In this highly interactive and thought-provoking discussion, our Chief Solution Officer, Ravi Krishnan, and Nick Lamparelli of Coverager, offer keen insights into the current state of enterprise-level insurance companies and the agency/MGA market, the challenges of legacy systems, and the critical need for digital transformation.
Enterprise-level companies are hoarders of legacy technology, thus integrating new digital solutions with their past legacy systems can be painful and extremely costly.
Historically speaking, when C-level executives translated existing business problems to technology needs, they could do 2 things: they can either turn to traditional development and start lengthy development cycles, or they could purchase a third-party off-the-shelf product that they needed to customize afterward. Likewise, agencies have been driven by manual processes and in-person transactions and face similar challenges.
As Ravi explains, no-code solutions represent the best of both worlds, because companies can modulate and quickly customize their solutions to expedite go-to-market strategies in weeks vs. years.
Digital transformation: innovation is a mindset
Ironically, the recent COVID-19 pandemic has been a wake-up call for the insurance industry. It has resulted in a significant loss of productivity and loss of revenue for both carriers and agencies, but that is where no-code development solutions can come to the rescue.
“Technology is not equivalent to tools or off-the-shelf packages, technology is a new way to operate”, says Ravi.
During this podcast, he explains the 3 main benefits of using no-code solutions to optimize costs and existing resources across the organization, as well as how to make the most of digitalization for both carriers and Agency/MGA’s to meet the needs of today’s customer.
If you want to learn more, you can listen to the full recording here:
Barbara Péterfi, Content Marketing Manager at Innoveo