Low-code platforms help insurers accelerate digital initiatives

Today, every insurer must become a digital insurer. Customer expectations are rising and are shaped by their digital experiences with innovative companies in other industries, such as Uber, Amazon and Airbnb. Customers now expect insurers to provide simple, personalised products and experiences.

In the past two years, 37 percent of customers have switched insurers, and the churn rate is rising, up 13 percent over the last few years. This means insurers must begin to explore the impact of digital technologies on the entire insurance value chain, beyond the direct focus on distribution.

The relentless focus on “digital speed” is forcing insurers to reach for new approaches that enable delivery of new apps in days and weeks. Enter low-code development platforms.

This article highlights how low-code platforms help insurers accelerate digital Initiatives.