Reimagining insurance underwriting and pricing
Design research and insights
Opportunity mapping
Value proposition
Future vision and strategy
Designed for: Designit
Client: UK based general insurance company (Confidential)
Reimagine the 'Underwriting and Pricing' process for a general insurance company by leveraging cloud-based technology helping unlock value for its customers and business.
Objective
As the London-based general insurance company was undergoing migration of its applications from data centers to cloud, it was presented with a unique opportunity to reimagine and transform its operational processes. To address the opportunity, the client identified the need for a Cloud-enabled application across PL (personal Line) and CL (commercial Line) offerings and systems for its underwriting and pricing process.
This application can be used by brokers and underwriters and will serve as a single pane of glass across the underwriting process integrating all its applications and components.
How could they:
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Leverage cloud-based and other latest technological capabilities and optimize its applications and processes?
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Enable business to derive more value in terms of cost-saving, through offering better products and services to its customers?
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Be future-ready for a rapidly changing world?
Context
We defined three principles to centre the vision, strategy and design of the application:
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Understand motivations and needs of brokers and underwriters
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Underpin the vision and strategy through the lens of IT strategy, migration activities and business objectives
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Explore complexities in foresight-driven insurance business model & processes
Approach
Taking both top-down and bottom-up approach for identifying opportunities
We looked at both - disruptive customer facing propositions that were challenging the insurance industry as well as foundational software and technology that was transforming back-end processes.
Emerging Insurtechs in UK analysed
Cloud insurance software companies analyzed
Opportunity mapping
We explored and scanned some of the emerging needs and challenges for underwriters to help identify opportunity areas for the client that not only addresses its current operational challenges, but also help bring additional value to its customers and business.
Outcome
We cannot predict the exact future, but can explore, probe and uncover many possible futures. And further ahead we think, the greater the uncertainty and complexity.
The outcome of the project invited the client to speculate on the future of their legacy processes demonstrating impact on their business, thus expanding the reach and impact of Wipro as their technology partner.
The Team:
Shrestha Kedia: Strategic design lead
Minjin Kim: Business design lead
Carolyn Wegner: Sr.UX designer
Alfred: Sr. UX designer