Design Thinking for Digital Insurance Products

Insurance products must become more predictive. The ability to innovate upon digital technologies like predictive analytics and IoT will depend upon design thinking — which focuses on what end-users want, rather than internal process efficiency alone.

The design thinking approach for insurance

This customer-centric innovation is shaped by design thinking — a method of creative action used to solve complicated problems that can satisfy complex needs, and generate desirable solutions for customers.

01 User experience is human-experience

It takes continuous and thoughtful effort to provide a strong experience. This is because the customer experience in the digital marketplace is different. At a very fundamental level, companies need to make the effort to understand their customers’ physical and emotional needs. What is meaningful to them?

02 Eliminate, automate, optimize

The expansion of the IoT illustrates the changing nature of the claims ecosystem, as well as how data from non-traditional sources is transforming insurance operations. Eliminate what can be eliminated, automate which can’t be eliminated, and optimize that can’t be automated.

Josh Overton

03 Bring products alive

To create innovative products, insurance companies can’t keep adding elements simply because their competitors do. This results in solutions that are identical and too complex or peripheral, resulting in meaningless value propositions for customers.

04 Deliver pioneering innovation

The output of the design process should be — the problem solved, a client need met, and a largely improved product. But In today’s digital economy, the bar is set much higher and the expectations are far greater.

Gleb Kuznetsov✈

Insurance made simple.