The insurance landscape is changing fast. There are new risks, new requirements, and new customer expectations. Insurers must be able to adjust to these changing market conditions quickly to drive business value. Consider these needs that come up almost every day:
- Adding new states to capitalize on market opportunities
- Introducing new products or product options to better serve policyholders
- Implementing rate changes
- Changing underwriting rules to move towards true straight-through processing, or
- Updating policy forms to reinforce branding
In these situations, and others, speed to market matters. Traditional coding processes do not offer the speed you need; and with every day that passes, the cost of lost opportunities increases.
Thankfully, there’s a better, easier, faster way.
The Low-Code/No-Code Approach
You don’t need to reinvent the wheel every time you need to make a change. Instead of having your team create or manipulate code, you can take the low-code/no-code approach and implement changes quickly and easily.
With our Composer tools, a business analyst can update business rules, forms, and rate book changes. Once complete, the team can test the changes quickly with analysis tools to ensure the changes reflect the business need. The entire product life cycle – from collecting requirements and testing to the final deployment – can be managed with no dependency on IT resources. The result is a faster and easier process with lower IT costs.
Imagine a regulatory body, such as the DOI, has issued a moratorium on policy cancellations in response to an ongoing emergency. The order is effective immediately, but you need to create and implement a new underwriting rule before you can comply. In the past, you may have needed to get a developer to code the new rule. This process would have taken precious time and resources, potentially putting you in the position of noncompliance. Using a straightforward, easy-to-use core platform, you can manage the changes and push them to production immediately. It’s a five-minute job, and the IT team doesn’t need to get involved.
The Copy Forward Option
Sometimes, you have most of the code you need. Maybe you’re expanding coverage into a new state, or perhaps you’re adding a line of business or a new program that is similar to another line of business you already offer. With Insuresoft, you don’t need new code.
With our Composer module’s ability to copy existing lines of business forward, you can use the existing program as a template and modify the new line of business to meet the requirements of your organization.
How to Work Smarter
Why make things harder than they have to be? With Insuresoft’s Composer tool and the ability to copy-forward, you can make core system changes quickly and easily, enabling you to capitalize on every emerging opportunity.
Want to see how easy it can be? Schedule an Insuresoft demo today.