Today, India’s medium-sized insurers face a different challenge with the rapid change in the insurance industry, including the need to enhance operational efficiency, adopt innovation, and deliver satisfying customer experiences to compete with the larger competitors in the market.
“Insurance for All by 2047” vision, on top of this challenge, is forcing a need to adapt rapidly to the change, or to be more exact, the insurance industry’s evolution with insurance technology.
One of the primary reasons is the continued reliance on outdated, on-premises, and legacy core insurance systems. These traditional systems are often slow, costly, and fragile, limiting the ability to respond swiftly to the dynamic demands of the modern insurance market.
While larger insurers in India also struggle with legacy technology, many have already taken steps to modernize their core systems with intelligent insurance technology. This move has opened a unique opportunity for insurers to establish a competitive edge by adopting alternative technology solutions.
However, small to medium-sized insurers will require a significantly higher budget to establish such advanced insurance tech. There is an alternative, though. It lies in insurance technology solutions, which offer low- and no-code configurability. By taking this route, medium-sized health and general insurers can potentially leapfrog their larger counterparts, with lesser resources and faster go-to-market capabilities.
These solutions provide a streamlined approach to operations, enhanced agility, and the ability to rapidly develop and deploy new products. Thanks to low- and no-code configurations, insurers can drastically reduce the time required to launch new services—from months to mere weeks, days, or even hours—allowing them to capitalize on growth opportunities at a much faster pace.
In a market as dynamic as India, where speed and adaptability are crucial to seizing new opportunities, such capabilities could be the key to staying ahead of the competition.
PRACTICAL APPLICATIONS OF LOW-/NO-CODE TECHNOLOGY
Simplifying Claims Automation:
By leveraging low- and no-code configurations of such insurance technology, medium-sized insurers can more quickly develop, implement, and refine automated workflows. This not only improves the efficiency of routine claims processing but also enhances the management of high-touch claims.
These workflows and automation tools enhance operational efficiency by streamlining the claims process and improving customer satisfaction through faster resolutions. Moreover, because they can be rapidly deployed and adjusted via configuration rather than traditional coding, they offer a significant advantage in a fast-moving market.
Accelerating Product Innovation:
Low- and no-code configuration empowers business-side users, such as product managers, to design and launch new insurance products without heavy reliance on IT teams. This capability is particularly beneficial in a “use and file” regulatory environment.
By utilizing this insurance technology, medium-sized insurers can quickly design and test different coverage features across various markets or distribution channels (such as online platforms versus brokers). Instead of taking months, these new product variants can be developed in a matter of days or weeks. This agility allows insurers to respond swiftly to market trends, regulatory changes, and customer needs, fostering a culture of innovation and enabling them to introduce competitive products ahead of their larger competitors.
Dynamic and Competitive Pricing:
When it comes to adjusting policy prices in response to market changes, such as de-tariffing, low- and no-code configurations can be invaluable. Pricing or finance teams can easily design, test, and implement new rate strategies themselves, without needing to wait for IT teams to execute changes.
This self-service approach to rate changes significantly reduces the time to market for new pricing strategies, giving medium-sized insurers a first-mover advantage. It allows them to offer more competitive and dynamically priced premiums, positioning them ahead of their larger, slower-moving competitors.
THE INUBE ADVANTAGE: ADVANCED INSURANCE TECHNOLOGY THAT IS SMARTER, AND MODULAR.
As highlighted, low- and no-code configurations, when applied to the design and development of insurance products and processes, offer medium-sized insurers a chance to operate at a much faster pace. The speed and flexibility offered by SaaS-powered solutions like those provided by iNube give medium-sized players a critical advantage.
By adopting these technologies, medium-sized insurers can ensure they are not just keeping up with the market but leading it, seizing new opportunities as they arise, and staying consistently ahead of the competition.
To explore how iNube’s insurance technology solutions empower your business, click on the link to talk to our team.
