Genworth Australia has embraced low-code application development to increase organizational agility.
The decision to do so was part of Genworth’s efforts to transform the business through innovative digital technologies, said Jeremy Francis, Genworth’s chief operating officer. “We know that adopting a low-code approach to application development is an important step towards agility,” he said.
As the leading provider of Mortgage Loan Insurance (LMI) to lenders, Genworth has seen the value of bolstering its digital transformation through digital initiatives. “We had already made investments in technology, particularly around API, cloud and artificial intelligence,” Francis said. “The low-code solution was the final step in bringing these technologies together, to ensure a consistent experience for our customers.”
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Genworth’s loss management solution was identified as an opportunity for low-code development. The main reason it was chosen was due to its “process-heavy” framework and inefficiencies, which made it an ideal target for transformation.
The low-code approach allowed Genworth to develop and deploy the new application which generated results instantly. The team studied how low-code had been successfully applied in other regulated industries such as government. This was a pivotal step because information security is essential. “With any major transformation project that involves replacing a system that has been in place for some time, information security and risk management must be carefully considered and assessed,” Francis said.
The Appian rollout gave Genworth developers more control. “The low-code implementation allowed us to manage the development process ourselves, which allows us to make decisions about how we manage data. This creates an opportunity to consider new and innovative solutions that drive the organizational agility agenda,” said Francis.
An added benefit of introducing low-code is the ability to manage the solution with a smaller team. “Low-code is part of our innovation strategy to manage the talent challenges organizations are currently facing. We can scale quickly and don’t need a whole team of full stack developers to build our platform. The ability to quickly train people on the platform and have them contribute to projects within weeks is refreshing and revolutionary,” said Francis.
Speed is also a consideration and thanks to low-code development, Genworth can now deploy code several times a week, compared to once-a-month code releases. This has been instrumental in transforming the business and reducing platform operating costs by 50%.
Genworth plans to overhaul more of its apps using the same low-code platform. Francis doesn’t expect low-code development to solve all software challenges, but he can support lifting transaction-heavy processes, which can help the organization respond more effectively to customers.
“We are a B2B organization and our business customers are constantly adapting to be flexible with their customers. So we also have to be responsive. said Francois. “That means if they want to act fast, we also have to react and act fast. We haven’t been able to do that as well as we would have liked in the past. Now we can turn things around. depending on customer demand.
“We are invested in understanding the challenges and opportunities our customers face in order to continually improve our offering and evolve the role we play in building a digital organization. Our strategy is to lead by example and be a benchmark for other organizations to follow,” said Francis.