Mendix Helps Leading Insurers to Rapidly Digitize Their Products, Operations and Customer Experiences
Low-code platform helps insurers close the gap between business demands and IT capacity—without compromising legacy systems or large modernization projects
BOSTON – December 15, 2016 – Mendix, the fastest and easiest platform for Rapid Application Development, today announced that leading insurance companies across North America and Europe continue to strategically adopt the Mendix platform to deliver smart web and mobile apps that streamline operations, improve customer and broker engagement and enable digital product delivery. More than 40 insurers, including seven Fortune 500 companies, are using Mendix to drive successful digital initiatives at unprecedented speeds.
While digitalization is one of the top priorities for insurance CIOs, research shows that most are struggling to progress their digital strategies. According to Gartner, “only 12 percent of insurance IT and business leaders consider their organizations to be digitally progressive, while the majority believe that their organizations are digital beginners or intermediate, at best. Reasons for this include a lack of agility caused by legacy IT systems, flat IT budgets and a lack of the right skills or the delivery models to support innovative business models.”
Mendix is helping leading insurers, such as CapSpeciality, CED Nederland B.V, Chubb, Erie Insurance, LV=, OpenClaims, RGA and Zurich to accelerate their digital transformation. Using the platform, IT and business teams can effectively collaborate to build and deploy Smart Apps across web and mobile devices, delivering business impact in a fraction of the time and cost of traditional approaches. These applications deliver the beautiful UX today’s users demand while integrating seamlessly with existing systems and providing enterprise-grade security, scalability and governance out of the box.
Specifically, insurance companies use Mendix to deliver applications spanning the following areas:
- Product Innovation – a specialty insurer developed a new digital product to disrupt its market by selling direct to consumers at a fraction of the cost of competitive offerings
- Customer Experience – an insurance IT team launched a mobile life insurance offering for customers to easily purchase a policy, in just minutes
- Operational Efficiency – a property and causality insurer automated data collection and consolidated document management, saving $1.7 million in three years
“Insurers are tasked to transform and deliver better digital experiences for their customers, brokers and employees,” said Derek Roos, CEO of Mendix. “The future of insurance is not simply improving the user experience; it’s eliminating it all together to create an experience that is an extension of the person’s activity. We’re pleased to see that we are able to play an important role in enabling companies to meet customer expectations with new product innovation which often leads to increased operational efficiency.”
Case Studies: Insurers Speed Time to Value with Mendix’s Low-Code Platform
CapSpecialty Improves Customer Experience and Operational Efficiency
CapSpecialty offers specialty insurance for small to mid-size businesses. One of their many offerings, which is produced through its subsidiary Arizona Central Insurance (ACI) as program administer for North American Kiosk RPG, includes insurance coverage for carts and kiosks at commercial retail locations (i.e. malls, stadiums, airports). The Mendix platform was used to create a new application and quote process to improve customer experience and operational efficiency.
CapSpecialty’s team built a web-based application for new customers to interact with and sign up for a new policy. Behind the scenes, this streamlined process has enabled ACI to reallocate resources to prospect for new business.
“We want to move fast when it comes to updating the digital experience of our existing products and that’s exactly what Mendix enables us to do,” said Bob Asensio, CIO at CapSpecialty. “We’re very pleased with our time to market for app development on Mendix and we’re already lining up additional innovation projects. It’s rewarding to me that our IT team is now in a better position to improve our customer and employee experiences.”
LV= Is First to Market with New Products using Rapid App Development
“Experimentation is essential for success,” said Rod Wilmot, Fast-Track Director at LV=. “We can bring our ideas into reality quickly using Mendix and in doing so be first to market, determine customer response and iterate as necessary. We have been able to deliver projects exponentially faster, completing projects in weeks rather than months or years. We have a breadth of customer-facing and internal applications that are improving the experience of our customers and employees, allowing experimentation that legacy systems have prevented us from doing and encouraging agile practice in ways that were previously unachievable.”
Erie Insurance Increases Employee Productivity
“We’re using Mendix to build a more user friendly experience to improve our processes,” said David Kuhn, Manager of Enterprise Architecture at Erie Insurance. “We’ve been an insurance pioneer, and we recognize the insurance landscape is changing. To keep pace with new competition, we needed a system to operate quickly and deliver new applications to improve our team’s efficiency and help our agents better serve our customers.”
For more information about how insurance IT leaders can create a frictionless customer experience, join us on Friday, December 16, for an informative webinar with Chubb’s Diane Davidson, one of Insurance Business UK’s women of influence, and Deloitte’s Nigel Walsh, Insurtech top 50 influencer. To register, sign up here.
Mendix is the fastest and easiest platform to drive digital innovation, enabling business and IT to rapidly turn ideas into applications. Open and enterprise-class, our platform combines business-IT collaboration, visual development, multi-cloud deployment and full application lifecycle support. As a result, cross-functional teams are able to rapidly deliver web and mobile apps to digitize their operations, customer experience and business models. For more information, visit www.mendix.com and follow us on Twitter and LinkedIn.