This post is part of a series sponsored by AgentSync.
Low-code and no-code software are becoming a must-have for insurance companies that recognize the need for continuous adaptability and speed.
shared elsewhere How Salesforce low-code and no-code software solutions helped AgentSync start its first compliance controls product with minimal effort. Instead, we were able to spend time and energy understanding the whimsical basics of state regulations and the jurisdictional nuances of license classes and authority.
Sure, we don’t want to underestimate the knowledge and experience of software engineers who can code from scratch, but for scalability, technology backed by weeks of bespoke coding solves every problem. not. Here at AgentSync we are passionate about scalabilityand was founded on the premise that insurance technology should be more intuitive, processes should be more automated, and scalability shouldn’t be inherently tied to staffing. While it applies that philosophy to compliance, that’s not the only area of the business worth looking at through that lens.
What does low-code and no-code mean?
Low-code and no-code software options are what tech geeks call “highly configurable.” It requires little in-depth knowledge of software languages, instead relying on code blocks to build user experiences with preconfigured functionality.
If you’re familiar with web development, remember those early web pages where developers had to place blocks of code text to tell the browser the colors of the site. Then came her web management service that allows you to create personalized pages with very little coding. Anyone can now start a blog or personalize their social media pages. No code required.
These highly configurable features are not limited to web pages. Software developers can also take advantage of these features by using application building blocks.
The low-code option is exactly what it sounds like. It’s a configurable variation of application development that requires very little code and no software development.
The no-code option allows developers to stack functionality for a more intuitive and user-friendly experience on both frontend and backend.
Why emphasize configurable options for technology?
Insurance and agency executives across the country, no matter how savvy and low-tech, should be concerned with composability discussions when planning budgets and strategizing their workforce.
Ah No-code App Platform Quixy Stats Roundup Blog: No-code and low-code software development makes cloud-native applications 10x or more faster with 70% fewer resources.
Frankly, why wouldn’t you want such a powerful effect?
1. Talent crisis and software needs
industry across the country I’m having trouble getting enough people to do what I want to doThis is even higher in the insurance industry and even higher in niche areas such as software engineers in the insurance industry.
Quixy data underscores this point. In a 2018 survey, 80% of surveyed organizations said their IT teams weren’t staffing the way they wanted. Do you think these stats are getting better or worse today?
Even if you don’t intend to build a product in-house, your existing tech stack needs servicing, and the tech tools you use will benefit from talent gaps based on whether the business they support can sustain the talent. or suffer. they need. Having configurable tools means you (or your technology partner) can upgrade the software you need without human intervention.
Software-side automation is the future. actually, Gartner predicts that by the end of 2024, 80% of technology tools will be built by people without software development skills.thanks to an increase in configurable software tools.
This is certainly a challenge for operators and agencies with their own bespoke, outdated in-house software systems. Unfortunately, many companies have fallen into the sunk cost fallacy, believing that if they have spent millions of dollars on their current tools, those tools are the only way to further develop them in the future. increase. Otherwise, all the money spent on development will be lost, right?
2. Easy to maintain and upgrade
If your tech stack is built on a composable underlying solution, your apps and tools will automatically be enhanced whenever the parent software upgrades its tools with security features, bug fixes, and other changes.
Compare this to the cost of maintaining a bespoke legacy system in-house. As the software world changes, tools become obsolete and difficult to use on other systems. Data transmission and protection becomes more difficult. Each upgrade to an existing system is a threat, a new opportunity to expose impediments and impediments.
Your team sees innovation as an inconvenience instead of being open to new features and evolving technologies!
Shifting the paradigm by adopting highly configurable, adaptable, and constantly iterating technology for improvement, both internally and through technology partnerships, without the need to invest in large staffs just to maintain the software. increase.
3. It’s the future
nevertheless 100% of companies that invested in highly configurable software solutions reported a positive ROI In one survey, nearly half of all companies reported they had never set foot in a no-code or low-code development environment. With his ROI of this sort, companies that hold out will no doubt see the real consequences of their decisions.
So-called “citizen development” can also make it easier for insurers to cross-train their staff. Citizen developers can combine both knowledge bases into their skill sets, rather than siloing between software developers and underwriters. Create more user-friendly and adaptable tools while breaking down silos It’s like a win-win-win.
The result of configurable technology: more resources for other things
The real problem with configurable technology comes down to resources. Do you spend more resources on custom software such as development, staffing, maintenance, and upgrades?
We are a software company, so it makes sense to spend time and money on software development. However, insurance agents and insurers may wish to devote more resources to product differentiation, policy development and service improvement.
Highly configurable tools are here to stay, giving those who embrace this evolving technology trend the option to work smarter and harder to meet their most pressing digital needs.
At AgentSync, we are fully committed to the message that efficient, automated and intuitive tools are the future of insurance. If you’re ready to see how you can upgrade your tech stack with our configurable Producer Maintenance Tool, Check out the solution now.