gateway to the various back-end technologies. It eliminates exporting and importing data across multiple channels, which can result in inaccuracies.
With no-code, the customer sees a consistent user interface regardless of the back-end technology. For example, an insurer decides to replace its helpdesk application, which includes a customer-facing form for identifying a problem. With no-code, the customer-facing form could maintain the same look and feel like the older helpdesk, causing less customer disruption. When glitches happen (as they always do) during initial deployment, no-code works as a buffer, keeping the customer unaware of possible problems.
Expedite Digital Transformation
Using no-code’s integration capabilities, insurers can move towards digital transformation a step at a time. They can replace components of their technology stack without a significant impact on the customer. Instead of waiting until the time is right for an enterprise-wide change, businesses can achieve digital transformation in increments with less impact on financial resources, IT personnel, and the customer.
Because no-code platforms enable citizen developers, customer-facing applications can be modified quickly. If a new help desk solution needs a new field on its form, non-technical staff can make the adjustment promptly with little to no impact on the customer experience. There’s no need to wait weeks or months for IT to make the change.
Plan to Transform
With a no-code platform in place, insurers can plan their digital transformation. They can maintain a single point of truth throughout the process. There’s no need to worry about enterprise-wide disruption that impacts employees and customers. Instead, organizations can take deliberate steps to maximize older technologies, leveraging the capabilities they were designed to deliver. The industry has time to assess solutions, knowing the tech stack doesn’t constrain growth.
Isn’t it time to start your digital transformation? Reach out to us for a demo of our no-code platform for insurance and financial services.