In the highly competitive insurance industry, renewals serve as a core revenue driver—yet they’re often bogged down by manual steps, siloed data, and outdated technology. Policyholders expect swift, seamless renewals just as much as they do quick quotes, and organizations that can’t deliver risk losing them to more agile competitors.
Enter low-code platforms, such as OutSystems, which are reshaping the renewal experience from clunky to cutting-edge. In this blog, we’ll explore why speed matters in renewals, the challenges insurers face, and how low-code can empower a rapid overhaul of your renewal process.
1. Why a Fast, Efficient Renewal Process Matters
Renewals: The Lifeblood of Insurance
For many insurers, renewals account for the majority of annual revenues. Ensuring smooth renewals translates directly to higher retention, stable profits, and steady growth. When renewal workflows are slow or complicated, customers get frustrated and seek alternatives—often from insurtechs offering slick digital experiences.
Customer Expectations Have Changed
Policyholders now compare their insurance journey to other digital interactions, from online shopping to streaming services. They want instant access, minimal paperwork, and automated reminders—all delivered with a personalized touch.
The High Cost of Complexity
Inefficient renewal processes not only reduce customer satisfaction but also drive up operational costs. Manual data re-entry, phone calls, and administrative delays eat into margins and occupy valuable employee time.
2. Common Hurdles in Traditional Renewal Workflows
- Fragmented Data and Systems
- Disparate policy admin, billing, and CRM systems lead to duplicative data entry.
- Underwriters and agents scramble to reconcile inconsistent records.
- Manual Reminders and Paperwork
- Renewals often rely on physical letters, phone calls, and emailed PDFs, slowing down turnaround times.
- Tracking progress through spreadsheets leads to errors and missed deadlines.
- Limited Flexibility
- Adjusting premium rates or coverage details mid-cycle can require extensive IT or developer intervention.
- Legacy applications aren’t built for rapid changes in underwriting rules or product configurations.
- Weak Customer Engagement
- Policyholders are in the dark about renewal status.
- Lack of self-service options means more calls to customer service, stretching resources thin.
3. How Low-Code Transforms Renewal Overhauls
3.1 Accelerated Development and Deployment
- Visual Modeling: Low-code platforms like OutSystems use drag-and-drop tools, enabling quick assembly of workflows, forms, and data connections without heavy coding.
- Reusable Components: Libraries of pre-built elements (e.g., forms, integrations, business logic) drastically shorten development time.
- Rapid Iteration: Edits or enhancements can be made in hours or days, allowing you to adapt quickly to changing business needs or regulatory shifts.
Real-World Impact: An insurer once taking three to six months to implement new renewal rules can now push out updates in two to four weeks, staying agile in a competitive market.
3.2 Data Integration and Single Source of Truth
- Seamless APIs: Low-code platforms often offer pre-configured connectors for major core systems. This lets renewal apps pull data directly from policy admin, billing, or CRMs in real time.
- Eliminate Redundancies: With automated data syncing, you reduce manual re-entry and the risk of errors.
- Customer-Centric View: Agents and underwriters can see a unified policyholder record—covering everything from premium history to cross-sell opportunities.
Real-World Impact: By integrating data from multiple back-office systems into a single renewal interface, one global insurer improved data accuracy by 30% and shaved days off the renewal timeline.
3.3 Automated Workflows and Approvals
- Customized Rule Engines: Low-code solutions let you define underwriting or compliance rules visually. Automated triggers kick in when certain thresholds (e.g., high-risk policies or premium changes) are met.
- Intelligent Task Routing: Renewals that meet specific criteria can auto-renew, while complex cases route to senior underwriters.
- Notification Systems: Real-time alerts for both customers and internal stakeholders (via email, SMS, or portal notifications) ensure timely action.
Real-World Impact: Automating reviews for standard policies cut the average renewal processing time in half for a mid-sized auto insurer, freeing underwriters to focus on high-value accounts.
3.4 Self-Service Portals for Policyholders
- 24/7 Access: Low-code portals empower customers to view renewal details, make coverage changes, and pay premiums at their convenience.
- Dynamic Forms: Smart forms auto-populate with existing data and only request additional info as needed.
- Transparent Status Tracking: Policyholders can track renewal progress in real-time, reducing customer service calls and increasing satisfaction.
Real-World Impact: A life insurer saw a 25% reduction in inbound calls related to renewal queries after launching a self-service portal that handled straightforward renewals autonomously.
3.5 Future-Proofing with Scalability and Agility
- Adapting to Regulatory Changes: With low-code, adjusting workflows to align with new compliance rules is fast and cost-effective.
- Adding New Product Lines: Whether you expand from auto to home insurance or add commercial lines, low-code’s modular architecture makes scaling up simpler.
- Ongoing Innovation: OutSystems frequently updates its platform to integrate emerging technologies (like AI/ML, chatbots, and IoT), ensuring your renewal process stays modern.
Real-World Impact: A commercial insurer built a flexible renewal module that let them quickly launch a new product line in under two months—an effort that previously took half a year or more.
4. Implementing a Low-Code Renewal Strategy: 5 Practical Tips
- Define Clear Objectives
- Identify specific metrics you want to improve (e.g., renewal turnaround time, customer satisfaction scores).
- Plan for incremental releases to avoid scope creep.
- Engage Cross-Functional Teams
- Involve underwriting, IT, marketing, and customer support in the initial design.
- A collaborative approach ensures buy-in and a user-friendly solution.
- Leverage Out-of-the-Box Integrations
- Check for existing connectors to your policy admin, billing, or CRM system to reduce custom coding.
- Ensure APIs are well-documented for any custom integrations required.
- Prioritize the Customer Journey
- Build intuitive interfaces and self-service features.
- Use feedback loops and analytics to refine the user experience over time.
- Monitor KPIs and Iterate
- Track data in real time—renewal success rates, processing speed, escalations, etc.
- Adjust workflows or rules quickly whenever you see bottlenecks or inefficiencies.
5. Success Story: Rapid Renewal Overhaul in Action
Company Profile: A regional auto insurer that struggled with slow manual renewals, low customer engagement, and high staff turnover in their underwriting department.
Solution:
- Implemented a low-code renewal platform using OutSystems within ten weeks.
- Automated eligibility checks, integrated real-time pricing, and set up a dashboard for policyholder self-service.
Results:
- 40% faster renewal process.
- 20% drop in calls to customer support.
- 15% increase in on-time renewals.
Key Takeaway: By aligning people, processes, and technology, the insurer created a more agile, customer-centric renewal experience—transforming a previously cumbersome routine into a strategic advantage.
Conclusion: The Path to Rapid Renewal Success
Overhauling the renewal process can seem daunting. However, low-code platforms like OutSystems offer a powerful shortcut—providing visual development, easy integrations, pre-built components, and automated workflows that cut months off traditional timelines. From automating administrative tasks to empowering policyholders with self-service, these solutions don’t just speed up renewals; they improve accuracy, user experience, and, ultimately, customer loyalty.
Ready to Reinvent Your Renewals?
At RST, we specialize in helping insurers leverage OutSystems for swift, high-impact transformations. Our team offers end-to-end guidance—from assessing current workflows to deploying feature-rich apps tailored to your unique needs.
Contact us today to see how we can help you rapidly overhaul your renewal process, slash operational costs, and deliver an exceptional policyholder experience. In a world where speed and satisfaction matter, let’s make sure your renewal process stands out from the competition.
