What is Low Code in industrial insurance? An overview.

The presentation (in german langauge) recorded at the CosmoHub event offers insights into the concept of low-code development and its application in the insurance industry. Software development in industrial insurance faces unique challenges due to high customisation and low transaction volume. The (enterprise) low-code approach combines custom software development with low-code functionality in an integrated, secure and robust way. This enables departments without in-depth IT knowledge to participate in application development and comply with organisational processes.

In a nutshell

  • Insights into the concept of low-code development and application in the insurance industry
  • Challenges of software development in the industry
  • Practical examples of low-code implementation with a focus on data modelling, user interfaces and document creation
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Challenges in Software Development in industrial insurance

The insurance industry presents unique challenges due to highly individualized processes and low transaction volumes compared to other sectors. This individuality necessitates the development of specialized software solutions, resulting in high costs and complex development processes. Communication gaps between business stakeholders and developers can also lead to misunderstandings and delays.

Evolution of Low-Code Platforms

Low-Code platforms emerged as a solution to streamline software development processes. These platforms enable the creation of web applications, particularly for standardized cases, replacing small-scale Excel-based solutions. While established players in the market offer reliable Low-Code tools, limitations exist in terms of customization and integration. Organizations should avoid overdependence on external platforms to maintain control over their digital transformation.

Enterprise Low-Code for insurers and brokers

The Enterprise-Low-Code approach combines individual development with Low-Code capabilities in an integrated, secure, and robust manner. It allows non-IT professionals to participate in application development while adhering to organizational processes, compliance, and governance. Low-Code platforms excel in data modeling, user interfaces, and document generation, particularly in capturing risk descriptions, coverage details, and questionnaire forms.

Defining and adding fields: Data Modeling and User Interfaces

Low-Code platforms facilitate data modeling by defining structured fields, enabling the flexible capture of various information required for insurance entities, such as partner details and risk data. User interfaces can be tailored based on roles and permissions, ensuring relevant information is presented to different stakeholders. Visual editors resembling Excel simplify modifications, including multilingual support and conditional logic for data entry validation.

Document Generation

Document generation, a crucial aspect of insurance operations, benefits significantly from Low-Code development. Platforms leverage tools like Microsoft Word, incorporating placeholder fields to automatically populate data from underlying models. Complex structures, such as lists of objects, locations, and executives, can be efficiently managed within these documents. Conditional rendering enables dynamic content display, ensuring accurate outputs in policies, proposals, and renewals.

Implementation Process: Gradually building expertise in the tools and modeling data structures

The implementation of Low-Code development requires training sessions to familiarize non-IT personnel with the tools and establish a routine workflow. Collaborative modeling sessions involve gradually building models for risk questionnaires and product specifications over a span of several months. The timeline varies depending on complexity and the level of organizational commitment. With sustained effort over approximately six months, insurance companies and brokers can achieve significant digitalization capabilities through Low-Code adoption.