B-018: Insurance Reimagined: Driving Change with Design Thinking

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

(1) Course Title and Code

Insurance Reimagined: Driving Change with Design Thinking (B-018)

(2) Course Overview

The insurance industry is facing an era of profound change, driven by evolving consumer expectations, technological advancements, and emerging risks such as cyber threats and climate change. Traditional models often fall short in addressing these dynamic challenges, leading to a disconnect between what insurers offer and what customers actually need and value. This gap not only affects customer satisfaction but also impacts the overall growth and resilience of insurance providers.

Design Thinking offers a powerful antidote to these challenges by emphasizing a user-centric approach to innovation. This methodology engages directly with the needs and experiences of customers, enabling insurance companies to develop solutions that are not only innovative but also deeply aligned with what customers expect and require in the modern world. Through iterative design and empathetic engagement, Design Thinking encourages a culture of continuous improvement and adaptation, making it an ideal strategy for insurance companies aiming to thrive in a rapidly changing environment.

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 Industry Executives: Senior leaders tasked with steering their companies through transformative changes and looking for innovative approaches to remain competitive.
  • Product Managers and Developers in Insurance: Professionals responsible for the creation and updating of insurance products who need effective tools to craft solutions that resonate with today’s consumers.
  • Risk Management and Compliance Officers: Individuals who ensure insurance products meet regulatory standards and are also seeking innovative ways to manage emerging risks effectively.

(4) Major Learning Outcomes

  1. Learn the guiding principles, core values, and execution model of Design Thinking to catalyze innovation in the insurance sector.
  2. Develop the ability to conduct empathetic and thorough user research to uncover deep insights into customers’ needs, preferences, and pain points specific to insurance.
  3. Gain expertise in prototyping insurance products and services quickly and effectively, allowing for iterative testing and refinement based on real user feedback.
  4. Acquire skills in fostering interdisciplinary collaboration, crucial for blending insights from technology, actuarial science, and customer service to craft holistic insurance solutions.
  5. Enhance strategic foresight to proactively address and adapt to future trends and challenges within the insurance industry, ensuring long-term sustainability and customer relevance.

(5) Design Thinking Techniques and Tools

Stage 1: Discover

  • Vision Statement (Code 102): Establish a clear and inspiring vision for innovative insurance solutions, setting the stage for transformative changes in the sector.
  • Stakeholder Mapping (Code 202): Identify and analyze key stakeholders in the insurance ecosystem to understand their expectations and influence on insurance products.
  • Empathy Interviews (Code 205): Conduct in-depth discussions with customers to gain insights into their needs and pain points, focusing on personal experiences with insurance.
  • Emotional Immersion (Code 214): Engage deeply with customer emotions and experiences to develop empathy and understand the human side of insurance needs.

Stage 2:Define

  • Affinity Diagram (Code 302): Organize information and ideas from research into themes and patterns to pinpoint underlying problems and opportunities in insurance.
  • Empathy Map (Code 305): Create a detailed profile of insurance customers to capture their experiences and emotional responses, enhancing user-centric product design.
  • Value Stream Mapping (Code 311): Analyze and improve the flows of insurance processes to enhance efficiency and customer satisfaction.

Stage 3: Develop

  • Reverse Brainstorming (Code 403): Challenge existing assumptions in insurance by thinking of what could go wrong and then devising solutions to prevent these issues.
  • Impose Constraints (Code 404): Setting specific limitations can stimulate creativity and lead to innovative approaches to insurance product design.
  • Image-Ination (Code 405): Use visual stimuli to generate creative ideas, helping participants envision new insurance services or enhancements.

Stage 4:Deliver

  • Storyboard (Code 503): Visualize new insurance services or products through sequential storytelling, aiding in the conceptualization and communication of new ideas.
  • Elevator Pitch (Code 513): Develop concise and compelling pitches for new insurance solutions, essential for gaining support from stakeholders and potential investors.

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