Like the rest of the financial services industry, group retirement is undergoing fundamental changes due to a confluence of forces: New customer demographics come with changing needs and expectations for service; new technologies are increasingly capable of automating complex tasks that previously relied on human intervention, and evolving regulatory and compliance requirements continue to have significant impact on operations.
To adapt to these market forces, many large retirement providers have prioritized digital transformation, creating a competitive landscape where fully digitized offerings aren’t only advisable, but are becoming table stakes.
Here are some of the key technologies driving change in group retirement:
Going digital, however, isn’t for the faint of heart—particularly in a complex and highly-regulated sector such as group retirement. Custom enterprise software requires the upgrading and integrating of legacy systems, complying with an evolving patchwork of oversight, and competing for scarce IT talent. Factoring all these challenges together, developing enterprise software can be a painfully inefficient affair with 85% of projects going over schedule and 70% of large-scale digital IT programs failing to even reach their stated goals.
This is why leading retirement solution providers are increasingly embracing no-code. This new class of cloud-based development platform eliminates traditional friction points and accelerates the building of scalable, enterprise-ready insurance solutions.
No-code offers a number of inherent advantages over other development approaches. For one, no-code platforms come “out-of-the-box” (or, out-of-the-virtual-SaaS-box) with all the toolsets and elements necessary to build and manage a robust application (e.g., front-end UX, workflow, rules engine, analytics, integrations, and maintenance). Since they’re all components of the same unified platform, everything just works together in instant harmony. This means organizations can devote all their resources to addressing business challenges instead of technical ones.
Also, by eliminating the need to write code from the building process, no-code expands the scope of who is doing the development. In a no-code platform, users (or “Creators'' as we refer to them at Unqork) build applications by drag-and-dropping configurable elements representing both user-facing features and back-end application logic. While modern programming languages (Java, Python, etc) can take a year to learn and a decade to master, no-code can usually be learned in a matter of weeks, which makes development more collaborative, and recruiting more flexible.
The takeaway: No-code empowers providers to readily explore digital opportunities that would have been inaccessible just a few years ago. In this eBook, we’ll explore how today’s most innovative organizations are using no-code to supercharge their digital transformation and deliver benefits to sponsors (via accelerated processes), agents (who can spend more time building value rather than executing routine tasks), customers (via on-demand access to information and services, and the bottom line (through lowered overhead and the creation of new sources of revenue).