A pioneering no-code platform, Instanda on Friday urged insurers and financial institutions to embrace no-code platforms and Artificial Intelligence (AI) to accelerate innovation and cut product development time.
The Director of Client Success and Growth at Instanda, Mr Will Wood, made this appeal during a webinar organised by the Fintech Association of Nigeria (FinTechNGR).
The webinar had the theme: “The No-Code Era: Building Agility for Financial Services.”
Wood said that no-code platforms would enable insurers and financial institutions to remain competitive in Nigeria’s fast-evolving digital economy.
He said organisations relying on traditional software development are losing valuable time because lengthy engineering processes, legacy systems and bureaucracy often delayed innovation.
INSTANDA is a pioneering no-code platform for insurance product innovation and complex underwriting.
The News Agency of Nigeria (NAN) reports that no-code platforms enable non-programmers to design, build, and deploy digital applications using visual tools rather than traditional programming languages.
According to Wood, no-code platforms enable business teams to configure and launch digital products without writing software code, reducing development cycles from months to weeks.
“No-code is not the absence of technology. It simply changes who builds technology by giving business teams greater speed, accessibility and control,” he said.
Wood explained that with no-code platforms, insurers could rapidly design, test and refine products, respond faster to customer needs and quickly adapt to changing market conditions.
The expert said AI further strengthened no-code platforms by automating document processing, customer interactions, workflow management and data analysis, reducing manual tasks while improving accuracy.
He, however, said that AI should support rather than replace human decision-making, particularly in regulated sectors such as insurance and banking where accountability remained critical.
“Organisations combining AI with no-code platforms are gaining competitive advantages through faster innovation, lower operating costs and improved customer experience.
“There are examples of insurers launching national products within 16 weeks and introducing additional products in four to six weeks using no-code platforms,” he said.
Wood added that modern digital platforms also made it easier for insurers to collaborate with banks, fintechs, telecommunications companies and retailers through embedded financial services.
He warned that organisations delaying digital transformation risked losing market share to agile competitors built on modern technology infrastructure.
“As AI and no-code technologies mature, they will not only improve existing industries but create entirely new ones. The organisations that move early will lead the next wave of innovation,” he said.
He urged insurers and other financial institutions to begin by identifying priority products, configuring them on no-code platforms, integrating AI capabilities and continuously refining customer experiences.
Responding to questions on cybersecurity, the expert acknowledged risks associated with digital platforms but said robust cloud infrastructure, strong security controls and trusted technology partnerships could effectively mitigate them.
Wood said that adopting secure digital platforms would enable insurers and fintech firms to innovate confidently while safeguarding customer data and meeting regulatory requirements.
Speaking on the event, Organiser and Moderator of the webinar, Mr Segun Olutoyinbo, said the forum was designed to bring together industry leaders, innovators and technology experts to explore how no-code platforms and AI are transforming financial services and driving sustainable growth across Nigeria.
Olutoyinbo said the event provided a platform for knowledge sharing, collaboration and practical insights on emerging technologies.
He added that the event also provided information enabling businesses to accelerate innovation, reduce operational bottlenecks, develop products faster and unlock new opportunities in the evolving digital economy.
