Policy Lifecycle Management Innovation with No-code

Steve UtleyDirector, Markets & Growth
Policy Lifecycle Management Innovation with No-code
Policy Lifecycle Management Innovation with No-code

When it comes to PLM (Policy Lifecycle Management), there are a lot of solutions to choose from. With many off-the-shelf options, a no-code platform might not be the first thing that comes to mind when shopping for a PLM solution. But for many insurance firms, no-code might actually be the best option available.

Every business has a unique approach to policy lifecycle management (PLM), customized to their specific needs, workflow, rules, and management procedures. This unique nature unfortunately limits the adaptability of standard tools available, which are typically designed for ‘average processes’. Utilizing these off-the-shelf PLM solutions often involves significant time invested in vendor-led customizations – if they fit your product requirements at all. Alternatively, there may be a complete lack of fit, rendering the tool ineffective for your business.

This is why insurance businesses are leaning towards creating their own digital strategies, utilizing no-code platforms such as Neota. These platforms empower insurance teams to construct bespoke policy lifecycle management tools, designed specifically for your unique policy procedures and needs, swiftly and effortlessly.

 

What do you really need your PLM tool to do?

The first step in any engagement decision starts with stepping back and making sense of what you need – the functionality most important to you and the “nice-to-haves.” Some software options might have limited features or lack automated workflows and integration capabilities. For insurance clients, it’s crucial to understand your current process and create a wishlist based on your needs and wants.

Although requirements gathering may seem like a tedious task, implementing a customized digital solution will be worth it. Don’t hesitate to ask questions and find a vendor, like Neota, who understands your situation and can help you find the best approach for your unique processes. The right vendor will understand your position and help you get a sense of the best approach in your context and for your unique processes.

 

How can no-code platforms be used as an alternative to an off-the-shelf PLM? 

At a high-level, no-code platforms provide a visual interface and pre-built modular components for business users to develop custom digital applications without coding. We made Neota as a drag-and-drop environment so that even non-tech-savvy users feel comfortable using it.

Many clients leverage Neota for drafting policies and contracts, and orchestrating processes and workflows pertinent to approval, renewal, and compliance tasks. Crucially, Neota’s no-code solutions meld smoothly with your current technological infrastructure, unifying previously isolated segments into a comprehensive policy journey. Many no-code platforms, including Neota, feature web service functionalities that permit data retrieval and posting through REST API calls, enabling integrations with a vast array of tech systems. This is a significant stride towards effective policy lifecycle management in the insurance industry.

For example, since several of our customers use Neota for policy approval, we built a plug-and-play integration with DocuSign that lets you electronically sign a document in the same user flow where redlining and versioning take place.

All of this is important because having flexible technology means you can develop an automated PLM process that truly works for your team. Automate as much or as little as you need – many Neota clients get extra value from their subscription by building apps that automate other, non-PLM processes. Your ability to scale is entirely unrestricted.

 

Code vs No-Code, what to consider 

You’d be right in saying custom digital solutions have been around for decades. No-code has changed the landscape primarily with regard to accessibility, cost, and maintainability.

No-code platforms enable non-technical business users to build automation solutions quickly and easily. These tools are far more accessible than coding, and unlock a whole world of potential for those of us not trained in Java, HTML, C++, or any of the other programming languages.

Traditionally, software development meant getting the (already swamped) IT team involved, or hiring external developers at eye-watering prices. Now, You can build, manage, and maintain no-code tools with ease within your own team. No-code takes far less picking-apart, and updates can be made without taking the tool offline. And finally, time. Coding takes a long time. So much time, in fact, that some of our customers who have extensive technical and coding backgrounds still opt to use Neota to build tools as the speed of building makes the investment worthwhile.

 

Evaluate your options

A no-code approach to PLM is being picked up as a strong alternative to traditional off-the-shelf PLM tools and should be part of the evaluation process for any PLM needs. While I could list out the reasons above again, the most important part here is flexibility and the ability to tailor the solution to your unique PLM needs. A tool built for your specific processes and requirements, with significant input from the people closest to those processes, is invaluable.

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