By Madison Lee

A generation of digital native consumers  – who have grown up with smartphones and are accustomed to having all solutions accessible online or through a mobile device – are today wielding ever greater power and influence. At the same time, populations that only recently adopted a highly digitized consumer lifestyle also have high expectations in respect of their digital experiences. However, many insurance and wider financial services  offerings are viewed by end users as sprawling and complex. 

It is therefore crucial that thoughtful design is applied to digital experiences to secure and enhance customer satisfaction and loyalty. Financial and insurance institutions must deliver a digital experience that feels robust, reassuring, and reliable while also being accessible, warm and welcoming. 

With the heightened expectations set by retail brands and consumers themselves, it is time for insurers and other financial services institutions to level up their digital experiences.  Notably where intricate personal finances and insurance policies are involved, consumers should be able to retrieve information easily, be able to effortlessly navigate websites and apps, see real-time transaction updates, and enjoy an experience that feels at once intuitive and aligned with their needs. 

So how does an insurer or other financial services provider deliver this calibre of digital experience? The answer lies in an agile and iterative design process  that focuses on customer feedback. The new products that are now coming to market have been engineered in an environment that places a greater emphasis on testing early and often. In contrast, legacy firms are often working with applications and tools that were designed with limited consumer input, and accordingly are not able to properly reflect the needs and expectations of modern users. 

Effectively kicking off a new era for their design processes may include organizing focus groups to instigate a dialogue around the consumer experience and identify ways to give users a sense of ‘value add’ above and beyond just the product itself.  Given the availability of more expansive and higher quality data and access to direct consumer input, designers and financial/insurance providers lose sight of the emotional aspect of design  at their peril. 

The wider impact of prioritizing design is deepening the provider-customer relationship, which when done right will lead to increased retention and returns. Some consumers view financial services and insurance as a space that they are visiting and are not necessarily a part of .  We challenge firms to design experiences that make users feel more involved. 

Capco Studio has a wide array of design solutions rooted in research that are intuitive, accessible, and enable seamless digital experiences. Reach out to us to learn how Capco Studio can capitalize on your business’ legacy to design experiences that reflect your premium brand.