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NO-CODE: MAKING BLOCKCHAIN IMPLEMENTATION EASY

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An interview with Chris Obdam, CEO Betty Blocks.

When Blockchain first appeared on the tech radar, it was heavily associated with Bitcoin and other cryptocurrencies. We know now that this was just the tip of the iceberg for the new technology. Since Blockchain’s inception, the brightest and most disruptive minds from around the world have started to unlock its potential as a groundbreaking security solution. Not just for online currencies, but any data transmission and validation imaginable.

More than 10 years later, Blockchain is still something of a mystery to most non-IT professionals. So what exactly is the value of Blockchain for businesses? And what technologies are available to help companies adopt this groundbreaking, disruptive security solution?

To answer these questions, we caught up with CEO and co-founder of Betty Blocks, Chris Obdam. He explained Blockchain and how no-code application development platforms can help businesses implement it easily, without the expense of employing specialised software developers.

Chris Obdam

1. What is the value of Blockchain?

Blockchain is a distributed ledger system which has a clear and simple benefit. It allows people to work together, share information, create contracts, and make transactions securely. Everything created (such as transaction data) is done outside of privatized, central systems and stored in a distributed system, the Blockchain. Unlike most technologies, Blockchain requires multiple parties’ permission to create, edit or move information.

For people like you and me (or even businesses), information is a private and valuable asset. Knowing data is secure gives real peace-of-mind to individuals and is an essential factor for businesses to work together. Blockchain technology and the security it offers and can be an essential factor in winning collaboration.

As a side note: Until Blockchain technology became available, the market for centralised contract systems was owned by just a few players – a near monopoly. Blockchain technology disrupts that entirely. Taking advantage of it enables businesses to bypass the restrictive practices (and sometimes high prices) of powerful market players.

2. What are some of the challenges of incorporating Blockchain?

The real challenge right now is that people don’t fully understand what Blockchain is and how to apply it. People seem to have this idea that Blockchain is a complex series of algorithms and technology barriers which make it difficult to connect with existing processes. But it is in fact simply a new and better tool in your development team’s toolbox. Companies that fail to consider it are simply hanging on to the old way of doing things and risk falling behind the competition. Implementing Blockchain is where a no-code platform can come into play to simplify and speed the process.

3. What are no-code development platforms and how can they help?

No-code platforms enable anyone to contribute to software development without writing a single line of code. Instead of hand-coding, non-IT professionals create applications using a visual interface and pre-fabricated code segments (or modules). Ultimately, the goal of no-code is to remove the technology barrier of programming languages and allow anyone to contribute to innovation efforts.

When it comes to Blockchain, people need to understand that creating the software is the smallest piece of the project. Technical setup only has to be done once. Your user interface, back-end, and logical flows are the more time-consuming aspects.

The advantage of using a no-code platform is that the ‘technical’ setup will already be available to your developers. Meaning your focus can be entirely on delivering the best possible result for your end-users.

4. How can the banking industry benefit from no-code platforms?

We all know that the traditional banking sector is under constant pressure from new digital players. Both private and business customers expect better services on all fronts, including via digital platforms and they absolutely expect total security. Fail to meet these ever increasing expectations and your customers can easily switch to another provider.

Given their huge demand for new digital processes, Banks have had to radically change their approach to software development. They have had to become highly innovative and fast to market with new digital services. So when it comes to software, many have turned parts of their development strategy over to rapid innovation teams who build applications using no-code platforms instead of via traditional coding. Firms that are able to design, test and launch new services in weeks instead of the many months it took just a few years ago; are gaining customers from their slower rivals.

5. When can we expect the first no-code built applications to incorporate Blockchain?

Blockchain technology already exists in no-code platforms today. It’s a pre-built ‘drag and drop’ feature which a developer can add to an application’s workflow. So it isn’t exactly a matter of when, but where Blockchain will be used within a no-code application on a large scale. You could start building an application that incorporates Blockchain today.

Blockchain is here to stay and it’s important to get your head around it. You can easily incorporate it into your new applications if you take a no-code development approach. If you need any help, do reach out to us at Betty Blocks.

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Interviews

FINANCE DERIVATIVE INTERVIEW Q&A WITH ULF ZETTERBERG

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Ulf Zetterberg,Co-founded, Seal Software

 

  1. Can you tell us a bit more about Seal Software and your role at the company?

Seal Software created the contract analytics market. It was the first business to use an AI-powered platform with intelligence, automation, and visualization capabilities to enhance the management of contract data. Seal leverages elastic cloud scalability, multi-instance data security, and rapid virtual deployment to support contractual processes at all scales. Machine learning and natural language processing capabilities enable the software to find contracts across networks quickly, and to understand the risks and opportunities hidden within those contracts. The software is applicable in multiple use cases from compliance and NDAs, to M&A and procurement.

With regards to my role, I co-founded Seal Software in 2010, together with Kevin Gidney, who was the CTO. As CEO, I oversaw the rapid growth of the company from start-up to market leading provider for contract analytics. I then oversaw the acquisition by DocuSign for $188 million.

 

  1. What do you believe were the main factors behind the success of Seal Software as a business?

Ulf Zetterberg

Key to Seal’s success was its customer-first approach. Seal was a platform specifically designed for enterprises. As such, it was essential for us to collaborate closely with our enterprise customers to build out a solution that worked for them. This close collaboration allowed us to really understand how we could best automate our customers’ work and provide support across multiple use cases.

 

  1. What are the key challenges facing enterprise software companies looking to scale?

In order to scale and access new markets, enterprise software companies need to make sure their solution is easy to use and that it creates instant value for the customer. Gaining a deep understanding of the day-to-day challenges that customers face is crucial if you are going to provide real value.

As well as making sure your product is accessible and solves a problem for your customer, you need a clear mission. Having a clear value proposition and ROI will allow you to scale your organization rapidly and effectively, in multiple regions and countries simultaneously.

 

  1. What benefits can enterprises gain from scaling internationally? 

As enterprises scale, they gain access to greater pools of resources and knowledge. Sharing experiences and learnings, both internally and externally, across a scaling enterprise allows you to build and share best practices. Similarly, as an enterprise grows, it will gain access to a larger talent pool, meaning it can hire the best people to help build on its success and drive the business forward.

Although there will be differences across an organization that has reached international scale, the world is smaller today than it was ten years ago, so customers in different countries have more and more things in common. As a result, enterprises can draw on these similarities to deliver a solution that solves a universal problem faced by customers around the world.

 

  1. What insights have you gained from being involved in several software and analytics businesses simultaneously, whether that be as an investor, advisor, or board member? 

I currently have over 25 years of experience in enterprise software and services. At present, I am fortunate to hold multiple roles across several software and data analytics businesses. I am President and Chief Revenue Officer (CRO) of Time is Ltd., a productivity analytics company which seeks to create a new market for analyzing how organizations operate and collaborate. I am also investor and advisor to several other software companies, and I have recently taken on the role of board member at Sinequa, a leader in enterprise search.

My key takeaway from the varied experience I have had throughout my career is that the organization, management, leveraging, and protection of data is the lifeblood of most companies. It is the effectiveness of data management that determines a company’s level of success.

 

  1. What experience are you going to bring to your new role as board member at Sinequa and how will that shape your role? 

Sinequa is at an important stage in its growth as it seeks to accelerate its international expansion. The company achieved a strong performance last year, despite the circumstances of the pandemic. It increased its total customer billings by 30 percent and signed new logos across the globe, from global pharmaceutical and healthcare manufacturer GlaxoSmithKline (GSK), to the second largest energy and power company in the world, Électricité de France (EDF).

I have been impressed by the company’s resilience, and there are hopes that there will be continued growth this year, so I will be looking to help build on its success in my new role. As a board member, I will be drawing on my experience of scaling enterprises to provide guidance and expertise on how to drive global growth, and a key part of this will involve building effective go to market strategies for new growth regions for the business.

 

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Interviews

EVOLUTION OF THE LIFE INSURANCE INDUSTRY

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by Samantha Chow, LAH Markets Lead at EIS

1.  What problems does the life insurance industry face when it comes to data?  

The most significant problem that life insurers face is how they use data and how it is spread amongst multiple legacy systems.  Sometimes the data is split over at least 25 different legacy systems all through the business.

This data is also typically defined differently between disparate systems. For example, in one system of record, the policy number may be the key identifier for a policy, and in another system, it could be the national insurance number. This makes it extremely difficult to pull data together to get a clear picture of an individual’s policy life cycle or journey.   

Without understanding what the entire journey looks like, tools like AI and ML are only superficial. These tools can only work in situations when it has unhindered access to all the information, during the underwriting and onboarding process, for example.   

With modern core technology, life insurers are able to integrate legacy systems through open API architecture and provide an all-around view of the customer. 

2.       Why is data quality an extensive challenge for the life insurance industry?  

The data is often fragmented and stored in separate blocks for each piece of software being used. For example, claims need access to a data centre in order to access underwriting data for the claims review process. With this data often being disparate over various areas, most of it is recorded manually. 

We are now starting to see the automation of applications and a movement from paper to electronic, but this isn’t happening enough to improve the not in good order challenges (NIGO) that life and annuity providers experience.   

The amount of manual data entry that still occurs creates immediate challenges and challenges that arise later down the line. The mistakes made in the application process will haunt the insurer down the road when it comes to the likes of billing, payments and claims.   

However, life insurers can use solutions such as LexisNexis Risk Solutions or Equifax to help with the onboarding process. These are great solutions and can check for any potential inaccuracies in the customer’s address, telephone number and finances. With that being said, insurance carriers’ archaic legacy systems will still leave space for manual errors, with some even leading to fines. 

3.       How has technology impacted life insurers?   

With 59% of insurers upping digital transformation spend this year, it is clear that they understand how important technology and automation are. However, insurers tend to have outdated legacy and modern legacy solutions, which slow down the insurer’s response to product development and changes.

Insurers will need the technology platform that follows the coretech model to enable an ecosystem to meet customers anywhere, any way they wish, with the products that are fitting for their personal needs, and predict and act quickly in the face of unforeseen circumstances. The emergence of insurtechs, spurred by the development and capabilities of new technology, has enabled insurance firms to future-proof their businesses and provided them with the opportunity to create new value propositions based on the modern customer’s needs.  

Achieving large-scale cost reduction is a significant aim for life insurers and automating manual tasks and simplifying processes will help them reach that point faster. This way, life insurers can achieve substantial advantages and reduce errors caused by human intervention.

4.       Does an ecosystem help life insurers to build their business for the future? If so, how?

Becoming part of a partner ecosystem can help life insurers offer a portfolio of different products and services. This includes capabilities from adjacent industries, technology giants, and the emerging insurtech community. Ecosystems allow insurers to create their own unique fingerprint in the industry while being more flexible to change and evolving as their customers do.

A strong ecosystem provides insurers the opportunity to be proactive, rather than reactive. It gives them to tools that provide the insurer the opportunity to personalise their business to the individual customer and product level and build relationships with their customers. If insurers want to become more innovative, they must continue to produce new products and services for their customers. Transitioning from the “one-and-done” sale to a more interactive, always-on relationship will create expanded revenue opportunities through long-term relationships and brand loyalty.

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