Insurance may be a highly regulated industry. Companies, agencies, and vendors specialize in insurance understand they need to operate within the industry guidelines or be the subject to penalties. Over the last few years, insurers have implemented core policy administration software, which has enabled automation of coverage-based rules as a part of the policy life cycle under low-code insurance . Likewise, the claims management and billing software has automated many of the mandatory guidelines that govern those functions. The basics of low-code insurance But several other rules—for licensing, financial reporting, and more recently, data privacy—are outside of those spheres. Many insurance organizations, the critical functions in these areas are still a series of manual processes that end up in limited transparency and visibility for internal and external auditors. This leaves the insurers susceptible to financial and reputational risk untenable in an industry as risk-averse as ...
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