Building Digital Dexterity in Insurance Workplaces

The years 2018-19 are banner years for insurers. Economic growth and higher investment income played an important role in setting the stage for customer-centric development in the insurance sector.

But, are insurers dexterous enough in deploying technologies to enhance customer experience & improve operations?

According to Gartner – “Digital Dexterity is the ability and desire to exploit existing and emerging technologies for better business outcomes.” Here’s an outlook on building digital dexterity in insurance workplaces.

Why Insurers Need Digital Dexterity?

Accenture reports – 42% of the digitally active customers & 22% of the quality seeking customers are willing to use computer-generated advice for buying insurance. Reason – it’s fast and convenient.

Surprisingly, less than 40% of insurers have a holistic digital transformation strategy, World InsurTech Report 2019 states. Furthermore, the gap between Insurer awareness of the need for ‘change’ and their digital maturity is significant.

WITR-X-Capegemini-2019-report-on-digital-maturity

Source: Capgemini Financial Services Analysis, 2019; WITR 2019 Executive Interviews, 2019.

The point is – the world is shifting towards the digital model. The sooner Insurers harness AI-based technologies to streamline their operations, the higher their chances of acquiring new-age tech-savvy customers.

How to Achieve Digital Dexterity in Insurance?

Betting on technology and expecting a serious outcome is not the solution, especially in the insurance industry which is highly customer-facing and experience-oriented. There needs to be a thorough strategy to eliminate resource wastage and increase back and front-office operational efficiency.

For instance, Amazon uses its data capabilities for the benefit of consumers. By harnessing Machine Learning technology, the company provides personalized product recommendations to consumers. Through well-informed customer service interactions, Amazon contributes to employee satisfaction and productivity.

Being dexterous can help Insurers achieve a mean & lean business model.

#1 Automation

The traditional process requires poring over lengthy documents, handwritten notes, and more to keep up with the ever-changing regulations. Also, most insurance customer-facing processes, such as policy renewal, go through several stages.

Eliminating dependencies and automating routine processes can help the insurers scale without adding staff. For example, AIA HongKong has reduced the average claims handling time by 40%.

Read our Case Study: How AIA HongKong saves 60% through Claims Automation.

Automation in insurance can solve some of the most pressing operational challenges like agent onboarding, claims settlements, underwriting, policy distribution, and document processing along with data entry and migration.

#2 Enterprise Mobility

With the growing number of smart devices in the workplace, determining how to integrate technology with work processes and business objectives can improve operations. Enterprise mobility involves several technologies like – 5G, blockchain, AI, cybersecurity, mobile device management, wearables, cloud, and IoT.

According to Oxford Economics Maximizing Mobile Value Report, 80% of Executives believe — workers cannot work effectively without a mobile device.

The ease of communication, resource accessibility, and affordability are the prime reasons for the wide-spread use of mobile devices. That’s why organizations are open to employees using their mobile phones for calling customers, accessing emails, file transfers, and much more. Executives agree that the real benefit of mobility lies in solving operational challenges.

Millennials spend at least two hours a day on their smartphones, with 78% of the time in apps. Reaching the customers where they are and in a way they prefer is indeed a great operational catch.

Also read – How AI can improve 5 front-office operations in insurance.

#3 Value Added Services (VAS)

Considering insurance as a commodity, customers cannot differentiate the products that are available at the same price and insurers who offer similar services. By definition, a value-added service can be any offering at little or no cost to promote the primary business.

According to McKinsey, the estimated market for insurance VAS (especially in Europe & North America) is $2 billion. VAS holds enormous potential in the risk mitigation sector. Predictive analytics, knowledge sharing, risk training and reporting, self-insurance, and crisis advisory are some of the additional services that insurers can leverage utilizing data and analytics.

How Digital Dexterity Can Benefit Insurers?

While 90% of corporate leaders consider digitization as their top priority, 83% of them struggle to make meaningful progress on digital transformation, according to Gartner. Insurers can profit from digital dexterity in the following ways.

#1 Employee Productivity

With streamlined workflows and automating mundane tasks, insurers can improve their employee productivity to a great extent. McKinsey’s Building a Culture of Continuous Improvement in Insurance, states that “…Taking advantage of a new focus on problem-solving, the back office made a few changes to standard operating procedures that reduced the number of incomplete applications, speeding completion time by 45 percent for new customers..”

digital-dexterity-for-employee-productivity

#2 Enterprise Agility

Agility in insurance corresponds to instantly accommodating the multifaceted demands of customers & responding rapidly to opportunities and disruption. According to Accenture’s Transformation GPS study, Agile firms are twice as likely to achieve top-quartile financial performance.

The agile align the entire organization to a set of lightweight, shared processes because of which, it can adapt quickly to market changes.

Also, the Gen Z are par work-life balance mindset and count on deliverables more than logging time. That’s why organizations are leveraging SaaS and cloud technology to create an agile workspace.

#3 Cognitive Capability

Data is a greater by-product of Insurance. Processing huge amounts of Big Data can be both times consuming and complex to manage at large scale. By leveraging distinct technologies like NLP, Machine Learning (ML), and Automated Reasoning — Insurers can process huge volumes of complex data, affix intelligent insights to structured data and communicate these insights clearly to all relevant stakeholders.

With the cognitive cloud, meaningful data insights are always present irrespective of device and location. For example, IBM Watson Explorer is an ML tool for cognitive insurance with deep-analytical advice, exploration, and mining capabilities. It is still learning and maturing interactions, rules, and processing logic that can apply to policies. Currently, employees can assess claims 25% faster with the help of Watson.

What the ‘Digital-Future’ Holds for Insurers?

At this age, digital technology is a strategic priority for every insurer. Accenture envisions DARQ power, understanding customers, human+ workflow, security, and on-demand experiences to rule the insurance market.

DARQ power: combining the capabilities of Distributed Ledger, AI, Extended Reality, & Quantum Computing.
Understanding the next generation of customers and delivering individual products
Human+: each worker is empowered with his skills + tech-driven capabilities.
Security in terms of user data and privacy in the entire insurance ecosystem.
On-demand experiences: customization and real-time delivery can bring a lot of competitive advantages.

We’re a new-age InsurTech, providing AI and NLP based solutions to improve digital dexterity. Feel free to drop us a line at hello@mantralabsglobal.com

In the world of product design, consistency is the cornerstone of delivering a seamless user experience. As digital products evolve and scale, the challenge of maintaining design consistency across multiple platforms, teams, and touchpoints becomes more complex. This is where design systems come in. A design system is a comprehensive set of guidelines, components, and tools that help designers and developers create a consistent and cohesive user interface (UI) and user experience (UX). From a designer’s perspective, building and maintaining a design system requires a strategic approach to ensure scalability, flexibility, and alignment with business goals.

Source: https://www.toptal.com/designers/ux/design-system)

Why Design Systems Matter?

Design systems are more than just style guides or pattern libraries. They offer a unified language for design and development, bridging the gap between creativity and functionality. Here are a few reasons why they are critical:

Consistency Across Products

One of the primary goals of a design system is to ensure uniformity across different platforms and devices. When users interact with a product, whether on a website or a mobile app, they expect a consistent experience. A well-implemented design system ensures that visual elements, interactions, and behaviors are aligned, offering a familiar and intuitive experience for users.

2. Faster Iteration

With a design system in place, teams can reuse components and patterns rather than reinventing the wheel for each new feature. This speeds up the design and development process, allowing teams to focus on solving new problems instead of reworking existing designs. For designers, it means less time spent on repetitive tasks and more time dedicated to innovation.

3. Scalability

As products grow and new features are added, maintaining a coherent UI/UX without a design system can become chaotic. A design system provides a scalable framework, enabling teams to add new elements or modules without compromising the overall consistency of the product.

4. Improved Collaboration

A design system fosters collaboration between designers, developers, and other stakeholders by providing a shared language and reference point. This ensures that design decisions are communicated effectively, reducing friction and misunderstandings between teams.

Building a Design System: A Designer’s Perspective

Designing a system from scratch can seem like a daunting task, but with a clear roadmap and understanding of core principles, it becomes a powerful tool for creating scalable and user-centered products.

1. Define the Core Principles

Before diving into visual components, it’s essential to establish the core principles of your design system. These principles serve as the foundation and guide decision-making throughout the process. Ask yourself:

• What are the key values of your brand?

• How should the design reflect the needs and emotions of users?

• What goals are you trying to achieve with your design system (e.g., accessibility, flexibility, innovation)?

For instance, if accessibility is a top priority, you’ll need to ensure that your design system accommodates users with different abilities, by providing color contrast guidelines, clear typographic hierarchies, and accessible components.

2. Create a Unified Visual Language

Once the principles are established, the next step is creating a cohesive visual language. This includes defining elements such as:

• Color Palette: A well-structured color palette ensures harmony across different UI components. It’s crucial to include primary, secondary, and accent colors, along with usage guidelines to avoid inconsistency.

• Typography: Define a typography system that establishes hierarchies and clarity, including font styles, sizes, line heights, and spacing. Consistent typography helps users navigate content effortlessly.

• Spacing and Grids: An established grid system ensures a balanced layout and harmony between different UI elements. Proper spacing guidelines prevent crowded or misaligned components.

• Iconography and Illustrations: Design guidelines for icons and illustrations help maintain visual consistency. Icons should follow a standard style (outlined, filled) and size, ensuring they align with the overall visual language.

Iconography and Illustrations: Design guidelines for icons and illustrations help maintain visual consistency. Icons should follow a standard style (outlined, filled) and size, ensuring they align with the overall visual language.

Image Source: https://designerup.co/blog/10-best-design-systems-and-how-to-learn-and-steal-from-them/)

3. Design Reusable Components

A design system is incomplete without reusable UI components. These components include buttons, forms, modals, and navigation elements that can be used across various features and pages. Each component should be:

• Modular: Components should be flexible and adaptable for different contexts. For example, a button should have variations for different states (hover, active, disabled) and types (primary, secondary, destructive).

• Documented: Each component needs comprehensive documentation that explains how it should be used, its variants, and the rules governing its application. This ensures consistency when different team members use the same component.

4. Implement Accessibility Guidelines

Accessibility should be at the forefront of every design system. As a designer, consider:

• Color Contrast: Ensure sufficient contrast between text and background for readability.

• Keyboard Navigation: Ensure that interactive components are navigable via keyboard for users who rely on keyboard shortcuts.

• Responsive Design: Components should be responsive, adapting seamlessly across different screen sizes and devices.

• Assistive Technologies: Design components should be compatible with screen readers and other assistive technologies to provide an inclusive experience.

Maintaining a Design System: Evolving with the Product

Once a design system is in place, the work doesn’t stop there. Maintaining it requires ongoing effort as the product evolves and new design challenges emerge. Here’s how designers can ensure the design system remains relevant and effective:

1. Regular Audits and Updates

A design system should be treated as a living document that evolves with the product. Regular audits are necessary to identify outdated or unused components. Designers should collaborate with developers to ensure new features are aligned with the existing design system, and updates should be documented to avoid fragmentation.

2. Version Control and Documentation

Version control is essential for keeping track of changes in the design system. Documenting why and how changes are made ensures that the design system grows in an organized manner. It also helps onboard new team members quickly, as they can reference updated guidelines.

3. Foster Collaboration Across Teams

Designers need to maintain an open line of communication with developers and other teams using the design system. Tools like Figma, Sketch, and Zeplin allow designers to share components and guidelines in real-time, fostering collaboration and ensuring that everyone is aligned.

Some well-known examples of design systems that have set benchmarks in the industry:

1. Google Material Design

URL: Material Design
Overview: Google’s Material Design is one of the most comprehensive design systems available. It provides guidelines on how to create visual, motion, and interaction design across platforms and devices. Material Design is known for its grid-based layouts, responsive animations, and depth effects like shadows and lighting.
Features:
- Comprehensive color palettes, typography, and iconography.
- Extensive component library (buttons, cards, etc.).
- Customizable UI components for both web and mobile applications.

2. Salesforce Lightning Design System

URL: Salesforce Lightning
Overview: Salesforce’s Lightning Design System provides a comprehensive library of UI components and resources to help build applications on the Salesforce platform. It ensures a consistent experience across Salesforce products and enables developers to create custom apps easily.
Features:
- Ready-to-use components, design tokens, and code snippets.
- Comprehensive accessibility guidelines to ensure inclusivity.
- Detailed documentation for developers to integrate components into Salesforce applications.

3. Microsoft Fluent Design System

URL: Fluent Design
Overview: Fluent Design is Microsoft’s design system, created to provide an engaging and scalable UI across all Microsoft products. It is heavily focused on interaction, animation, and motion while ensuring accessibility across various device ecosystems.
Features:
- Focus on depth, motion, and light to create modern and interactive UIs.
- Cross-platform components supporting web, desktop, and mobile applications.
- Accessible components with detailed guidelines for developers.

Conclusion

Building and maintaining a design system is an investment that pays off in the long run. It ensures consistency across your product, improves collaboration between teams, and allows for faster iteration and scalability. For designers, a design system is more than a collection of reusable components — it’s a framework that enables you to create user-centric products with confidence and clarity. By embracing modularity, documentation, and accessibility, you’ll ensure that your design system remains a valuable asset as your product grows.

About the Author:

Shristi is a creative professional with a passion for visual storytelling. She recently transitioned from the world of video and motion graphics to the exciting field of product design at Mantra Labs. When she’s not designing, she enjoys watching movies, traveling, and sharing her experiences through vlogs.

Building Digital Dexterity in Insurance

Why Insurers Need Digital Dexterity?