Following participation on a Netcall and r10 Consulting webinar James Willison, Managing Director of WCL, share insights into the history and overview of what low-code is and how it works in practice to bring about digital reform.
It was a pleasure to join a webinar panel hosted by Netcall and r10 Consulting on how low-code can accelerate operational efficiencies in the London Market. I spoke alongside industry experts Peter Mungeam, Managing Director of Advisory at r10 Consulting, Jordan Moss, SVP, Lockton Companies LLP and James Lawrence, Hyperautomation & Insurance Specialist at Netcall.
The COVID-19 pandemic has transformed the way the London Market does business and accelerated the industries use of digital platforms. With market modernisation now top of the priority list, Lloyd’s and London market insurance companies are looking for quick and efficient ways to speed up and implement their digital strategy. Could low-code be the answer?
What is low-code?
For those who haven’t come across is before, low-code is a way of building applications using visual programming techniques without the need to use significant lines of hand written code.
Importantly, Low Code can be used by business people to speed up a company’s digital transformation. One of the key panel discussion points was on whether low-code has been over-hyped as the latest ‘magic wand’. Most felt it was not the next a new technology buzzword and instead an essential approach that was here to stay. According to a Gartner report, 65% of application developments will be carried out using low-code solutions by 2024.
Digital reform is essential to the market’s future
The last 12 months, with staff working from home, has shown us that every organisation must have a digital strategy to survive and thrive. Companies are looking at what capabilities such as cloud technology, Artificial Intelligence and Machine Learning enable and the all-important APIs. Low-code, and the ability to create applications quickly and easily is a key component in a digital strategy.
One of the advantages is it greatly increases the pool of expertise that can engage in developing applications. Businesses will still need programmers for supporting complex technical solutions such as APIs for system connectivity, but business personnel can support the build of applications using low-code and be more engaged with the process.
Another advantage is that low-code can be used to replace a legacy system step by step rather than ripping out a whole system at once and starting from scratch at great cost and risk.
Low-code will help transform the London Market
Low-code can help transform not only the future of Lloyd’s but that of the London Market. There isn’t going to be one single trading platform in the London Market – many have already been authorised by Lloyd’s – so a company’s ability to plug into multiple systems quickly and efficiently will be essential. API connectivity is key to dealing with the issue of multiple systems, but you also need an overview of what’s happening on these different platforms. That’s where low-code applications come in, so an underwriter, for example, can have a dashboard view of what’s going on across all platforms they engage with in the digital marketplace.
Low-code is fast becoming a mainstream solution in the insurance industry. So, if you weren’t aware of low-code before, you soon will be.