Fintech solutions future and present are promising, Insurance industry at the moment is moving in the speed of the light towards huge impactful innovations.
I was lucky to lead a few Fintech product innovations, two of them were within the insurance industry.
Roughly talk, designers and innovators, whoever might lead a transformation or innovation project should understand the basics before he goes. here I'm mentioning few things that might help you understand things better, yet faster.
It's not only "Human, Design and Technology" Regulations plays a fundamental role here!
Simply, to save your time. you need to understand the country regulations / restrictions when it comes to this particular sector, It present a core difference since simple you may will not able to add a button until it's aligned with the regulations and the agreements between the insurance providers / brokers / agents and the government or partners.
The impact of regulations won't stop here. It's better to make really everything visible and clear from the very beginning to your users when it comes to the terms and conditions. In some cases, you may find your self struggling to find the right trigger/nudge to be used within such context; the point is that most of the countries won't act easily with tiny mistakes here.
Simplifies the experiences might be your goal as well, but again, the customer awareness during the different Issuance process is a must.
I mentioned a few samples of challenges related to the regulations. On the ground, you will find more.
Underwriting is the real power!
One mistake you "must" avoid, is not considering the UW team and not giving your self enough time to understand the UW process, policies and logic.
If you did not meet the UW requirements, or If you did not align with the team on what could be the To-Be journey, this could be the time for you to rethink all that you did, now much better than later. Signification changes will come up for sure.
Put your self in the UW shoes, this will support you invest your time building conceptual models accurately.
Simplicity is the ultimate sophistication.― Leonardo da Vinci
Numbers meant to be accurate!
While designing for e-commerce, showing the price of a certain item has no dependencies on other factors (or at least most of the time). The insurance' policies are way different than that case.
Insurance UW systems are calculating the premiums based on multiple/complex factors. May I got a quotation for 100$, and you may got the quotation for the same product for 500$.
This requires you to understand how the automated UW systems such as "Appian, Pega, etc." work, the logic, hierarchy of information needed & dependencies.
The premiums accuracy and setting prospect/current customers expectations play a fundamental role here taking a certain decision later.
Boundaries are almost invisible
Business lines, Customer profiles and historical data, data, in general, are indeed connected. And that's the power of the automation. So don't expect to see old school concepts, and if there are any just reject it.
Historical data means a lot, when you are developing concepts, for example, for the UW dashboards, the way you are showing the customer' history will define the final decision.
The Impact of a bad design here will lead to a significant loss. That's why you need to understand how in real life UW, for example, estimate and evaluate every single decision and action. So you can develop at least a system that talk visually the same language the UW minds talk.
Build the culture, or at least contribute!
It depends on the culture of the organizations, but it's hard to find a well oriented culture from the very beginning. you need to onboard the project team from the client/organisation side at least with the methodologies, process, and principles you are working with.
It will be great if you can run a few workshops; this will help the different teams understand/believe in the process. the trust bridge, honest feedback, wellness to take challenges, are keys for the engagement/project success.
Business, and then anything.
Simply, Technical driven conversion won't lead for anything when it comes to the stockholders. I believe that business-oriented designers and leaders are so crucial for any project in general. But here the business-hat is significantly essential.
Starting from day one, try to deeply understand the business goals and the logic behind every single interaction, requirement and policy. Things will look crazy at the very beginning; over time, it will make sense.
Innovate, so you achieve a pre-defined ROIs
No one invests money on the seek of having beautiful digital masterpiece, things in real life is not working like this, and it will never do. You understanding the ROIs will help a lot defining the right path whenever there are many, not only this, but while you are developing concepts, this will help you reduce the uncertainty, and build better business-oriented ones.
Finally, It won’t be the last post about insurance, there are more to come. from a time to another I’ll try to document few points and share it with you.