A low-code insurance platform is software designed to enable companies to model workflows and orchestrate automation without the need to practice sophisticated coding.

But what exactly can low-code insurance platforms do? How do you choose the right platforms for your business? And how can you maximize the return on investment (ROI) for these platforms?

The Promise of AI Automation

AI-driven automation has incredible potential for insurers. Automating a task means allowing a machine to handle it, without requiring any human, manual intervention. This saves time; you might be able to save money by automating processes, and you will be able to allocate your workforce more effectively, enabling your best workers to handle more advanced, high-level tasks. 

However, an equally attractive benefit is the consistency and reliability of automation; manual processes often lead to mistakes and deviate from formulas, but well trained algorithms always follow the rules with precision.

Recently, automation has taken a massive step forward, as it’s been combined with best-in-class artificial intelligence (AI) and machine learning technologies. These sophisticated forms of tech give automation platforms a kind of intelligence of their own, greatly advancing their data analytics capabilities and even allowing them to make important decisions, almost the way a human being would.

These days, there are two big categories of AI automation that most businesses can take advantage of:

• Workflow and task automation. Workflow and task automation,applies advanced automation technology to business processes and objectives. If these workflows are somewhat predictable, they can probably be easily automated.
• Business decision automation. A relatively new capability of advanced automation relates to business decision-making. Until recently, it was thought that automation was mostly rules-based and noAI could replicate the power of human decision making, especially when solving complex business problems. But today’s tools have called that into question, empowering business leaders with more capabilities than ever.

The Coding Problem

Unfortunately, automation has some barriers to accessibility, even in business environments. If you want to create an automated workflow or a more robust automation tool from scratch, you will likely need to program it. That means you’ll either need to learn how to code or hire someone who already knows how to do it, and both options are expensive in terms of time, money, or both.

Enter the Low-Code Insurance Platform

Low-code insurance platforms are designed to help insurance companies get access to the best, most recent automation technologies without requiring them to do any coding. Through these platforms, even users with limited technical experience  can design workflows and deploy automation that can dramatically  improve business performance.

Tips for Success

If you’re interested in using a low-code platform to automate functions in your insurance company:

• Choose the right platform. First and foremost, you need to spend time and effort choosing the right platform. There are many low-code platforms out there, and even more automation platforms for insurance companies, but not all are created equal.  
• Learn basic coding concepts. You don’t need to become an expert developer, but you should gain an understanding of basic coding concepts. If you’re familiar with basic coding logic,decision trees and conditional flows, you’ll have a much easier time deploying your own automation.
• Commit to learning the platform. Don’t just assume you know how to use this tool from the outset, even if it’s relatively intuitive. Spend time on tutorials, explore their marketplace templates, and spend time practicing so you fully learn how to make this tool your own.
• Experiment and test. As with any technology, you should make an effort to practice ongoing experimentation and testing. Not only will it make you a better, faster user, but it will also introduce you to the limitations of this technology in a way that shields you from risks.
• Educate and train your users. You should educate and train your users on how to use your software. Just because the platform is intuitive doesn’t mean your users will be able to use it to its fullest potential without guidance.
• Choose the right applications. Not everything needs to be automated, and not everything is suitable for the low-code automation platform you choose. Be selective – focus on high-impact, repeatable workflows that align with platform strengths.
• Learn and adapt. Commit to ongoing learning and adaptation. You may not be perfectly successful with your first constructs, but if you keep iteratively improving, you’ll eventually see better and better results.

Low-code platforms remove the barriers that keep insurance companies from getting access to the best automation technologies available. After you get over the initial learning curve, you’ll be able to quickly build and iterate with automated  workflows and processes that can keep your organization running efficiently, consistently, and at scale.