Design’s role in saving the insurance industry (from itself)

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Design Thinking Methodology
  1. People are overexposed as they can’t understand obfuscated policy wordings;
  2. People resist applying for policies as application processes are often probing and arduous;
  3. Claims often aren’t a straightforward process, leading to poor customer experiences and churn;
  4. Insurance is seen as a commodity product, meaning all car insurance policies are seen to do the same thing; and
  5. People expect insurance as a service, so when they buy their new car they are buying it fully covered as standard.
  1. Startups are trying to dis-intermediate as many links of the value chain as possible;
  2. Technologies are rapidly changing, though the majority of the industry still runs off legacy systems;
  3. Distribution models are changing;
  4. Regulations are changing; and
  5. There is little standardisation of risk assessment around the world.
  1. Companies that remain design focused out-perform their competitors;
  2. Design enables you to build trust with your customers by solving their problems; and
  3. Leverage design to turn industry problems into opportunities.

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