Platforms are poised to radically change the business using innovative technologies like no code / low code to accelerate insurers’ digital transformation
Majesco, a global leader of cloud insurance software, today announced the release of a new thought leadership report, Insurance Platforms – The Digital and No Code / Low Code Platform. The report documents the evolution, definitions and industry viewpoints of digital and no code / low code platforms, highlighting key technology components and capabilities. The report details three different and progressively advanced and innovative no code / low code platforms that are transforming insurance business models.
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Constantly evolving technology, customer expectations and products are forcing the insurance industry to reevaluate and rebuild their business models and business processes in order to survive in an increasingly competitive market. This is driving demand for technologies that can enable digital business transformation with agility and speed. Digital platforms with no code / low code capabilities have become the game-changer to meet this demand.
“As customers, employees, partners and channels shift to digital experiences, the ability for businesses to become increasingly digital and agile is crucial for relevance and competitive advantage,” commented Denise Garth, Chief Strategy Officer at Majesco. “However, like all change, digital business transformation is successful only when company leaders from the top and throughout the organization believe in the need to change and approach it from a business focus, with an outside-in view with the needs of the customers at the center. This is where next-generation technology – digital platforms – make the difference.”
Three different no code / low code platforms provide increasingly robust, powerful capabilities for insurers.
Next Gen Core Platforms with No Code / Low Code Configuration allow business users and “Citizen Developers” to do configurations via a simplified, visual interface with WYSIWYG capabilities. “The platform provides the necessary architecture to support app deployment at scale, versioning, security, upgrades, infrastructure management and accessibility,” Sachin Dhamane, VP, Product Management at Majesco, explained. “This enables companies to get essential products and business processes up and running quickly and focus skilled IT resources on more complex issues.”
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Horizontal No Code / Low Code Platforms allow knowledge workers to create applications while accelerating digital transformation. While some of the current horizontal players offer insurance industry-specific applications, most market their solutions across a broad range of industries, placing them squarely in the enterprise software market.
Digital Insurance Platforms with No Code / Low Code (Vertical) provide all of the capabilities of horizontal platforms, plus insurance-specific components, including pre-built insurance content, workflows and blueprints; digital ecosystem of plug-and-play partner capabilities; ability to integrate with existing core systems; pre-built integration via APIs and integration hub to other third-party vendors and channels; no code / low code capabilities for branding, journey design, analytics, configuration, and more.
“Insurance-focused platforms need to have all the capabilities and scale of a horizontal platform, but with the added value of insurance-specific content, accelerators and ecosystems that can jumpstart and accelerate insurer’s digital transformation. This is why we built Majesco Digital1st® from the ground up to provide a single platform for all phases of an insurer’s digital transformation,” noted Manish Shah, Chief Product Officer at Majesco. “More importantly, because it has insurance-specific content, it is more valuable and easier for both business and IT users to create apps, whereas horizontal would be more focused on IT.”
These capabilities enable insurers to extend the platform and build uncompromised and compelling digital experiences. This is why not all no code / low code solutions are equal – and why industry-specific platforms can offer all that horizontals have but with the added benefit of industry-specific content, eliminating the need for multiple platforms
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