Not too long ago, the launch of a new insurance product or digitizing an internal process would mean months of planning, layers of approvals, and endless back-and-forth with the IT teams that too on a significant budget. However, today, the scenario is quite different, and low-code/no-code platforms are making the quiet revolution right from unfolding in boardrooms to underwriting departments alike. This is what is called low-code no-code development- and it’s reshaping how the insurers think, build, and deliver.
Keep reading till the end to unpack how this shift will not just be about faster tech, but it will be about building a smarter, more connected insurance enterprise.
Is Following the Status Quo Supposed to Bring Struggle?
Picture this, one of the leading insurers in India is eager to launch a product in Health Insurance and is aiming to target millennials. However, despite market readiness and customer appetite, the launch was significantly delayed for over eight months. Do you sense the inconvenience and frustration that will result from this?
Topping it off with the endless integration loops and legacy system dependencies. Their IT backlog was also quite overwhelming, and the business teams could not even move without having the support from the development team.
This is not an isolated case, in fact as per a PwC report, many insurers are still heavily reliant on outdated systems, which significantly hinders their ability to shift from risk mitigation to risk prevention.
This is exactly where an LCNC platform makes the entire difference.
The Growing Momentum of Low-Code and No-Code Platforms
A few years back, a low-code/no-code platform was considered a “nice-to-have” tool for prototyping. However, that is not the scenario today as they are becoming more strategic imperatives across the global insurance landscape.
A Gartner report suggests that by 2026, over 65% of application development will be done using low-code or no-code platforms.
While this adoption trend is gaining rapid pace, what’s the exact reason for this rising momentum of Low Code No Code platforms in the insurance industry?
The reasons are quite simple:
Economic Pressures – that have been pushing the insurers to “do more with less”
Rising Customer Expectations – for faster service and digital-first interactions
Increased Demand – for personalized, modular products that require a faster market launch
However, the most important realization amid these reasons for the rapid momentum of low-code, no-code platforms remains the understanding that traditional IT development will no longer be sufficient in keeping pace with market dynamics.
The shift to a Low Code No Code platform is not just a tech trend, rather it’s a boardroom conversation. One that forward-thinking insurers are no longer dodging but acknowledging.
What’s Next- A Shift in Mindset
The real transformation with low-code no-code software is not just technical but also cultural.
It is also about breaking the silos between business and IT. It is also about reducing the innovation gap between ideation and execution.
Additionally, it’s about building a more responsive, agile insurance organization that is ready for tomorrow’s customers.
In an era where customers expect instant quotes, 24/7 service, and hyper-personalized products, the question will no longer be on the need for LCNC platforms, rather it will be on the speed of how fast insurers can embrace them.
What Can Insurers Embrace?
The future of insurance will significantly belong to those who can build faster, adapt quicker, and serve smarter. The Low Code No Code platforms are not just about trends, rather they are strategic levers.
No matter whether you are an industry leader, IT head, or an operations professional in insurance, now is the time to significantly explore how these LCNC platforms can unlock the road to your growth.
Because in the race for reimagining insurance, agility is not just a luxury, rather it’s a necessity.
