Following the Rules: 4 Reasons Why Low-Code Is the Right Choice for Insurance Compliance
Insurance is a highly regulated industry. Companies, agencies, and vendors that focus on insurance understand they must operate within industry guidelines or be subject to penalties. Over the last 30 years, insurers have implemented core policy administration software, which has enabled automation of coverage-based rules as part of the policy lifecycle. Likewise, claims management and billing software has automated many of the mandatory guidelines that govern those functions.
But many other rules—for licensing, financial reporting, and more recently, data privacy—are outside of these spheres. For most insurance organizations, the critical functions in these areas are still a series of manual processes, which results in limited transparency and visibility for internal staff and external auditors – leaving insurers vulnerable to financial and reputational risk, which is untenable in an industry as risk-averse as insurance.
Property & Casualty, Life, and Reinsurance organizations need a framework that supports their efforts to standardize compliance activities and automate processes, increasing the efficiency and effectiveness of compliance management programs. A low-code platform is the optimal foundation for that framework. It enables a cross-enterprise approach to IT compliance activities involved in the regulatory oversight of corporate functions. Low-code gives insurers the speed and power to rapidly build applications, the agility to make changes, and oversight to maintain visibility into processes—while controlling IT spend.
The benefits of low-code for insurers
- Speed – With Appian’s enterprise low-code development, you can rapidly build compliance applications for optimizing processes and meeting compliance deadlines. It’s the secret weapon to put your regulatory and compliance program on the fast track.
- Power – Compliance activities demand a collaborative approach, and the most effective way to unite and digitize them is through the power of intelligent automation. Combining BPM, RPA, and AI with low-code development enables insurers to optimize any compliance process across the enterprise.
- Agility – When it comes to regulations, change is inevitable. A low-code platform is the optimal technology for addressing regulatory and compliance needs and executing an ongoing business strategy . The speed and flexibility allows for rapid application development, empowering your IT and business teams to bridge the collaboration gap and quickly make the changes needed to remain in compliance as regulations evolve.
- Visibility – True compliance means visibility across the entire business. Appian enables your organization a single view of all data, facilitating shared compliance responsibility across teams. With Appian, you can consolidate data from all sources into a unified view. This gives teams actionable information and valuable insights into potential issues—so they can improve quality control and mitigate risk.
Which regulations are top of mind for insurers?
At Appian, we are fortunate to have two insurance industry leaders—Jake Sloan and Gijsbert Cox—who spend their time working with our prospects and customers. During the last several months they’ve noted a sharp increase in inquiries about best practices for compliance, so they decided to dig a little deeper into two regulations that have been top of mind for insurers: Consumer Insurance Privacy / CCPA and IFRS-17. Both of these are great examples of why insurers need to be able to rapidly adapt to change.
During the coming weeks, Jake will blog about Consumer Insurance Privacy and Gijsbert will blog about IFRS-17, talking through the regulations while illustrating how insurers are preparing for the future with a new technology mindset in a rapidly evolving technology and business environment.
Meet Appian at an upcoming event
It is impossible to refer to the future of insurance without mentioning InsureTech Connect. The Appian insurance team will be in Las Vegas for the conference—September 23-25—and would like to invite you to visit us at booth #820, and also to make an appointment to speak with one of our Account Executives.
Jake and Gijsbert are looking forward to sharing their thoughts with you over the next few weeks, and all of us would welcome the opportunity to connect with you at the conference in September. If you have any questions in the meantime, please feel free to reach out via email or connect with them on LinkedIn.