Some extra thoughts on the low code vs legacy debate, which were so good we decided to run them as a min feature Q&A with Minster Law.
Has the industry finally ditched legacy systems or updated them successfully?
Legacy systems are often mission-critical to day-to-day operations within an organisation, which is undoubtedly one of the key reasons why they continue to be widely retained. The process of ditch and replacing a legacy system is also usually costly, complex, and hugely disruptive.
Wholesale migration and replacement must be carefully assessed and planned to minimise risks, which can be challenging if the business lacks the technical specifications required to create a new system that delivers the same business-critical features.
The result is that system modernisation programs often result in an ‘all-or-nothing’ mindset. The risk of replacing or the make do and mend. Whilst no/low-code platforms are not a panacea, this is where they can provide a compelling and alternative approach, by allowing organisations to create a more modular, interoperable system architecture that can better flex to the needs of the business whilst avoiding the need to customise or replace high-dependency legacy systems.
Can no/low code empower teams beyond the IT dept?
The growing demand for software developers is causing a significant gap in supply, putting immense pressure on IT departments.
No/low code platforms offer a solution, empowering individuals with diverse technical backgrounds to create applications, design workflows and automate processes without extensive coding knowledge.
Although IT and software developers remain vital for certain applications and more complex projects, the widespread adoption of no-code tools can significantly broaden the talent pool within organisations – allowing internal employees to engage in or support development tasks.
This ‘democratisation’ of application development, facilitated by ‘citizen developers,’ promotes collaboration, enhances efficiency, and fosters a wider culture of innovation throughout the business.
No/low code is more than just a tool to reduce dependency on IT dept; it is a broader empowerment of technology across an organisation, benefiting everyone involved.
Is software now truly open across the insurance sector, is data sharing working for MGAs, brokers, and insurers alike?
The insurance sector has certainly seen moves towards more openness in software and improved data sharing, but we are still some way off from the Utopian vision of seamless integration.
Much has been made of the potential for closer collaboration, integration, and data sharing to improve performance in areas such as operational efficiency, customer experiences and risk & fraud assessment. The obstacles are less about the technology and more structural and regulatory in nature. Data security, cybercrime, privacy concerns and regulatory compliance are some of the key challenges that will need to be overcome if the industry is going to collectively benefit from the low-code/no-code revolution. The other is trust – not of the data, but between the organisations that operate within and across the insurance supply chain..
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