For insurers , speed of implementation can either make or break your ability to satisfy market demand . That ’ s why no-code platforms are becoming popular
For insurers , speed of implementation can either make or break your ability to satisfy market demand . That ’ s why no-code platforms are becoming popular
No-code platforms are becoming increasingly popular among insurers striving to migrate away from legacy systems and unshackle themselves from the burden of manually coding everything .
The need is clear : as consumers face greater cost-of-living pressures and the global economy stares down the barrel of a prospective recession , insurance is going to be one of the sectors adversely affected . As insurance falls down the priority list for consumers , insurers will need to find a competitive edge wherever they can – perhaps becoming leaner , improving fraud detection , or raising the accuracy of risk modelling and the precision of policy pricing .
According to McKinsey , premium growth within the insurance sector contracted to just 1.2 % in 2020 compared with a growth rate of more than 4 % in each of the prior 10 years , while profits fell by around 15 % from 2019 .
James Lawrence , Director of Insurance for McKinsey , says : “ Insurance companies need digital solutions that play well with their legacy systems , allowing them to dismantle outdated platforms incrementally instead of enduring the cost and risk involved with
insurtechdigital . com 59