Are Low-Code/No-Code Solutions the Answer to Increasing Speed to Market?

Carriers’ and MGAs’ core competencies are focused on creating, pricing, and delivering great products that match the needs of the marketplace. However, the next-gen software platforms needed to enable these core competencies are not typically in the insurance company’s wheelhouse.

The InsurTech concept was developed to help insurers and their distributors replace manual processes and increase speed-to-market. Today, these processes are most effectively created and powered quickly by low-code, no-code insurance platforms. Without the assistance of expertly created and deployed low-code/no-code solutions, carriers, and MGAs can waste valuable IT resources and time. One example of this is the current painstaking process that many insurers face when attempting to convert and code Excel spreadsheets from actuaries to send to underwriters.

Without low-code/no-code development methods, bringing pricing models to market is a slow and meticulous process. The process typically includes actuaries creating pricing models in Excel spreadsheets and sending them to IT personnel to be coded and sent to the underwriting team. Delayed back and forth communication between the three departments (actuaries, IT team, and underwriters) can slow down the development process and delay client needs being met. Low-code/no-code solutions eliminate the need for heavy involvement from internal IT personnel. This enables this talented group to focus on higher-level strategic tasks like security and scalability and to help carriers meet customer needs faster.

Low-code/no-code solutions bridge the gap between actuaries and underwriters. With Majesco P&C Enterprise Rating, actuaries continue to build and maintain pricing models in Excel workbooks to calculate the risk premium. But the Majesco P&C Enterprise Rating platform adds a modern twist. It operationalizes these sheets with its no-code compiling capabilities to create enterprise APIs without IT involvement or any additional coding. This compile process cuts days or weeks from the typical rating build process. With it, enterprise-level capabilities and efficiencies are achieved without the enterprise-level complexity and duration.

To be at the forefront of an ever-changing market like the E&S and Specialty industry, speed-to-market is everything. Low-code/no-code software solutions help carriers and MGAs more quickly and efficiently meet client needs. The bottom line? Products get to market faster, with fewer errors. Carriers and MGAs can now react to broker requests for additional product enhancements that better serve their customers with greater speed and decreased complexity. Operation staffing levels need not increase when there are new product introductions. When low-code and no-code processes are the foundation of product development, carriers and MGAs can focus on creating profitable books of business and developing new customer markets and can leave the IT build to experts like Majesco.