Introduction
Low-code and no-code platforms have emerged as game-changers in the digital transformation landscape, revolutionizing how businesses innovate and operate across industries. LC NC platforms are built for ease and speed, helping the insurance sector become more agile, simplify workflows, cut costs, and launch solutions faster, all while seamlessly fitting into digital systems.
As the global market for low-code application development technologies is expected to reach $26.9 billion in 2023—a 20% increase from 2022—relevance of LC NC platforms in insurance sector continues to grow. This surge is fueled by the involvement of non-IT users, the need for tailored workflows, and the demand for rapid application delivery, making LC NC tools indispensable for driving digital transformation in the insurance industry.
Understanding Low Code – No Code Platforms
Low-Code vs. No-Code: Simplifying App Development
Low code is a visual method of software development that reduces the need for extensive coding, enabling developers to create custom software more efficiently and boost productivity. They are designed for users with basic coding skills, providing a mix of visual tools and code editors.
Koushik Sen, a renowned computer science lecturer at UC Berkeley, describes it best: “Imagine a world where you simply say what you want, and the computer makes it happen—no coding required.”
This is the essence of no-code platforms. They go a step further with LC Platforms by removing the need for any coding entirely. With a fully visual interface, drag-and-drop functionality, and pre-built components, they are ideal for individuals with no coding experience.
Let’s explore the key distinctions between Low-Code/No-Code platforms.

Unlocking Insurance Innovation
Driving Efficiency and Innovation: Benefits of LC NC Platforms in Insurance
Driving Digital Transformation
A Celent study found that nearly 90% of insurers consider customer experience crucial for driving new business, while almost 80% emphasize that meeting customer needs has made digital transformation a top priority. Low-code/no-code platforms empower insurers to create and deliver the omnichannel digital experiences that customers expect.
Seamless Integration of Data
LC NC platforms in insurance solutions are equipped with prebuilt connectors and APIs that make integrating diverse data sources seamless. For example, VISoF, Binary Semantics’s Insurtech platform provide advanced data integration capabilities with its LC NC solutions in insurance. With that, Insurers can easily import, clean, and analyze data from various origins without requiring advanced programming skills. This enables smooth collaboration between insurers and data professionals, allowing both to focus on their areas of expertise.
Cost-Efficient Automation
Insurance service providers who deploy LC NC in insurance report a significant boost in speed to market—10 to 20 times faster—compared to traditional software development. This is attributed to several factors: the efficiency of visual modeling tools, greater resource availability, elimination of lengthy project approval and funding processes, the support of agile methods, and the active involvement of business areas.

Balancing Scalability & Governance
As data volumes grow due to complex regulations and modeling, LC NC platforms in insurance provide scalability to handle large datasets without significant workflow changes. These platforms enable seamless transitions from desktop to production environments.
That’s the reason, Sebastian Schroetel, Head of Intelligent Robotic Process Automation at SAP, puts it, “A fully equipped LCNC platform can cut development time down to just a few days—or even hours.”
LC NC platforms in insurance are also flexible. Insurers can easily update applications to meet changing market demands and regulatory requirements without heavy coding. For instance, VISoF’s server- and cloud-based execution of LC NC tools enhances model governance, ensuring centralized control and compliance with data security and regulatory standards.
Read more: VISoF Auto Insurance Quote Generator: Empowering Auto Insurance
Modernizing Insurance Tools
LC NC solutions boost actuarial capabilities by simplifying complex modeling tasks and supporting specialized use cases such as experience studies and financial reporting. With pre-built components, insurance companies can swiftly develop and tailor tools to meet their specific needs.
VISoF’s digital insurance solutions aimed at legacy platform modernization using LC NC tools in insurance. This enables insurers to effortlessly create tailored digital insurance policies that address policyholder needs, allowing for quick adjustments to coverage levels, premiums, and other details with improved accuracy. For instance, Zurich utilized a low-code platform to build a custom risk management application, boosting risk assessment accuracy by 90%.
Simplifying Workflow Transparency
Visual interfaces provided by LC NC platforms offer clear representations of models and workflows, making them accessible to nontechnical stakeholders. Flowchart-based designs simplify input extraction and transformation, expediting compliance reviews and strengthening model governance. This transparency fosters better communication with teams and stakeholders.
SaaS-Driven Innovation
LC NC platforms in insurance leverage Software as a Service (SaaS) models to integrate cutting-edge digital technologies in insurance, including Artificial Intelligence, Machine Learning, Intelligent Document Processors and WhatsApp Bots. Frequent software updates ensure users can easily adopt advanced techniques without additional research or complex coding efforts. This will enhance customer retention.
For example, Aviva France received approximately 80,000 claims annually. To improve communication and collaboration, they implemented LC NC based connected claims solution for life insurance and P&C claims. The LC NC approach boosted same-day settlements from 1% to 25% and increased claims resolution within three days by a whooping 530%.
Agility in Action
The agility of LC NC technologies empowers insurance service providers to create and adapt production-ready workflows without heavy reliance on IT support. For example, the digitalization of insurance brokers is incomplete without integrating LC NC solutions into their processes.
Agile companies outperform others by moving products to the market 5 to 7 times faster. They also see a 20% to 30% boost in productivity and higher customer satisfaction, according to a McKinsey study. LC NC platforms in insurance help insurers to develop and launch digital solutions quickly. Thus, gaining a competitive advantage in a fast-changing market like India.
Embracing Low Code No Code in Insurance
Smart Steps to Adopt LC NC in Insurance
To remain competitive with modern fintechs and meet the expectations of digitally-savvy consumers, insurance companies must provide innovative solutions. This was echoed by Karlyn Carnahan, Head of Insurance, North America at Celent, who highlighted in an interview, “Insurers should begin preparing for low-code/no-code now by taking simple, cost-effective steps.”
However, she also advises insurers to consider several key factors before fully embracing low-code/no-code tools and platforms, including:
- Identify areas where low-code/no-code tools can add value, such as modernizing legacy systems.
- Establish a governance program to ensure adherence to software development lifecycles and maintain quality standards.
- Reevaluate metrics to determine how service-level commitments may evolve. Will existing measures for efficiency, velocity, and volume need to be adjusted?
Did you know that, according to EXL, 509% ROI was achieved within the first 5 years after implementing Low-Code/No-Code platforms? While the benefits of LC NC platforms in insurance are well-known, implementing them in a competitive landscape is not as straightforward as it seems. This is where Insurtech platforms with prior experience in LC NC tool implementation come into play. Binary Semantics, with its successful deployment of LC NC platforms for numerous leading industry players, is ideally suited for the task.
Read More: Combatting Insurance Mis-selling: Insights and Solutions
Low Code No Code is Future
The Next Wave of Insurance Powered by LC NC
Role of LC NC in AI-Powered Insurance
Advancements in artificial intelligence and machine learning (AI/ML), including GenAI, are set to drive the next wave of enhanced capabilities for Low-Code/No-Code platforms in insurance and their deployments. By integrating AI tools such as GenAI-powered document processors, chatbots and voicebots, the insurance sector is set to transform into a customer-first ecosystem. LC NC platforms will play an indispensable role in driving this shift.
Read more: From Slow Claims to Instant Payouts: How AI is Changing Insurance
LC NC Empowering IoT Insurance
The Internet of Things (IoT) opens new avenues for competition and collaboration for insurance providers, as tech and consumer electronics companies are already connecting with consumers through smart devices and appliances. With the insurance sector now deploying IoT and telematics solutions like Usage Based Insurance, the LC NC tools offer tremendous opportunity to insurance players.
Big Data, Bigger Opportunities with LC NC
As data is generated across every stage of the customer lifecycle, Customer Intelligence and Data Analytics takes center stage. During the Fintech Festival India 2024, panelists highlighted, “Big data is utilized in underwriting to predict risks, detect fraud, and resolve other critical challenges.” Embracing an LC NC platform not only speeds up this evolution but also offers a distinct competitive advantage.
Read more: The Future of Predictive Analytics in the Insurance Sector
In conclusion, LC NC tools focus less on coding and more on who can utilize them. The key is empowering businesses and reducing development efforts. By leveraging Low-Code/No-Code platforms in insurance, insurers can focus on crafting innovative solutions like process automation, workflow optimization, improved digital engagement, and enhanced user experiences. With decades of expertise in InsurTech and Low-Code/No-Code platforms, Binary Semantics is uniquely positioned to help you achieve transformative results.
Get in touch now to integrate LC NC platforms into your insurance operations.