Digital transformation is changing the insurance landscape today. Whether it’s price comparison or direct propositions, consumers have access to just about everything with the click of a button. The new entrants and Insurtech startups are also disrupting the traditional approach of insurers. Technology and quick access have had an impact on personal lines and intermediated distribution channels as various direct to-consumer channels have opened up.
By 2020, at least 5% of all new business applications will be created on either low-code or no-code application development platforms. Similarly, by 2021, the market demand for app development will see a growth of at least 5 times. [Gartner]
While there are several elements that go into making digital transformation a reality, bringing together in low-code development platforms, mobile apps, cloud services and the readiness of the insurers/others in the company to use the advanced technologies to enable scaling opportunities in business is the crux of it all.
Why should companies choose low-code platforms to build the solutions?
65% of all app development activity by 2024 will be based on low code (Gartner)75% lesser maintenance cost in comparison with traditional application maintenance 66% use low-code platform to accelerate digital innovation / transformation65% faster development speed
Neutrinos Low — code platform offers technology capabilities such as Artificial Intelligence, Machine Learning, IoT, Big Data & data analytics, Social Integration as part of the inbuilt functionalities. The apps developed on this platform are created in a matter of hours. They also integrate app solutions across the web, mobile, social and IoT. The Neutrinos platform also makes it easy for insurance companies to migrate or upgrade from their existing legacy systems to digital solutions. Offering a full stack IBM cloud portfolio coupled with our low code MXDP capabilities, we are enabling enterprises to scale their existing infrastructure rapidly, providing them with the capabilities required to run a cloud-ready application suite.
The Neutrinos low-code features:
Low-code, the advantages
More targeted outcomes — When an insurance enterprise adopts a low code development model they are enabling non-technical developers and/or citizen developers to come up with designs and create solutions that would otherwise have not been possible. They can also develop specific solutions, update them on the fly adding to business agility.
Rapid, & cost-efficient delivery — Low-code can be adopted by businesses and IT departments with ease [to create applications and solutions]. This is infact done within no time.
Enhanced experience across devices & platforms — Since low code comes with drag and drop features, the experience offered to the end user and to insurers is streamlined and organized across functions. It also allows for better tracking which in turn increases efficiency. The users can access the same across devices and platforms and from anywhere anytime.
Optimization of resources — With the available resources in the organization, the workload can be distributed and using the low code platforms, the strain on the IT department is reduced. Since these require little to no technical know-how, the digital adoption is also easily facilitated with minimal training.
Freedom to innovate — In this competitive world, low code is the only solution to experiment and innovate. Testing the viability of the solutions across data sources, business processes, operational workflows and end-users is now possible and can be done in a short span of time. Similarly, obtaining feedback on the app, the UI/UX and optimization of the process, which would lead to better outcome, is an added bonus.
Key Benefits of Neutrinos low-code:
Pillars of Neutrinos
Studio — An IDE for developing apps that contain a base workspace and an extensive plugin/ widget system for customization. The drag-and drop feature makes app development quick and easy
Services Designer — Allows Developers to visually model Micro Services, APIs, Server/http endpoints that are fully No-Lock-in integrations to applications, workflows, RPAs, Databases, legacy systems and Enterprise Software
IDS — LDAP compliant, Neutrinos IDS uses the OAuth 2.0 protocol, providing user authentication and single sign-on functionality. It also grants user tokens to control authorization and authentication.
Store — The marketplace of Neutrinos is a self-service center with pre-built, reusable and standardized digital assets like widgets, microservices, SmartApp templates and, predefined data models.
Connectors — Connectors make it easy to connect to Enterprise Software, Applications, API Ecosystems, existing services and help manage authentication, provide monitoring, analytics and more.
IDS — Neutrinos IDS is a standards-compliant OAuth 2.0 authorization standalone and a certified OpenID Connect provider. Neutrinos IDS provides user authentication and single sign-on (SSO) functionality by maintaining all user’s information and grants user tokens to control authorization and authentication. IDS enables Active Directory, Azure AD and Google Authentication & Authorization Strategies instantaneously.
Console — Console enables seamless deployment with “One Click “ deployment to Neutrinos Cloud, AWS, Azure or GCP and On-Premise or Private Cloud. Console supports containerized or serverless deployments using Continuous Integration and Continuous Deployment pipeline and creates multiple scalable environments for applications, integrations, APIs and Services to be staged, deployed and run. Console enables administration of role based access control for multiple tenants.
Redefining business models, switching from traditional processes to automation, RPA, AI, ML capabilities, Gamification, connected wearables, analytical tools, and customer interface channels is where the journey begins. When working with a low code MXDP platform such as Neutrinos, the digital solutions is a good way to build on their capabilities (IOT, AI, ML and RPA] and working with direct to customer channels in the process.A team that has years of hands-on experience backed by a low-code MXDP, Neutrinos is guiding leading enterprises into the next digital paradigm. Our solutions are backed by in depth analysis done by us to understand the needs of insurers, brokers and customers.