Too Many Tasks, Too Few Developers? Power Apps Saves the Day

#powerapps #ai #it #developeres

Insurers‍‌‍‍‌‍‌‍‍‌ have to deal with a lot of different difficult situations at the same time. While IT teams are struggling with too many priorities and too few resources due to the combination of changing customer expectations, compliance requirements, and digital transformation goals, all departments from claims to underwriting are asking for faster, more reliable applications. However, traditional development cycles are slowing everything down.

So, what is the outcome? Employees are losing opportunities, getting frustrated, and customers do not receive responses on time. The gap between IT’s capabilities and business needs is getting bigger as insurers are racing against time to provide accurate and quick services, thus, the difference between what IT can deliver and what the business really needs is widening. Luckily, there is a future ready solution that offers agility without giving up control: Microsoft Power Apps.

The Backlog Problem: When Demand Outpaces Developer Capacity

Technology‍‌‍‍‌‍‌‍‍‌ backlogs have, without much noise, become one of the biggest bottlenecks in the insurance industry over the last couple of years.

Every business unit is asking for a new tool to make the work process more efficient claims want automation, underwriting wants smarter analytics, compliance wants better reporting but the IT department’s list of things to do is already very long.

As per Gartner, more than 80% of large companies have an increasing backlog of their application portfolio, and Financial Services lead that list. Projects accumulate faster than the completion rate, thus innovation is postponed by months, or even years. As a matter of fact, digital first insurtech startups are operating at a totally different pace, i.e., building new apps in a matter of weeks, instead of quarters, and attracting customers who are in immediate need.

The widening gap between demand and delivery is not solely an IT problem, rather it is a strategic risk. Each delay results in lost revenue opportunities, lowered customer satisfaction, and employees getting frustrated because they have to work with outdated tools.