Why UX is Essential for Insurtech

Why UX is Essential for Insurtech

The insurance industry has been undergoing a massive transformation thanks to the rise of Insurtech companies. Insurtech companies are insurance companies leveraging the power of technology to make insurance policies faster, easier and more effective.

Whether it’s developing a new service or using data analytics to improve existing infrastructure, user experience, or UX has become essential for Insurtech companies. With digital transformation at the forefront of everything Insurtech companies do, insurers must adopt a user-centric approach to their technology to deliver the best possible customer experience – which is where UX can add that missing value.

A quick recap on UX

Whether your insurance company are digital pros or just getting into the game, it’s crucial to have a good understanding of UX so you can understand the full scope of how delivering good user experience design can elevate your service offering. UX is designing products or services (or any digital experience, really) that are enjoyable to use and functional.

UX is about understanding the user, their needs and preferences, and creating a design that will optimise their experience. This means considering everything from colours, visuals, and emotions to data structures and interface designs. It’s a complex process that requires an experienced eye and detailed customer research and testing to ensure the final product delivers. With user experience design, the customer is at the centre of the process from start to finish to provide the most accessible and intuitive designs.

What UX can do for Insurtech companies

Delivering the best UX is vital in the insurance industry. Insurtech companies need to be focused on providing a seamless and easy-to-use customer experience because the industry can be complex. In the past, customers have found it challenging to understand and navigate the insurance landscape

This, ultimately, benefits no one. Customers miss out on excellent insurance services, and insurance companies miss out on the opportunity to reach wider audiences and deliver the services their customers really need.

To do this, it’s critical that they understand how their customers interact with their products, what features they value and what problems they encounter. Having a deeper knowledge of user behaviour and preferences enables them to create products and services that are tailored to the user’s needs, which leads to better engagement and increased customer loyalty.

How UX can elevate Insurtech

Like we said, when it comes to user experience, the customer is always at the centre. That is why a large part of UX design is made up of creating a deep understanding of user behaviour and preferences. 

This understanding is what enables designers to create products and services that are tailored to user needs. As a result, services with this level of detailed tailoring will receive better customer engagement, leading to increased customer loyalty.

Insurtech companies have the opportunity to overcome the past problems that have seen large portions of their potential audience excluded. In the past, customers have avoided the complications associated with insurance

However, by designing products and services with UX in mind, insurance companies can overcome these past issues and provide services that are easy to use, understand and navigate. This can help build trust with customers and make the experience of purchasing insurance policies simple and enjoyable.

UX plays a crucial role in the adoption of new technology, making it a golden opportunity for the insurance industry, which has been, in the past, slow to embrace change. This opens up the possibilities for Insurtech companies to create more innovative products and services that can reach a wider audience. This ultimately leads to greater success, creating a positive impact on the bottom line. UX design helps insurance companies become more competitive in the marketplace and stand out from their competitors. 

Still, it also helps ensure that the products and services that a company provides are products that generate customer loyalty. By adopting UX practices, insurance companies can create digital services that meet customer needs and expectations and give a positive user experience every time. This will increase customer loyalty and retention and lead to a drive in revenue and growth. Really – everyone here wins!

Final thoughts

In conclusion, UX design is a powerful tool that Insurtech companies should be using to create innovative products and services that help them stand out from their competitors and delight their customers. 

By understanding user behaviour and preferences through UX practice, they can tailor their offerings to generate customer loyalty and retention. This leads not only to increased revenue but also creates a positive impact on the bottom line for these businesses, placing them ahead of those unwilling to embrace digital innovation.

By adopting UX practices, insurance companies will be better positioned to provide digital services that meet customer needs and expectations while creating an enjoyable user experience every time.

We are visiting the Insurtech Insights conference again in March and would love the opportunity to discuss this with you further. If you are already attending please arrange a chat in the Brella app with any of our team by searching LION+MASON.

Andrew Machin
Andrew Machin

With over 15 years’ experience in web design and digital marketing Andrew has helped many brands, both in the UK and US, create exceptional digital experiences, from websites to in-store retail experiences, such as John Lewis, Jet2, Virgin Holidays and Interflora.

Through the success of such projects Andrew has received accolades that include high-profile awards that span innovation, strategy, design and results such as the Dadi Grand Prix Award and the Digital Impact Award for Innovation.

This experience has led to Andrew judging digital design awards, been featured in .net magazine, lecturing at Leeds university and speak at seminars and conferences across the UK.

Follow Andrew @The_Machin

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