Making the complex simple for the London Market
We all know that the London Market remains at a competitive disadvantage on one key point: frictional costs.
According to EY’s 2020 UK insurance Outlook, despite steadily falling loss ratios in recent years, expense ratios have steadily climbed, particularly for speciality businesses, with some businesses edging towards 40%. Such a high figure is clearly not acceptable and needs to be lowered.
As the report bluntly states: “In a highly competitive market with low margins and an increasing cost base, insurers must continue to optimise the business of today and transform the business of tomorrow to keep pace. Laggards will be left behind.”
In this guide we explain how low-code can help deliver the market’s aspirations for change. We believe that low-code is a fundamentally different and better way of building software applications for business.
Simply put, low-code is process automation on steroids: you map the process you want to create, including steps, actions and end points.eGuide London Market
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The current complexity of the London Market is not sustainable as it’s expensive to run. Unless the 40% acquisition cost dramatically reduces, there simply isn’t enough for every participant to survive. The good news is that change is already happening with the blueprint, but a lot still needs to be done.
We teamed up with The Insurance Network for a panel discussion on APIs, data integration and digital technology to build operational efficiency in the London Market. Watch the recording here.
Low-code is the easiest way to develop business applications, fast.
It’s essentially process automation on steroids. You map the process you want to create – including steps, actions and end points – and the software takes care of the rest. And once you have your app, you can test, refine and improve it on an ongoing basis.
That means you can turn your vision into a reality, fast. You just plan out a process in a flowchart and the computer automates it for you.