Life Insurers Are Testing Low-Code and No-Code Programming Systems
Aite-Novarica says chatbots and AI systems that can handle unstructured text are also hot.
Life, health and annuity issuers are hungry for high-tech systems that can reduce their dependence on live-human software developers.
Five of the 28 issuers that participated in an Aite-Novarica survey said they had low-code or no-code programming technology pilot projects under way, or were planning pilot projects for that technology, in the fourth quarter of 2021, according to a survey summary.
Eleven of the issuers said they were already using low-code and no-code systems.
Aite-Novarica also found that five of the issuers were testing, or planning to test, chatbot technology, and five were testing, or planning to test use of artificial intelligence systems that can handle unstructured text.
Cloud computing was the most deployed technology: 19 of the insurers are already using cloud computing, but no issuer is testing or planning to test that technology.
Quantum computing appears to be the least popular technology assessed: No insurer that responded to Aite-Novarica is using, testing or planning to test a quantum computing system.
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