These low-code solutions enhance the customer experience with the acceleration, digitalization and integration of both the front and back-end processes, said Boeijen and Rachlin during an interview with Insider Engage at the Insurtech Connect 2022 conference in Vegas.
Both templates are designed to be a chassis for other products and business lines
Mendix and Capgemini built two new insurance templates — Underwriters Workbench which incorporates disparate data into one control panel enabling underwriters to make quicker decisions, and a Direct-to-Consumer template that allows carriers to get products to market quicker, Boeijen said.
“Both templates are designed to be a chassis for other products and business lines,” Boeijen said. “Low code functionalities of Mendix platform make them easily customizations, allowing real time configurations.”
Rachlin said: “All of our clients want one thing - faster results. We have been very actively looking at the low code/ no code space and by securing the relationship with Mendix we can get them what they want, insurance solutions to market quickly.”
Raclin also said: “Insurers want to bring new products to market quickly. “We really did see a hole in terms of that ability to get those kinds of fast results…but we had a tremendous success with a common customer building an underwriting workstation for them. As a result of that, we decided to stop dating and make it real. We've signed a partnership agreement, and we're out in the market doing some great things.”
“Low code accelerates time-to-market,” Boeijen said, “Five to 10 times faster than traditional coding”.
Underwriting is becoming a data business
Everybody wants a better experience for their underwriters, Rachlin said. “Underwriting is becoming a data business. Underwriters can struggle with the sheer volume of first- and third-party data to consume, by bringing it into a single control panel, we enable them to minimize the risk and make decisions more efficiently.”
“Underwriters Workbench template is a big opportunity,” Rachlin said. “It’s the opportunity to price better; the opportunity to select risk better; through all this information, but it can't be achieved unless people can actually work with it and get their hands on.”
“During the pandemic, many companies chose to focus on products that were quick to market, such as pet insurance because” he said. “Pet insurance is one of the fastest growing lines of insurance out there. We have a number of our customers looking to get into that space, and they want to get in relatively quickly. This kind of solution that we've developed is spot on. This relationship will continue to produce low code solutions that will improve the future of insurance.”
If you would like more information on either of these solutions, feel free to check out our website at: https://www.mendix.com/industries/insurance/capgemini/
