Prior to digital transformation, insurers were beholden to outdated legacy systems and long software development cycles, creating significant gaps between the insurance applications they wanted to build and the ones they often ended up with. It isn’t just detrimental to operational efficiency, but a barrier to delivering an excellent customer experience. Now that modern applications in insurance can be built using application programming interfaces (APIs) which enable low-code/no-code development, insurers are able to design robust applications that are quick to market and can be easily changed based on user feedback and evolving business needs. Untethered from the rigid software design processes of the past, this user-friendly development paves the way for insurers to turn the applications they always wanted to build into reality.
Simply put, low-code/no-code allows insurance business analysts without extensive programming experience to design and create applications through configuration features and graphical user interfaces, making development much faster and easier. Insurers gain the flexibility to use a test-and-learn approach with applications by mixing and matching internal and external APIs to solve real-world business problems, in ways that weren’t previously possible.
Demonstration: Automated Policy Quoting via Integrated APIs in a Low-Code/No-Code Environment
In the above demo from Insurity’s Connected 2019 user conference, Matt Black, our senior architect, shares how—in just a few hours—he created his own automated policy quoting solution through integrated APIs in a low-code/no-code environment.
Using Insurity’s low-code/no-code platform, DigitalXPerience Studio, insurers can leverage an app designer tool to drag-and-drop different functionalities in a sequential “production line” format. Employing internal APIs, such as price quoting, along with external APIs, including Gmail and Microsoft’s artificial intelligence natural language processor, allowed Matt’s solution to automatically send and receive emails to potential customers, pull key information from the emails, deliver a quote, and bind a policy with no human intervention.
In the past, an application such as this would be difficult to build and even harder to scale. The Insurity solution alleviates multiple steps from an insurance carrier’s front-line employees because they no longer spend time replying to hundreds of emails and filling in insured information for quoting.
The simplicity of APIs and low-code/no-code development helps align the IT and business sides of an insurer, creating an application that completely addresses the business need, while saving time and development costs. Further, this development approach empowers insurers to translate their creativity to real-world solutions, encouraging the innovation that drives business growth and competitive advantage.