The Head of Nippon Life X, Satoshi Nerio, discusses the capabilities of Unqork’s no-code platform—and how it can aid the APAC life insurer’s digital endeavors.
At the Insuretech Connect Asia conference, Unqork's CEO and Founder Gary Hoberman and the Head of Nippon Life X, Satoshi Nerio, sat down for a virtual “fireside chat” where they discussed no-code’s place in the APAC life insurance market.
“Historically, the complexity and regulation of the insurance industry has been a barrier to digital innovation,” Gary explained. “As tools like Unqork bring no-code technology to the enterprise, it’s getting easier for companies to digitize and modernize complex processes, while adhering to regulations.”
Watch the full interview here, and see below for the highlights.
Satoshi provided his perspective on how the accelerated pace of digital transformation and innovation will shape the digital future of insurance.
“I’d say that many companies in our industry have felt very comfortable due to the strict and complex insurance industry regulations. However, this is really no longer the case, as I see many more non-insurance companies entering the insurance market by utilizing technology.”
To handle the new competition that is disrupting decades of traditional thinking and a lack of urgency for change, Nippon Life X is focusing on three key goals:
Improving all of their employees’ tech literacy and enabling business users to launch products on their own
Building partnerships with non-insurance companies to create innovative, accessible products for clients
Fostering an ecosystem that creates new innovative products and makes adjustments based on the analysis, while keeping up with new regulations automatically
Areas of Opportunity
To meet these goals, building applications and launching products on time with no delays is critical.
“Unqork is such a powerful tool for us to achieve this. Unqork has allowed our business users and system developers to seamlessly work together, when previously these two teams operated in completely separate silos."
“Unqork is such a powerful tool for us to achieve this. Unqork has allowed our business users and system developers to seamlessly work together, when previously these two teams operated in completely separate silos. It has increased our efficiency in building applications by bringing these two groups ‘into the same room,’ so to speak.”
Based on the success of Nippon Life X’s latest project—a fully digital dental insurance product—Satoshi believes using no-code will become a new key priority in the life insurance industry in the very near future. “We only assigned two core team members to this project and were able to launch in three months.”
In APAC markets, a lot of insurance is still being sold via the traditional agent model. Satoshi expects this model to be reinvented with better UX and CX. “Life insurance will eventually become a digital service industry that requires a faster speed to market and flexibility to adjust products or services as it goes,” emphasized Satoshi.
See how Unqork can be used at your life insurance organization and schedule a personalized demo with one of our solutions experts today. Sign up for the Unqork newsletter to learn more about the potential of no-code across the globe.