Instanda, a pioneering no-code platform, on Friday urged insurers and financial institutions to adopt no-code platforms and Artificial Intelligence (AI) to accelerate innovation and shorten product development time.
The Director of Client Success and Growth at Instanda, Mr. Will Wood, made the call during a webinar organised by the Fintech Association of Nigeria (FinTechNGR).
The webinar, themed “The No-Code Era: Building Agility for Financial Services,” highlighted how these technologies can drive competitiveness in Nigeria’s fast-evolving digital economy.
Wood noted that organisations relying on traditional software development often lose valuable time due to lengthy engineering processes, legacy systems, and bureaucracy.
Instanda is a pioneering no-code platform designed for insurance product innovation and complex underwriting. No-code platforms allow non-programmers to design, build, and deploy digital applications using visual tools instead of traditional coding.
According to Wood, these platforms enable business teams to configure and launch digital products without writing 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 no-code platforms allow insurers to rapidly design, test, and refine products, respond faster to customer needs, and adapt quickly to changing market conditions.
He added that AI further enhances no-code platforms by automating document processing, customer interactions, workflow management, and data analysis, while reducing manual tasks and improving accuracy.
However, Wood emphasised that AI should support — rather than replace — human decision-making, especially in highly regulated sectors like insurance and banking, where accountability is critical.
“Organisations combining AI with no-code platforms are gaining competitive advantages through faster innovation, lower operating costs, and improved customer experience,” he said.
“There are examples of insurers launching national products within 16 weeks and introducing additional products in four to six weeks using no-code platforms.”
Wood also noted that modern digital platforms make it easier for insurers to collaborate with banks, fintechs, telecommunications companies, and retailers through embedded financial services.
He warned that organisations delaying digital transformation risk losing market share to more agile competitors.
“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,” Wood said.
He advised insurers and financial institutions to start by identifying priority products, configuring them on no-code platforms, integrating AI capabilities, and continuously refining customer experiences.
On cybersecurity, Wood acknowledged the risks but stated that robust cloud infrastructure, strong security controls, and trusted technology partnerships can effectively mitigate them. This enables insurers and fintech firms to innovate confidently while protecting customer data and meeting regulatory requirements.
Event organiser and moderator, Mr. Segun Olutoyinbo, said the webinar 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 in Nigeria.
He added that the event provided a platform for knowledge sharing, collaboration, and practical insights to help businesses accelerate innovation, reduce operational bottlenecks, develop products faster, and unlock new opportunities in the digital economy.
