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LOW CODE & TECHNOLOGY

Insurance, the preferred sector of Low-Code

September 20, 2023

Drawing on our experience in developing business applications in the insurance sector, for the largest insurance groups in France and abroad, we are delighted to share our analysis of the virtues of low-code in this sector .

The world of insurance in the midst of a revolution

It is no longer in doubt that digital transformation has become a necessity for any company that wishes to remain competitive and best meet the needs of its customers.

This is all the more true in the insurance sector, a particularly competitive and increasingly innovative market.

In recent years, we have seen the emergence of a certain number of Insurtech startups aimed at responding to the incessant evolution of consumer uses.

These new entrants, 100% digital and “client centric”, were born in the sector usually considered the most traditional and conservative. While it is a sector which must optimize the processing of information for the updating of incident statistics and the granularity of analyses, which are the driving force of the economic model of insurance groups. And even more than elsewhere, Data is a fundamental element of digital transformation.

The impact of digital transformation

In the B2B world in which we operate, regulatory constraints are accumulating, customers expect a very high level of responsiveness to the impact of the COVID19 pandemic.

Some of our clients have been forced to begin this digital transformation in an unforeseen way, with the aim of quickly improving the customer experience, but not only that. The digitalization of work processes has made it possible to reduce the costs of insurance policies and claims handling. The applications developed have enabled companies to save up to 40% in processing time for compensation claims.

“The speed of development and the direct involvement of business operators are all assets that have attracted teams as diverse as sales forces, human resources and teams managing risk and arbitration.”

The challenges of low-code

Our digitalization expertise in the field of insurance allows us today to have a sharp vision on the use of Low Code, and more particularly the Mendix platform, in this area of activity.

As in all areas, the difficulty in adopting Low Code is not due to business entities but rather to the distrust of IT departments in the face of this technology, which is still poorly understood by the technical entities of the groups.

As for the Business teams, adoption was almost instantaneous. The speed of development and the direct involvement of business operators are all assets that have attracted teams as diverse as sales forces, human resources and teams managing risk and arbitration.

The still widespread use of Excel files, rigid systems like SharePoint and the development over several years of CORE IT systems create frustration among users. The arrival of the pandemic naturally accelerated things, with customers becoming more demanding on the quality of the interfaces put in place to meet immediate needs.

POC or Sustainable Applications?

We were therefore asked to design and develop interfaces to automate processes which until now involved heterogeneous IT media and made their management extremely complex for managers.

One of the best examples is the management of quote requests. It requires each email request to be subject to the study of several levels of expertise and requires a response time of 24 to 48 hours. Thanks to the design and production in Low Code on the Mendix platform, all these processes could be grouped into a single application in just a few months. The agile cyclical process guaranteed the sponsor to ultimately have THE desired product.

Naturally, some of these applications were doomed to be nothing more than Proof Of Concept initiatives with a future of decommissioning and industrialization in Core IT. However, on numerous occasions and for 90% of them, their effectiveness and the low cost of their maintenance have pushed IT to reconsider its vision and transform these initiatives into lasting and Core IT products.

Security and Data

The other pitfalls that we had to answer and argue concern the security of the applications that we develop and the sensitivity of the associated data.

Pour illustrer cet enjeu de sécurité, deux exemples nous semblent devoir être mis en avant:

100% of the Mendix applications that we develop in the insurance world are subject to high-level security tests, intrusion tests and… 100% resulted in an acceptability grade of A or B for production.
During one of the latest vulnerability announcements of a JAVA library, the correction of 35 applications was carried out in less than half a day!
As for data, the evolution carried out over the last 4 years in our design models has led us more and more to store only very small quantities of information, mainly linked to navigation, and to use several dozen data. The business API not only allows us to turn to data science algorithms today but also to exploit our clients’ data layer and update them in real time.

 

Our experience in the field

insurance and in Low-Code, agile development, on the Mendix platform, allows us today to consider the creation of business templates dedicated to this area.

We apply the same methodology to each new area of activity that we integrate: starting with small, fast and impactful applications for user comfort, then integrating the API layers present in companies and finally creating more complex systems integrated into the complexity of IT services.

Insurance and Low-Code, the winning duo
The kept promise of Low Code is to enable the development and deployment of application solutions on the cloud faster, in a scalable and agile manner.

It becomes the innovation facilitation tool that large insurance groups lacked to remain competitive with Insurtech startups.

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