In today’s competitive insurance landscape, speed and customer experience in the Quote & Bind phase are critical. Traditional software development can be lengthy and prone to errors, hindering time-to-market.
That’s where low-code platforms like OutSystems come into play—enabling rapid prototyping, seamless integration, and efficient workflows. Below are five key ways low-code is revolutionizing the insurance Quote & Bind process.
1. Rapid Time-to-Market
- Why it matters: Customers expect near-instant quotes, and extended lead times can result in lost business.
- How low-code helps: Visual development and pre-built components let business and IT teams collaborate more effectively. With OutSystems, you can create or modify Quote & Bind applications in weeks instead of months.
- Real-world impact: An insurer that once spent 6+ months launching a product variant can now prototype and deploy a new Quote & Bind flow within 4-6 weeks.
2. Automated Workflows & Underwriting
- Why it matters: Manual steps in underwriting can slow down quotes and lead to errors, frustrating both agents and policyholders.
- How low-code helps: Drag-and-drop tools make it easy to set up automated checks—like risk scoring or form validations—without extensive coding. Business rules engines allow underwriters to update parameters on the fly.
- Real-world impact: By automating underwriting review, some insurers have cut quote-to-bind times by as much as 50%, improving both efficiency and customer satisfaction.
3. Seamless Integration with Legacy Systems
- Why it matters: Many insurers rely on aging policy administration platforms that don’t easily “talk” to new applications. Data silos reduce accuracy and slow down the quoting process.
- How low-code helps: OutSystems provides built-in connectors and APIs that quickly bridge legacy systems and modern front-end applications. This means real-time data sharing, fewer errors, and a single source of truth.
- Real-world impact: An insurer can integrate an older mainframe policy system with a new Quote & Bind portal in weeks, rather than the months of custom coding typically required.
4. Enhanced Customer & Agent Experience
- Why it matters: Agents, brokers, and policyholders demand intuitive, user-friendly interfaces. A clunky quote process can lead to abandonment and higher support costs.
- How low-code helps: OutSystems supports responsive design by default, ensuring a seamless experience across devices—desktop, tablet, or mobile. Rapid prototyping lets you gather feedback and iterate quickly.
- Real-world impact: By implementing a mobile-friendly, guided Quote & Bind workflow, insurers often see quote completion rates rise by 20-30%, along with fewer customer service calls.
5. Agility & Scalability for Future Growth
- Why it matters: Insurance products, regulations, and market conditions change constantly. Rigid legacy systems struggle to keep up.
- How low-code helps: Modular architecture in OutSystems allows you to swiftly add new product lines or adapt to regulatory changes without extensive code rewrites. The platform scales easily to handle increased volumes.
- Real-world impact: Insurers that handle 10,000 quotes daily can often scale to 100,000 or more with minimal performance impact by simply adjusting infrastructure—no major code overhauls needed.
Conclusion
Low-code development, especially on platforms like OutSystems, is reshaping the Quote & Bind process by improving speed, accuracy, and adaptability. Whether you need to accelerate underwriting, streamline integration with legacy systems, or elevate customer experience, low-code empowers your IT and business teams to innovate faster.
Key Takeaways for Insurance IT Leaders:
- Elevate Efficiency: Automate routine tasks and cut down on development bottlenecks.
- Delight Customers: Offer faster quotes and a seamless digital journey.
- Future-Proof Your Stack: Adapt to emerging needs or market shifts with minimal downtime.
Want to see how RST can help you optimize your Quote & Bind workflows with OutSystems? Contact us today for a personalized demo or consultation. Let’s bring speed, agility, and a world-class user experience to your insurance operations!
