Bhagvan Kommadi, Director of Product Engineering, ValueMomentum
There is a trend for using No code Platforms in health care and insurance. No code platforms help insurance companies to radically improve the time to market and delivery of Life, Annuities, Retirement, Accident, P&C consumer, commercial, and Speciality products. Insurance companies can sell their product across different business lines and distribution channels. Digital Transformation in insurance sector can be enabled easily using no code platforms. Applications can be created using drag and drop actions and deployed using DevOps hence reducing total cost of ownership. APIs can be used to integrate with legacy systems. Application can have plugins to configure the APIs.
According to Gartner's report in January 2021, by 2025, 70% of new applications developed by enterprises will use no-code or low-code technologies. This has increased from 25% in 2020 to 70% in 2021.Gartner Magic Quadrant for Enterprise Low-Code Application Platforms has Mendex and OutSystems as two top low-code platforms. The others are Microsoft, Salesforce, Appian, Betty Blocks, Pega, ServiceNow, and Oracle. Forrester lists out OutSystems, Mendix, Microsoft, Salesforce, and Kony as the low-code development platforms for application development.
Insurance enterprises are looking for digital transformation platform. They are planning digital transformation initiatives for post covid recovery and to accelerate their business processes .No code platforms can help both insurance and health care companies to get started on their digital transformation initiatives. Customer experience can be improved by using the no code platforms instead of custom application development. No code platform can help to create applications easily compared to traditional application development. Team can collaborate easily by looking at the functionality, changes, and deployed application. The platform can help in cutting down the build, resource, and maintenance cost.