Reporter's notebook: Insurtech Connect, more insights

Low-code, no-code programming has become increasingly popular among insurance carriers looking for solutions to operations technology issues, according to Doug McElhaney, partner in the insurance practice of McKinsey & Co.

“It bridges the gap between an organization that historically has been very comfortable building their own, to not totally outsource all my development, but democratize it to a degree that they can get more people developing solutions versus having just a very technical IT team,” he said. “More of the major software players have gotten the message. They’re now saying they’re going have a no code or low code component to applications.

“My clients need to be able to respond to emerging trends that might impact their books and economic performance,” McElhaney added. “They have to be able to adjust underwriting models, and adjust pricing two to four time faster than they have. They need to increase the level of automation they have in those sorts of processes.”