The insurance industry is adopting digital and offering products online but customers today expect faster delivery timelines and personalized service. This mandates modernization of legacy IT infrastructure and agility. Not just that, we have the Gen X and millennial insurance buyers, a new-age tech savvy workforce all capable of managing their policies online, claiming insurance and renewing policies through mobile applications.
Besides, long waiting periods is no longer an option for the digitally savvy world.
As the insurance industry makes a shift from a risk and product-centric business to a more customer-centric business it’s all about speed. For instance, understanding and signing an insurance policy via an app or website, with easy-to-understand questions, all within 90 seconds. Or even settling claims in less than an hour. This is the speed that customers expect in the digital age.
Digitizing the insurance CX is now a necessity with emerging insurtechs and other avenues in this sector leveraging a myriad of new technologies.
Now, this is to suggest that the new way of doing insurance will be powered by technology and agile application building methodology with low-code platforms.
The insurance sector has endless processes, such as payment schemes, renewals, claims, onboarding, meeting regulatory requirements etc. And, low-code application development platforms help drive innovation with next-gen digital engagement solutions for Policyholders, agents, and brokers.
With re-usable low code components, insurers can integrate legacy systems with new features and deploy them faster into the market. Low code addresses issues such as Information gaps with citizen development wherein business and IT departments are a part of application development with increased customer-centric policies into development. Low-code platforms like Reasy leverage a highly visual modeling environment to encourage developers and business users to collaborate and work together to develop the software rapidly. They also offer more interactivity through portable devices to boost engagement, automation of tasks, and rapid development of applications is a matter of just a few weeks with new low-code capabilities.
Insurance companies can
- Manage multiple lines of business from a single platform, with infinite possibilities for personalization and bundling.
- Improve customer satisfaction with frictionless and compelling payments offerings- from initiating a transaction, and receiving the payment notifications, to authenticating and validating them, insurance companies can deliver the convenience of a hassle-free and highly secure transaction.
- Orchestrate interactions across internal and external stakeholder groups- for example reconcile with a payment request coming from other internal applications.
- Enhance employee experience by streamlining and digitizing operations, reduce email and paper processes
- Powerful self-service portals for agents, and conversational user experience.
- Streamline processes through digital forms, and complex business logic.
Even in complex, highly regulated industries like insurance, low code platforms deliver unparalleled speed and flexibility while using a fraction of the resources. And, accelerated time-to-market means accelerated time-to-revenue. Low code democratizes the way products are created and deployed, reducing development cycles to days or weeks while ensuring security and compliance.
According to an article published by Forbes, “Growth and retention will rely heavily on service-based strategies that improve the CX. So, it’s become important for insurers to redefine the desired brand experience, look into the impact of new digital devices and capabilities, and make out how they can work together to modernize customer experience.”
To know how Reasy platform can help you move beyond legacy systems, schedule a personalized demo with one of our in-house experts.