Build New Apps Fast (Real Fast) in Insurance and FinServ
Build New Apps Fast (Real Fast) in Insurance and FinServ by David Kuhn
In both insurance and financial services there are a lot of common but complex, processes and transactions. These processes are easier, less prone to error, and get done faster if people can do them digitally as opposed to manually or through an email-circulated spreadsheet.
Evolving all those processes into modern, easy-to-use applications is a mountain of work (actually it’s many, many mountains worth of work), which is made into a much more manageable molehill if you’re building on a low-code platform. Still, even with the speedy booster shot of low-code on your side, getting from MVP to final product on multiple builds is a hearty task.
We’ve been working on something to help you conquer those mountains and it’s finally ready.
Big Builds Fast
To help you digitize and automate those processes as quickly as possible we created the Industry Accelerators.
The accelerators were introduced at Mendix World Version 2.0 in the “Get Your Banking and Insurance Solutions to Market Faster with Mendix App Accelerators.” Watch this session to get a solid primer on what the accelerators are and how they work with Mendix presenters:
- Simon Black, Team Lead Evangelist
- Michael Rennie, Solutions Marketing Director
- David Kuhn, Solutions Marketing Director
These free app templates address common problems you face in insurance and banking. These templates are 90% of the way there in terms of functionality and are just waiting to be customized and connected to your systems and launched to your users.
With the accelerators, you’re now able to update lingering legacy processes in a fraction of the time. (Pretty great, right?) However, you’re now likely to get even more requests pouring in due to your lightning speed and superb application quality. (You’re welcome and sorry).
These accelerators aren’t SaaS solutions, there’s no specialized support for them once you start developing them. Also, while they were designed to require the minimal amount of work possible on your side to get them up and running, they are not plug-and-play solutions. Some assembly is required.
The Insurance Accelerators cover three major parts of commercial insurance. If you build out all three functions and connect them to your core system a significant chunk of the major insurance lifecycle will be efficient and up-to-date.
- Quote and Buy
- With this accelerator, you can launch a new product, as well as the sales process around that product, and get it out into the market quickly. Make the user experience even better by integrating with AI features that can help simplify data entry, like image recognition, and you’ll end up with a best-in-class app that looks incredible and works exactly as it should.
- Claims Portal
- Most of the insurance industry’s customer churn comes from a bad experience with submitting a claim. You can create a better way for customers to file – and follow – a claim from beginning to end using this accelerator. You can build a First Notice of Loss (FNOL) and claims status experience that connects quickly and correctly to your backend claims system. Improving functionality in this way will improve customer retention.
- Underwriting Workbench
- Use this accelerator to build an improved underwriting workflow that still allows the carrier to maintain the necessary rules and ratings. The template is customizable in all the places it needs to be and can pull a lot of data from Excel, which can easily be replaced by services to the existing core.
These three accelerators are complete and can be downloaded now through the Mendix App Store.
The banking accelerators were created to support digital transformation and create new products in financial services.
- Client Onboarding
- This is a template of a digital client onboarding application. You can customize this and enable customers to manage the sign-up process across the financial services industry. Integrate directly with the anti-money laundering and Know Your Customer services to meet all the necessary regulatory requirements. This accelerator is geared towards wealth management but is flexible enough to be useful to a wide range of industries.
- Trade Execution
- Build an application that streamlines the communication between the front end and the back office with Trade Execution. This accelerator automates the customer-to-back-office communication chain in the trade execution process, which eliminates the need for manual intervention and paper-based processes.
- Passive Investment Platform
- Make it possible for customers to invest with your organization directly with this accelerator. This template is an omnichannel investment platform that can integrate directly with your rating engine and algorithms, let your customers tell you how risky they are, and the app will do the rest. The passive investment trend in the asset management sector is strong and organizations of all sizes are starting to offer this kind of solution. With this accelerator, you can launch a new product to the market that customers would be eager to use.
The FinServ accelerators will be posted soon.
Great Raw Material
These accelerators were created to address common problems in the insurance and banking industry and make it possible to fix them as quickly as possible.
All we really did here was provide you with a few really good blocks of marble, you still have to carve it up and create the masterpiece. But, the proverbial marble is free and ready to be downloaded and gloriously customized.
We’re curious to see how quickly you can make something astonishing.