The success of any business depends on its ability to meet customer needs by delivering great services or products. In banking and insurance, this rule applies just the same.
On top of that, financial institutions face another challenge: keeping up with the changes demanded by digital transformation in the financial sector and its ongoing innovation process.
Increasingly, banks, fintechs, insurers, and insurtechs need to invest in digital platforms such as mobile apps.
Beyond delivering speed, practicality, and convenience, these channels improve the customer experience and open new business opportunities for banks and insurers.
And, of course, they contribute to customer loyalty and retention. Faced with the need to digitize, banks, insurers, and insurtechs run into a central question:
How do you build digital tools quickly and accurately, incorporating the best capabilities? Low-code is the answer — read on to understand why.
The Value of Low-Code Platforms for Digital Transformation in Financial Services
The approach itself is a strategic factor in financial sector digital transformation. Low-code platforms enable rapid application development and deployment.
In practice, they shrink new app creation cycles from months to days, empowering banks and insurers to launch digital solutions fast.
In short, low-code enables and accelerates digital transformation across financial services and insurance. With a low-code platform, you can:
- Build applications faster with minimal coding to enable rapid processes;
- Automate processes to increase productivity and maximize efficiency;
- Reduce overall operational and development costs with faster development cycles.
Mendix: The Low-Code Platform Built for Financial Sector Transformation
Mendix for Financial Services is the ideal solution for organizations looking to set a standard of operational excellence while improving both customer and employee experiences.
With the platform, companies gain access to industry-focused best practices and to the people who build digital solutions.
Available in the cloud, it connects customers to partners and to a diverse, productive developer community.
With the Mendix low-code platform, banks, insurers, fintechs, and insurtechs have the ideal solution to invest in applications through its digital marketplace, with ready-to-use workflows and connectors for commonly used systems.
Mendix also offers a wide range of components that can be customized to meet your specific needs, enabling rapid deployment of new digital solutions.
Digital Transformation in Insurance and the Mendix Platform
The insurance industry is changing at an ever-faster pace. The pillars of brand, price, and product are being reinvented by traditional insurers and insurtechs alike.
With digital transformation being a necessary yet seemingly difficult step, what can organizations do?
Their customers, agents, brokers, and employees need new solutions across every area, including underwriting, claims management, quoting, and purchasing.
Mendix, a leader in low-code software, provides solution templates and key digital capabilities for insurance organizations.
The Mendix low-code platform helps you redefine your customers’ experiences while also automating your insurance workflows.
In practice, by adopting Mendix as your solution development platform, you deliver business value faster, more consistently, and more effectively.
Beyond standing out in an evolving market, you also empower business users to play an active role in your digital transformation.
Here are the insurance processes that can be optimized with the support of the Mendix low-code platform.
Underwriting Automation
Automation is revolutionizing the insurance industry. Organizations are increasingly turning to technology solutions, such as automated underwriting systems, to streamline operations.
In this context, the Mendix low-code application platform can help insurers unlock new efficiency and cost-reduction opportunities through automated underwriting.
At its core, underwriting is the process of analyzing a customer’s relevant personal information and using it to determine how much coverage to provide and at what price.
Today, insurance customers expect to get the best possible quote within minutes of providing their details, regardless of the type of insurance they are seeking.
By generating claims decisions algorithmically, automated underwriting helps the industry keep pace with consumer expectations.
How does automated underwriting work with the support of a low-code platform?
The modern automated insurance underwriting process is powered by Robotic Process Automation (RPA) and Artificial Intelligence (AI).
Using a customer’s credit history, insurance telematics, and other personal data such as driving records, insurance applications generate automated claims decisions and applicable rates.
There are many advantages to using an automated underwriting system alongside claims management software.
An automated underwriting process is not only faster — it also increases customer satisfaction, reduces costly errors, and saves money and paper.
Digital insurers and insurtechs can build a wide range of enterprise applications for internal and consumer use on the Mendix platform, with automated underwriting built in.
The truth is that with the Mendix low-code platform’s capabilities and templates, building insurance innovation becomes far easier.
New applications launch quickly with Mendix App Accelerators built specifically for the insurance industry. Everything is designed to power digital transformation in financial services.
Our world is becoming progressively more digital, and today’s consumers are increasingly comfortable with new technologies.
In fact, they expect these digital experiences in every interaction in their lives, including their relationships with insurers.
In other words, the only way to stay competitive in the future insurance market is to become far more digital.
In this landscape, modern insurers must prioritize software solutions that improve the digital customer experience.
For example, you need to offer an easy-to-use app integrated with an accurate rating engine, so users can get a simple, fast insurance quote to protect their high-value personal assets.
The Mendix Insurance Quote and Buy solution template was built to meet these challenges. This framework accelerates your quote-and-buy capabilities and connects to your core insurance applications.
With this template, insurers and insurtechs gain a new way to engage customers through a clean, intuitive, functional user interface. The ability to connect to other data sources makes life easier for the customer.
Real-time quote and report generation helps your organization capture the full value of an automated insurance solution.
By leveraging the Mendix low-code platform, you can reduce development time, cost, and maintenance while building the business agility to adapt and expand your solution whenever you want.
Here is what else matters when it comes to claims management.
Insurers are looking to replace outdated claims management systems to enable faster routing and, in turn, keep customers satisfied.
And while insurance companies know they need a new solution, many are unsure whether to build their own claims management software or buy an off-the-shelf product.
Although off-the-shelf claims processing software offers pre-built modules designed to speed up the implementation of standard business processes, these solutions are expensive and hard to adopt.
Because they are generic by nature and must be adjusted to each insurer’s unique processes, adapting them requires knowledge of proprietary systems and time to customize the solution to your business needs.
In other words, they will rarely keep pace with your business or your customers’ demands.
The good news is that a low-code platform makes it possible to do things differently. Mendix helps insurers build custom claims management software that automates complex workflows.
A solution tailored to your insurance business reduces the time needed to process claims and report back to customers, improving the policyholder experience.
The Mendix low-code platform was designed so companies can build custom claims management software.
That means fast, accurate claims management delivered in a cost-effective, flexible way. Insurers and insurtechs also gain a solution adapted to their unique challenges and business operations.
Insurance companies using Mendix simplify and automate claims management in a way that preserves future flexibility, whether for claims calculations or regulatory change.
Mendix: Low-Code Support for the Future of Banking Solutions
The recent pandemic accelerated the need for banks to take control of their digital experiences.
The demand to digitize financial service offerings across the entire customer lifecycle — from origination to onboarding, self-service, and back-office operations — needs to be met now.
For institutions to survive in today’s market, they must embrace the challenges of digitization.
That is why financial services companies are increasingly seeking software platforms that improve experiences, reduce costs, boost business agility, and increase speed to market.
Mendix offers solution templates designed specifically for financial institutions to help your organization navigate this new path.
All of it comes at far greater speed and lower resource cost than traditional application coding and development.
Banks that do not immediately focus on improving the legacy experiences exposed during the pandemic will quickly fall behind the competition in the coming years. You definitely cannot afford that risk.
Here is how and why the Mendix low-code platform can help your team.
Customer Onboarding
Customer onboarding is one of the most critical tasks in banking, yet it remains one of the most challenging.
Every company knows that delivering the best digital onboarding experience is fundamental to both revenue growth and customer satisfaction. In practice, however, implementation can be expensive, slow, and resource-intensive.
But there is a better way. With the Mendix Financial Services platform, you can optimize your customer onboarding process.
This template provides an intuitive, easy-to-deploy accelerator that helps you quickly add process automation to this critical banking workflow.
Giving your customers an innovative, engaging onboarding process increases their trust in your business and keeps you competitive in a growing market.
Deploy customer onboarding, accelerate the launch of new apps and systems, and put your business at the forefront of the market.
Native Banking App
Delivering a practical, fast, convenient, and fluid mobile experience matters to every financial institution. But building and maintaining that experience can put enormous pressure on a bank or fintech.
The Mendix Native Banking App solution template is the perfect answer to this kind of demand.
The tool provides core capabilities that act as a kick-start for your development process.
Biometrics, account views, transfers, credit card interfaces, and chatbot access are all there from day one. Add your institution’s branding and workflows to make it uniquely yours.
The resulting app is mobile-responsive and can be published to the iOS App Store and Google Play. Updating is easy and can be done as often as you like.
With the Mendix Native Banking App, you reduce time to market, increase business value, and delight customers with a truly unique mobile experience.
Loan Origination
Applying for a loan is one of the most stressful and important interactions a customer will have with their bank.
It is essential that financial institutions provide a digital experience that makes access easier for the customer rather than getting in the way.
The Mendix Loan Origination solution template lets your organization take control of this critical experience. This accelerator helps you start automating and simplifying the loan acquisition process for customers.
In practice, account holders can select their loan, enter their information, upload all documents, and apply directly in the app. No extra systems and no barriers. After all, the whole point is to make people’s lives simpler.
Loans that meet specific parameters can be approved automatically, while others are routed to your team for a decision. All of it happens within the app.
Explore the Mendix Loan Origination solution and reduce internal workload while giving customers an intuitive, best-in-class digital experience.
TrueChange Is the Ideal Strategic Partner
As we have seen, the digitization challenges across different segments, including finance and insurance, are many. But having the support of a strategic partner can make the innovation journey far easier.
With 10 years of market experience and as the leading low-code specialist in Brazil, TrueChange can help you.
Our goal is to help companies accelerate their transformation journey by rapidly building innovative solutions to meet business demands.
TrueChange has already helped companies such as Sompo Seguros, Zurich Seguros, and Serasa on their low-code journey toward digital transformation in financial services.
Today, TrueChange is Siemens’ leading partner for the Mendix platform in Latin America, with two international awards.
Success Story: Credsystem and the Cartão Mais! Product
Credsystem is a financial services company specializing in credit.
With more than 20 years in the market, the company has made major investments in technology and innovation, adopting TrueChange as a strategic partner for the Mendix platform over the past year.
Since then, all development of Cartão Mais!, the company’s flagship product, has moved to the low-code platform, which closed the year with more than 2 million app downloads.
Learn more about this success story. Watch the video showcasing the winning partnership between TrueChange and Cartão Mais!
Conclusion
In practice, the Mendix low-code development platform delivers a wide range of benefits for insurers, insurtechs, banks, and fintechs.
With the solution, companies can harness data, the power of artificial intelligence (AI), and advanced analytics to build sophisticated applications that deliver predictive analytics and personalization.
That means tapping into the best low-code application capabilities to personalize your sites, deliver real-time service recommendations, and even test advanced capabilities for future-proof services — resilient to any disruption.
Get to know TrueChange and discover the power of the Mendix low-code platform.
