How Design Thinking can transform life insurance?
“In the new world, it is not the big fish which eats the small fish, it’s the fast fish which eats the slow fish” (Klaus Schwab, Chairman of the World Economic Forum).
Consumers today reward transparency, speed, and flexibility, as such, many traditional industries have to reinvent themselves to meet their customers changing needs. Design Thinking method embrace thosechallenges and help companies transform their products and services. One great example for transformation presented in the Mckinsey article on the life insurance industry.
As discussed in the article, the disconnection between life insurers’ value proposition and today’s customers led to client’s low engagement and limited ability to meet the preferences of generation Y. Applying design thinking to systematically rework customer journeys helped life insurers across the globe keep pace with the VUCA world and deliver results.