Innovation is at the heart of the insurance industry's evolution. As customer expectations and needs change, insurers must adapt to remain relevant. At Folio, we believe that developing solutions that genuinely make a difference in our customers' lives begins with great design. To achieve this, we embrace human-centred design and design thinking. In this blog post, we'll explore how Folio's adoption of this technique ensures customer happiness and how it can serve as a blueprint for the insurance industry.
Putting People First with Human-Centred Design
Human-centred design (HCD) is a philosophy that places people and their needs at the centre of the design process. At Folio, we recognize that insurance is not just about policies and premiums; it's about providing peace of mind and security to real people. Here's how we apply HCD:
Empathy-Driven Research: We immerse ourselves in our customers' experiences through interviews, surveys, and observation. By understanding their pain points, aspirations, and behaviours, we gain valuable insights.
Iterative Prototyping: We create prototypes of our insurance solutions and gather feedback from customers. This iterative process allows us to refine our offerings based on real user input.
User Testing: Before launching a new product or feature, we conduct user testing to ensure it meets users' needs and expectations. This step minimises the risk of launching something that doesn't resonate with our customers.
Design Thinking: Fostering Innovation
Design thinking is a problem-solving approach that enables HCD by emphasising empathy, creativity, and experimentation. It encourages insurers to step outside their comfort zones and challenge the status quo. Here's how Folio employs design thinking:
Problem Framing: Journey maps highlight pain points and bottlenecks in our customers' experiences. We define problems from the customer's perspective, ensuring we address their actual needs. This involves reframing issues and exploring alternative solutions.
Collaboration: Cross-functional teams at Folio collaborate to bring diverse perspectives to the table. We believe that the best solutions emerge when experts from various domains work together.
Prototyping and Testing: Rapid prototyping and experimentation are key. We test ideas quickly, learn from failures, and iterate until we find the right solution.
Seamless Interactions: We aim to create seamless interactions at every touchpoint, whether it's purchasing a policy, filing a claim, or seeking support. Journey maps help us identify and refine these interactions.
Teaching the Insurance Industry
Folio is committed to not only leading with these customer-centric design principles but also sharing our knowledge with the broader insurance industry. By adopting these techniques, insurers can:
Enhance Customer Satisfaction: Designing with customers in mind leads to higher satisfaction and loyalty, reducing churn.
Innovate Effectively: Design thinking encourages insurers to be agile and adaptable in a rapidly changing market.
Reduce Risk: Iterative prototyping and user testing minimise the risk of launching products that don't resonate with customers.
Stay Competitive: In an industry disrupted by insurtech and changing consumer expectations, design-centric insurers are better positioned to thrive.
At Folio, we're on a mission to make insurance a positive experience for all. By embracing human-centred design and design thinking, we're setting the standard for what insurance can be: a solution that genuinely makes a difference in people's lives. It's not just about policies; it's about people.