DIGITAL TRANSFORMATION
“No-code platforms put tech in the hands of people on the front line of pricing decisions , distribution decisions and data-enrichment decisions ”
TIM HARDCASTLE CEO AND CO-FOUNDER , INSTANDA products , rates , forms , and front-end experiences with minimal guidance from our implementation experts . The no-code nature of the platform enabled them to quickly iterate based on customer needs and operate with a lean team of business users . They leveraged the pre-existing generic workflows and processes of an insurance platform then added , through no-code configuration , all the key elements to create a highly varied , differentiated insurance portfolio in months . As a result , their business growth is dramatic . In their first year , they will write over $ 20mn , and they expect to reach over $ 100mn within three years from a standing start .
“ No-code platforms are also more flexible when it comes to customer and policy data , meaning they can break down silos of information and offer more personalised products . Many other fintech industries have already stolen a march on the insurance sector by becoming more retail-like in this way .”
Are no-code systems inherently more secure ? Insurers who embrace no-code technology will quickly discover that it ’ s cleaner and simpler from a UI perspective – but this doesn ’ t necessarily mean that no-code is safer , Filip Verloy says . “ Overall , low-code and no-code apps aren ’ t inherently more secure than traditional apps . Just because they hide the back-end complexity for developers , doesn ’ t mean that complexity is not there anymore . Furthermore , these apps still run on infrastructure , and infrastructure remains insecure by default .”
Instead , insurers should be wise to the security implications that exist and continue to be vigilant , particularly with the threat landscape the way it is . Verloy continues : " It should be assumed that citizen developers are not cybersecurity experts . Considering how easy it is to consume and potentially manipulate APIs – the data sources tying these lowcode apps together – we need to ensure that platforms can be built as securely as possible .
“ Currently , the focus is on ease-of-use and the assumption that the underlying systems exposed via APIs are working as expected and secure . That assumption is not correct , especially in the insurance industry , where multiple third-party systems need to be interconnected for data to be exchanged .
“ Therefore , despite simplifying the developer experience , it is vital that security remains paramount . If anything , more security controls need to be in place to train and monitor the influx of citizen developers .” insurtechdigital . com 65