The insurance sector is in the early stages of the no-code revolution, which allows much greater efficiency overall.
For those who are not familiar, no-code technology is one that allows nonprogrammers to create models using graphical interfaces. Think of anyone here, regardless of programming skills, simply being able to move and connect a few boxes on screen to enable a new sequence or flow. No-code makes this possible.
When it comes to underwriting automation and transformation, traditionally, many organizations were chasing speed of underwriting, but the secret really lies in augmented personalization. Essentially, an underwriting model that takes a few minutes longer to complete, but provides a more accurate assessment, and mostly eliminates additional requirements is always better than the one that is just faster.
Currently, life insurance is slowly shifting from static, accelerated underwriting models, to dynamic and more intuitive models, with some even including symbolic AI. However, personalization requires agility and flexibility. It requires frequent adjustments that are virtually impossible to make efficiently given the amount of resources and level of complexity tied to a full-code structure.
Now, can you imagine, underwriters creating models for underwriters? Picture minimizing, or at times, even eliminating the need to involve project management, development, and QA resources in that process? Visualize underwriters experimenting with various flows on their own?
In our experience at thinktum, we have created several underwriting models in days! Those same models would typically take several months to create in a full-code structure.
In the end, no-code eliminates the "black box" fear, as it makes for a fully see-through, "glass box" work environment.