In numerous aspects of life and business, we often encounter a challenging decision-making framework known as a trilemma, where one must choose two out of three possible benefits, sacrificing the third. The insurance industry is no exception, where they’ve had to grapple with the trilemma of cost, speed, and customisability when choosing their digital claims management solutions.
The market offered stark choices: opt for a bespoke system tailored to intricate needs and face high costs and prolonged implementation times, or choose a cost-effective, faster-to-deploy product that sacrifices unique customisation (and potential competitive advantage). This predicament has often forced compromises that impacted efficiency and customer satisfaction.
Yet, the last ten years has seen a new wave of innovators working hard to dismantle this trilemma with promises of affordability, rapid implementation, and high customisability all rolled into one. This pivotal advancement not only challenges the traditional constraints of the industry but also sets a new standard for what insurers can expect from technological investments. So, what is this innovation? No-code architecture.
For the first time, insurers find themselves in a world where they can afford complete customisation at speed, with 360Globalnet's multi-award-winning proprietary digital claims management platform leading the way. With no-code, the software experience has been transformed:
  • Speed: no-code platforms enable insurers to efficiently build complex workflows and interfaces through intuitive configurators in just weeks, days or hours. This agility ensures that insurers can respond quickly to market changes and regulatory demands without being bogged down by technical delays.
  • Cost: No-code eliminates the need for extensive developer teams. Insurers can allocate their resources more effectively, focusing on enhancing user experience and integration capabilities rather than on underlying code maintenance. This shift not only lowers initial investment but also reduces the total cost of ownership as updates and modifications no longer require specialised coding skills.
  • Customisation: Insurers are no longer constrained by the capabilities of their IT departments or the limitations of off-the-shelf software. They can tailor their systems to meet specific needs without compromising on other aspects of the trilemma. Whether adjusting claim workflows or integrating new data sources, insurers can do so with ease, ensuring that their systems evolve as their business needs change.
And the cherries on top? There are several! Proof of Concepts (POCs) and digital wrap arounds. POCs, they're like those tantalising tasters that chefs send out, giving insurers a little taste of the future. They’re enabling our clients to demonstrate the practical value of our technology, allowing them to test and tweak processes whilst mitigating against risk. The result: a final product that’s precisely aligned with their expectations and business objectives.
And digital wrap arounds, another way of keeping digital change in bite-size and digestible portions. The flexibility of our technology is such that our clients can start with just FNOL for example, before gradually expanding other areas of the business into the platform. Safe, efficient, flexible and at a speed that suits you.
With these advancements, the impossible trio no longer stands as a barrier. Instead, it serves as a beacon of what’s possible when innovation meets industry needs, and stands as an opportunity for those who adapt and adopt quickly. No-code platforms are not just reshaping claims management; they are redefining the boundaries of what insurers can achieve when technology and business goals align seamlessly.
Get in touch to discover more.