B-015: Innovative Insurers: Applying Design Thinking to Challenge the Norm

Overview | Audience | Outcomes | DT Tools | Duration | Track Record

(1) Course Title and Code

Innovative Insurers: Applying Design Thinking to Challenge the Norm (B-015)

(2) Course Overview

The insurance industry is traditionally seen as conservative and slow to adapt, often burdened by outdated systems and complex regulations that hinder innovation. In an era where customer expectations are rapidly changing, driven by advances in technology and new market entrants, insurers face the critical challenge of reinventing their products and services to remain competitive and relevant.

Design Thinking offers a transformative solution to these challenges, providing a structured approach that focuses on understanding and empathizing with users. By embracing this methodology, insurers can break free from conventional processes and develop innovative solutions that are not only compliant and efficient but also deeply resonate with customers’ needs. This approach prioritizes customer-centric innovation and agile product development, enabling insurers to create more engaging, transparent, and user-friendly insurance products.

In fact, we guided an insurance company in enhancing its social selling model, achieving a 127% increase in the closing rate from new clients. Additionally, we successfully led a bank in retaining their high-value customers through a Design Thinking-based customer experience enhancement project, resulting in over $3 billion in additional income from deposits, investments, and insurance services. These successful projects were published in the Hong Kong Design Thinking Business Casebook 2019 and 2020.

(3) Targeted Audience

  • Insurance Executives and Managers: Leaders who are responsible for driving strategic innovation and change within their organizations to stay ahead in a competitive market.
  • Product Development Teams in Insurance Companies: Professionals who design and develop insurance products and are looking to incorporate user-centered design methodologies to enhance product appeal and customer satisfaction.
  • Customer Experience Strategists in the Insurance Sector: Individuals focused on improving the end-to-end customer journey, aiming to use Design Thinking to enhance customer engagement and loyalty.

(4) Major Learning Outcomes

  1. Learn the guiding principles, core values, and execution model of Design Thinking to effectively challenge the norm and introduce cutting-edge innovations in the insurance industry.
  2. Master the use of empathetic research methods to delve deeply into the needs and pain points of insurance customers, enabling the development of solutions that genuinely meet their expectations.
  3. Develop the ability to prototype and rapidly test insurance products, using iterative feedback to refine offerings and ensure they align tightly with customer needs.
  4. Acquire skills in interdisciplinary collaboration, which is essential for integrating insights from technology, regulatory compliance, and customer service to create comprehensive and innovative insurance solutions.
  5. Enhance strategic foresight to anticipate future trends and challenges in the insurance market, ensuring that solutions are sustainable and adaptable over time.

(5) Design Thinking Techniques and Tools

Stage 1: Discover

  • Stakeholder Mapping (Code 201): Identify and analyze key stakeholders in the insurance sector to understand their needs, expectations, and influence. This will aid in crafting innovative and feasible solutions.
  • Empathy Interviews (Code 205): Conduct in-depth interviews with insurance customers to gain a deep understanding of their emotional and functional needs, ensuring the development of empathetic and user-centered insurance solutions.
  • Cognitive Immersion (Code 213): Participants engage in immersive activities to develop a profound understanding of the insurance environment. This helps participants challenge existing norms and think creatively about new insurance models.

Stage 2:Define

  • Clustering (Code 301): Use clustering techniques to categorize insights gathered during research, facilitating the identification of core problems and opportunities in the insurance industry.
  • Persona Design (Code 306): Create detailed personas of insurance customers to tailor insurance products that directly address user-specific needs and preferences.
  • Journey Mapping (Code 309): Map out the customer journey to identify critical touchpoints for improvement or innovation within insurance services, enhancing the overall user experience.

Stage 3: Develop

  • Popcorn (Code 401): Generate a rapid flow of ideas in quick succession to explore a wide range of potential solutions for identified insurance challenges.
  • Impose Constraints (Code 405): Apply specific constraints to the ideation process to foster creativity under pressure, leading to innovative and practical insurance solutions.
  • Brainwriting (Code 410): Facilitate a structured written brainstorming session, allowing team members to build on each other’s ideas, enhancing collaborative ideation and diversity of thought.

Stage 4:Deliver

  • Service Blueprint (Code 507): Develop detailed blueprints for new insurance services, outlining all elements required to deliver the service effectively and efficiently.
  • Concept / Idea Pitch (Code 511): Prepare and present pitches for the developed insurance solutions, enabling participants to communicate their ideas clearly and persuasively to stakeholders.

Remark: All the techniques and tools utilized in our training programs can integrate Artificial Intelligence (AI) and Big Data technologies to enhance innovation efficiency by up to 40%. This includes AI-driven User Demand Identification and Prioritization, Quantitative User Emotion Analysis, and AI-driven Innovative Idea Generation and Feasibility Analysis.

(6) Learning Materials (for Training Workshops)

  1. Course Guidebook
  2. Tool Guide
  3. Case Studies
  4. Pre-Course Reading or Watching Materials [Examples]
  5. Post-Course Continue-Learning Materials

(7) Deliver Modes and Durations

Our training programs boast exceptional adaptability. Offerings range from concise 2-hour introductory talks and 4-hour training courses to comprehensive 8-hour to 15-hour action-learning workshops and 30-hour project-based workshops (or Design Sprint Mini-Innovation Projects). This flexibility allows us to precisely tailor each session to meet your specific needs and schedules, ensuring that our training is both highly effective and strategically aligned with your organization’s objectives.

In addition to our training services, we also offer internationally recognized Design Thinking skill Assessment Services. These assessments are designed to help your staff identify and bridge gaps in their innovation competencies, further enhancing their effectiveness and your organization’s competitive edge.

(8) Track Record

Since 2017, we have successfully delivered more than 550 Design Thinking training classes across various sectors, including businesssocial servicepublic service, and education throughout Hong Kong, Mainland China, and Asia.

As the exclusive representative of the globally renowned DesignThinkers Academy in China, we offer programs that not only provide internationally recognized Design Thinking certifications but are also facilitated by globally accredited specialists in Design Thinking. Our commitment to excellence ensures that each program meets the highest standards, tailored to empower professionals at all levels with cutting-edge skills and innovative methodologies.

For more Design Thinking Courses for Other Sectors and Management Areas, please click here