The insurance industry grapples with many significant challenges, ones that the ParaCode team have experienced first-hand – feeling the same frustrations they now work daily to provide the solution for.
One of the primary problems is that policy administration platforms are outdated and fail to keep pace with evolving customer needs. Furthermore, the industry’s disjointed approach to integrating modern distribution channels only serves to worsen the issue. This disjointedness hinders customer convenience and limits the ability of insurers to reach their potential audience.
Furthermore, the innovation of insurance platforms is hampered by the constraints of outdated technology upon which older platforms depend. This technological lag impedes the industry’s agility, hindering its capacity to swiftly adapt and provide more efficient, user-friendly solutions.
In order to address these concerns, a unified endeavour to modernise technology and streamline processes is crucial for the insurance industry to enhance its overall effectiveness and customer satisfaction. That’s where ParaCode comes in…
How ParaCode plans to transform the industry
As mentioned above, the ParaCode marketplace was developed by insurance and technology professionals who understand and sympathise with the grievances outdated platforms cause.
So, let’s talk about the modernised approach ParaCode brings to the industry.
No Coding Required
Our platform utilises a no-code capability, employing a drag-and-drop function for the user interface. This eradicates the necessity for intricate coding and costly investments, enabling MGAs and insurers to introduce and manage products without the requirement for expensive developer support. As we extend beyond mere code, we don’t just provide solutions – we unveil opportunities.
Efficient Product Creation
The advanced functionalities of our marketplace enable swift and efficient product definition, enhancing agility in response to dynamic market conditions. This reduces setup costs, facilitating broader distribution at a more affordable price and consequently reducing the risk associated with experimenting with new ideas. This, in turn, increases the likelihood of smaller, niche opportunities being profitable.
Unified Marketplace
ParaCode’s vision of a unified insurance marketplace creates a collaborative community where insurers, MGAs, and brokers can easily create and transact any insurance product, fostering a sense of unity and cooperation in the industry. The functionality to send e-tobas is also available – aiding you in creating a community of insurance professionals to collaborate with.
Dynamic Product Definitions
ParaCode’s Dynamic Distribution concept enables on-the-fly product description and configuration, reducing the frustration of dealing with pre-defined, inflexible products. An example of information that can be entered into the platform by users includes the types of things to be insured, the descriptive information about these and the basis for rating quotes.
At ParaCode, our vision is to spearhead a revitalisation of the insurance industry, propelling it into a new era of agility, ease and unity. We envision a future where insurance platforms become intuitive, with user-friendly tools that empower everyone. With the above capabilities setting us above the outdated platforms used today, we believe our journey in achieving this vision is well underway.