Skip directly to search

Skip directly to content

 

Insurance Insights: Low Code

 
 

Insurance Insights | Kevin Crawford |
06 April 2021

From our conversations with Insurance leaders, several topics have emerged as key focus areas for 2021 and beyond. In this series, some of our experts will provide insights on how to adapt, accelerate, and innovate in Insurance by tackling the areas of Open Insurance, Data Exploitation, Cloud Migration, Customer Retention & Cross-Selling, Intelligent Underwriting Workbench, and Low Code. In this final part, Kevin Crawford traces the shift from more traditional to Low Code development platforms and shares four key lessons for insurers who want to adopt Low Code tools.

FROM LEGACY MONOLITHS TO LOW CODE PLATFORMS

My first introduction to the insurance industry was 25 years ago when I joined what was then a small IT consultancy company that specialised in supporting and developing legacy insurance platforms, which had either been developed in-house or by software houses that were no longer in operation. What became apparent quickly was that the return on investment of maintaining your own platform was not sufficient and brought little in the way of competitive advantage. Thus, one by one, our customer base looked to replace their legacy platforms with more modern packaged applications. There was, however, a lack of faith in the suppliers delivering into the market at that time, which allowed my organisation to build a fresh, innovative set of applications and become one of the market leaders.

A lot has changed since then, but it also feels like history is repeating itself. The organisations that moved from their own platforms to packaged solutions now face the same legacy challenges of maintaining monolithic applications with significant technical debt, manual regression testing challenges, and infrequent and painful release cycles. Being part of a shared investment club worked well for commoditised services where there was no real competitive advantage. However, with the growth of InsurTechs and API connectivity and the newfound fear of being disrupted, the opportunities and the need for Insurance companies to differentiate themselves have increased greatly.

As replacing or changing legacy policy administration systems is very time-consuming and expensive, insurers are now looking to new tools, such as Low Code application development platforms to deliver new products to the market faster and at a lower cost. Low Code platforms enable you to build applications using a visual interface, development toolkits, and reusable components, with little need for coding – depending on the complexity of what is required. This allows applications to be built significantly faster and in a more agile and collaborative way, which ultimately enables organisations to react to change without the risk and cost of traditional development projects.

ADOPTING LOW CODE DEVELOPMENT

The popularity of these tools is on the rise as the demand increases, and the number of new offerings is growing rapidly. In fact, Gartner forecasts that “75% of large enterprises will be using at least four low-code development tools for both IT application development and citizen development initiatives” by 2024. So, there are plenty of reasons for organisations to use them, but what should they take into consideration when looking to adopt Low Code development platforms?

Our experience has taught us the following key lessons:

  1. Keep it real! Low Code tool providers will claim that applications can be built within days or even hours. This may be true for something that can be demonstrated as a proof of concept. However, if you want to build something to be used within a production business application, then the hours and days will more realistically be weeks and months. This will certainly be the case if the deliverables are externally facing, have integration points and include other elements such as document production.
  2. Keep it simple! These tools are designed for creating reasonably simple applications, such as quote-and-bind functions. Trying to extend them further will become quite challenging both from a configuration and maintenance perspective. These tools are not meant to replace complex applications like an ERP system, for example.
  3. Make it repeatable! When developing multiple but similar applications, such as insurance products, create a template first and then try to use this as a basis for the individual products going forward. The adaptation and implementation process shouldn’t be wildly different then.
  4. Know its limitations! If you are trying to create something that is highly customised and complex, it will often be more beneficial to revert back to more traditional development tools. However, this should still be done following an Agile methodology and performed in a collaborative way with the business to maintain buy-in.

Insurance companies need to become able to react to market changes more quickly. Whether this is to increase distribution channels, bring new products to the market, or digitalise existing offerings, Low Code platforms offer a viable alternative to traditional methods. Whether these tools are here to stay is debatable and something that time will show; what is certain, however, is that technology will continue to evolve. Insurers, therefore, should choose platforms that suppliers will continue to invest in to avoid the risk of these becoming the next generation of legacy systems that their IT departments will want to replace at some point in the future.

Kevin Crawford

Global Head of Insurance Delivery

Kevin has spent the last 25 years working with insurers and brokers and helping them maximise the value they are gaining from investments in technology. For a significant amount of this time, he worked in the London market for a leading software provider, implementing their core policy and claims systems. At Endava, Kevin is leading our global Insurance delivery operation, ensuring that we have the right delivery organisation in place for our customers. Outside of work, Kevin has an eclectic range of hobbies – from sedate activities like paddle boarding and yoga to more lively ones, such as diving off stages at punk concerts.

 

Related Articles

  • 22 November 2022

    The Era of Ecosystems and the Rise of Open Insurance

  • 16 November 2022

    4 Ways Insurers Can Leverage Technology to Differentiate Themselves

  • 06 April 2021

    Insurance Insights: Low Code

  • 30 March 2021

    Insurance Insights: Intelligent Underwriting Workbench

  • 16 March 2021

    Insurance Insights: Customer Retention & Cross-Selling

  • 09 March 2021

    Insurance Insights: Cloud Migration

  • 23 February 2021

    Insurance Insights: Data Exploitation

  • 16 February 2021

    Insurance Insights: Open Insurance

Most Popular Articles

Current Challenges in the Transportation & Logistics Industry
 

Transportation & Logistics Insights | Brian Estep | 22 March 2022

Current Challenges in the Transportation & Logistics Industry

Top Challenges in Warehouse and Distribution Centers
 

Transportation & Logistics Insights | Brian Estep | 01 March 2022

Top Challenges in Warehouse and Distribution Centers

How Reverse Logistics are Turning Ecommerce Green
 

Innovation | Bogdan Tindeche | 29 November 2022

How Reverse Logistics are Turning Ecommerce Green

Staying relevant in the buoyant cross-border payments market
 

Payments | Peter Theunis | 15 November 2022

Staying relevant in the buoyant cross-border payments market

The Future of Supply Chain: What’s Next?
 

Transportation & Logistics Insights | Brian Estep | 14 June 2022

The Future of Supply Chain: What’s Next?

5 Things We Learned at World Aviation Festival 2022
 

Mobility | Vojin Rakonjac | 23 November 2022

5 Things We Learned at World Aviation Festival 2022

How the Board Game Catan Conquered the Digital World
 

Innovation | Moritz Hampel | 27 July 2021

How the Board Game Catan Conquered the Digital World

4 Buy Now Pay Later Trends Set to Disrupt the Industry
 

Payments | Annmarie Mahabir | 22 February 2022

4 Buy Now Pay Later Trends Set to Disrupt the Industry

How Tech is Changing Sports Betting for the Better
 

Innovation | Andy Davies | 18 November 2022

How Tech is Changing Sports Betting for the Better

 

Archive

  • 05 December 2022

    An Australian Eye on the Global Effort to Improve Cross-Border Payments

  • 29 November 2022

    How Reverse Logistics are Turning Ecommerce Green

  • 23 November 2022

    5 Things We Learned at World Aviation Festival 2022

  • 23 November 2022

    Cyber Security Incidents in Australia Highlight the Need for a Balance Between Risk and Innovation

  • 22 November 2022

    The Era of Ecosystems and the Rise of Open Insurance

  • 18 November 2022

    How Tech is Changing Sports Betting for the Better

  • 16 November 2022

    4 Ways Insurers Can Leverage Technology to Differentiate Themselves

  • 16 November 2022

    The future of banking in the Nordics – being digital and personal

  • 15 November 2022

    Staying relevant in the buoyant cross-border payments market

  • 15 November 2022

    3 Experts’ Insights on the Complicated Relationship Between Fintechs and Banks

  • 09 November 2022

    How Can Banks Create a Secure, Optimised Cloud-Enabled Architecture?

  • 08 November 2022

    Tech is Good for You: How Wearable Edge Devices Changed Healthcare

  • 01 November 2022

    How Microservices Can Upgrade the Customer Experience

  • 25 October 2022

    How Technology Can Help Monitor the Circular Economy

  • 18 October 2022

    Why it’s time for banks to let go of legacy IT

  • 11 October 2022

    Buy vs. Build in Banking: Which Option is Right for You?

  • 04 October 2022

    The Rise of Super Apps: How Banks Can Compete

  • 27 September 2022

    AI Art in Game Production – an XDS 2022 Table Discussion

  • 20 September 2022

    Payments Data Monetisation is Key to Driving Sustainable Growth

  • 13 September 2022

    Navigating the Healthcare Ecosystem

  • 30 August 2022

    hey y’all! I’m Ashley Grant

  • 23 August 2022

    5 Ways to Fix Your Data Spine in Banking

  • 16 August 2022

    De-risking Digitalisation

  • 09 August 2022

    hi, I’m Brian Estep

  • 02 August 2022

    hey! I’m Lia Rollman

  • 19 July 2022

    The New Ways of Issuing Cards

  • 12 July 2022

    Scores on the Door: Rating Autonomous Vehicles

  • 06 July 2022

    Data-Driven Impact: Don’t Settle for Less

  • 06 July 2022

    We’re in Nottingham – a Q&A on Endava’s New Delivery Centre in the UK

  • 05 July 2022

    hey, I’m Chris Hart

  • 28 June 2022

    Platforms: a Blessing or a Curse?

  • 23 June 2022

    A Payments View on Marketplaces – How to Be(come) Successful

  • 21 June 2022

    Intelligent Commercial Underwriting

  • 14 June 2022

    The Future of Supply Chain: What’s Next?

  • 31 May 2022

    The Future of Autonomous Vehicles in T&L

  • 26 May 2022

    hello! I’m Hannah McCarthy

  • 24 May 2022

    Going Native: Why Cloud-Native Services are Essential

  • 19 May 2022

    How to Tackle Legacy – Breaking Down Walls Between Change and Run

  • 17 May 2022

    Advantages of a Yard Management System

  • 12 May 2022

    Are Phones About to Become the New POS Terminals?

  • 10 May 2022

    The Digital Economy is an Upgrade of Smart Cities and Communities

  • 05 May 2022

    hello! I’m Sumita Davé

  • 03 May 2022

    Physical Automation in the T&L Industry

  • 28 April 2022

    zdravo! I’m Andrej Kotar

  • 26 April 2022

    Open Banking in the US

  • 20 April 2022

    hello! I’m Paul Maguire

  • 19 April 2022

    Digital Automation in the T&L Industry

  • 12 April 2022

    How Do Banks Embrace Embedded Finance – Have the Fintechs Already Won?

  • 06 April 2022

    ESG Data Architecture is a Business Imperative – How to Get Started

  • 05 April 2022

    hi! I am Roy Murphy

  • 05 April 2022

    Modernizing the Shipping and Cargo Process

  • 30 March 2022

    The Metaverse Evolution and Learning from the Games Industry

  • 29 March 2022

    Do Androids Dream of Trading Electric Sheep for Digital Wood? An Introduction to Automated Game Design

  • 23 March 2022

    Real-Time Payments in Australia – Why Corporates Should Get on Board

  • 22 March 2022

    Current Challenges in the Transportation & Logistics Industry

  • 16 March 2022

    bok! I’m Sanja Cvetkovic

  • 15 March 2022

    Rapidly Transforming: Healthtech Trends in 2022

  • 08 March 2022

    How to Digitize Warehouses and Distribution Centers

  • 01 March 2022

    Top Challenges in Warehouse and Distribution Centers

  • 28 February 2022

    Tackling CIB Legacy at its Core

  • 23 February 2022

    salut! I am Isabela Buhai

  • 22 February 2022

    4 Buy Now Pay Later Trends Set to Disrupt the Industry

  • 15 February 2022

    salut! I’m Natalia Ciobanu

  • 14 February 2022

    Product-Led Innovation – a Q&A with Joe Dunleavy

  • 01 February 2022

    Buy Now Pay Later: Will Regulation Burst the Bubble?

  • 31 January 2022

    Innovation Will Spur Ireland’s Race to the Top

  • 28 January 2022

    The Value of Digital and Automation in the Product Returns Process

  • 26 January 2022

    Virtually Disrupted? Keeping Pace with Accelerating Customer Expectations

  • 19 January 2022

    The 3 Big Ps in Modern Insurance: Personalisation, Prediction and Prevention

  • 18 January 2022

    An Introduction to Mobility as a Service in the US

  • 12 January 2022

    Buy or Build? A Game-Changing Question in Insurance

  • 12 January 2022

    hello! I’m Paul Willoughby

  • 11 January 2022

    Payment Service Providers 2.0

  • $name

We are listening

How would you rate your experience with Endava so far?

We would appreciate talking to you about your feedback. Could you share with us your contact details?