As the global insurance industry modernizes fundamental business practices to meet rising customer expectations for digital access as well as to increase efficiency, OutSystems, the most trusted enterprise Rapid Application Development (RAD) platform provider, has experienced a marked increase in deployment of apps built by a wide range of insurance companies worldwide on OutSystems.
An industry once known for resisting change, insurance companies are now rapidly modernizing processes for data analytics, metrics and operations. According to a report by PricewaterhouseCoopers LLC., the three most significant drivers of change in the insurance industry include: 1) increased customer expectation due to improvements in other sectors, 2) an accelerated pace of innovation yielding new business models, and 3) startups accessing cloud technology in order to leapfrog established players.
These three drivers make OutSystems highly attractive to the insurance industry, as it enables insurance companies to rapidly develop beautiful and powerful applications that streamline processes across business units. For example, insurance companies can build an app that enables both brokers and insurance seekers to self-service their needs. This results in reduced time and cost and improved customer experience.
“It’s clear that insurance companies have caught on to how they can rapidly build applications that digitally transform their organizations,” says Steven Levine, national sales director, Insurance Practice at OutSystems. “We expect to see more companies use the Platform to create innovative apps that further improve both customer service and how employees achieve company goals.”
OutSystems provides the platform of choice for many insurance providers today. These include AXA, ranked by Interbrand as the number one insurance brand worldwide for the past six years; Fidelidade, the top insurance group in Portugal; and Liberty Seguros, part of the global Liberty Mutual Insurance Group, one of the world's largest insurers.
AXA: With an overall goal of improving customer experience and reducing costs through innovation, the company tasked OutSystems to modernize its claims processing system by adding a web-based portal. Using OutSystems, eServe took three months to build, and it provides an elegant and highly-functional front-end that works on both mobile devices and desktop computers, as well as integrates with AXA’s Oracle and .NET legacy system. AXA Commercial Lines and Personal Intermediary, through eServe, cut costs associated with managing its call center and enabled brokers to self-service claims processing. The new, streamlined system decreases the amount of time brokers need to satisfy their customers.
Fidelidade: Having grown in the previous decade through mergers and acquisitions, the insurance companies of Fidelidade now incorporate several business channels as well as different IT systems, applications and technical personnel from each acquired company. OutSystems was challenged with aligning the different teams and technologies with the company’s consolidated IT strategy. OutSystems enabled their existing core systems to coexist with the new systems, allowing them to be extended with new features in record time.
Liberty Seguros: What started out as a single proof of concept for a clinical application has grown over the past decade to become one of the longest-running and most complex installations ever undertaken by an OutSystems customer. Today, Liberty Connect, a custom-built solution that manages multiple business processes, currently supports over 4,000 internal and external users, runs on a cluster of nine front-ends, and includes integration with several systems of record..
According to a recent Forrester report, the low-code platforms market generated at least $1.7 billion in revenue during 2015 and will grow to approximately $15.5 billion by 2020*. In 2015, OutSystems grew subscription revenue by more than 60 percent. This increase is due to the Platform’s ability to improve operational efficiency, business agility, and employee productivity.
OutSystems provides the most trusted enterprise Rapid Application Development (RAD) platform to accelerate digital transformation. OutSystems is the fastest and most comprehensive way to create, deploy, change, and manage custom mobile and web applications - delivered seamlessly across all devices. Available as a cloud or on-premises solution with deep integration to all existing systems and an open architecture, OutSystems manages the complete application lifecycle of large portfolios at over 600 enterprise organizations in 33 countries across 22 industries. Visit us at www.outsystems.com, or follow us on Twitter @OutSystems or LinkedIn at www.linkedin.com/company/outsystems.
* January 2016 Forrester Report – Vendor Landscape: The Fractured, Fertile Terrain of Low-Code Application Platforms