What are Low-Code Platforms?

Like many of its business vertical contemporaries, the insurance industry is undergoing a significant digital transformation. Modernizing core claim systems, however, has historically been an inefficient and costly process, often failing to deliver desired outcomes while taking years to implement, leading many insurers to turn to low-code platforms as a powerful solution to accelerate development, reduce technical debt and achieve operational efficiency in claims handling. Here, we will explore the rise of low-code platforms, their significance in the insurance industry and how insurers can deploy them effectively to create the ideal claims experience.

Low-Code Platforms: Background and Growth

Low-code platforms are a type of visual software development environment that empower professional developers and non-technical users (AKA “citizen developers”) alike to create mobile or web applications with relative ease. These platforms offer a drag-and-drop interface, enabling users to build apps by connecting pre-built components, eliminating the need to write code line by line. Part of the allure of low-code platforms is that they generally do not require in-depth knowledge of traditional programming languages, so everyone, from business analysts to administrators to other non-developers, can participate in the creation process, leveraging configurable components to build and test applications.

The proliferation of low-code platforms directly results from a growing demand for faster development cycles coupled with a scarcity of skilled software developers. Low-code platforms have proven to be instrumental in solving complex business problems swiftly and efficiently. As the insurance industry faces changing customer expectations, talent gaps, increased claims litigation, and various economic pressures, low-code platforms offer a viable solution to bridge the gap between legacy systems and seamless digital experiences.

Read the full article here. [Sign in required to open]

Learn how EPAM is engineering the future of insurance by infusing business strategy into technology-enabled solutions to drive superior outcomes: https://www.epam.com/industries/insurance