5 New Trends in the Insurance Business

Thanks to the desire and anticipation of changes, insurers can make the future with their own hands. Insurers are demanding faster transactions, both payments, and payouts, and more and more consumers want to work directly with insurance companies without intermediaries. This shift is due to the development of technology because the smartphone has provided consumers with a mobile device that meets their requirements.

5 Key Trends That Will Affect the Global Insurance Sector in the Next Decade

  • Social Sphere: all forces go to the client.
  • Technological: advances in software and hardware that turn “big data” into useful insights.
  • Environment: Emergence of more sophisticated risk and risk transfer models to address the increasing severity and frequency of catastrophic events.
  • Economic: growth of economic and political power in emerging markets.
  • Political: globalization, harmonization, and standardization of the insurance market. It is also possible for insurance software development. 

These trends will intensify, leading to a situation where customers will be more willing to buy “direct”, using their online and offline network of “trusted” friends and family to guide their choices. This will lead to a fundamental rethinking of the role of “recommendations” of intermediaries and the disappearance of distributors as a sales channel.

From a reactive business model to preventive: commercial insurers are already ready to use connected devices and sensors for the development of risk management and loss and increase in performance, but there are assumptions that life insurers will also use them. 

Technological Developments that may Impact the Insurance Industry

  • The rise of smartphones and tablets, coupled with cloud computing, provides constant access to the internet.
  • Rapid growth in computing power and storage enables the accumulation and analysis of extremely large amounts of data.
  • Growth in the number of active sensors and devices connected to the Internet.

Not all new technologies need to be used to grow a company. Knowing these developments will help you communicate with clients who will feel more comfortable working with someone who understands their concerns.

Advances in artificial intelligence technologies such as machine learning, natural language understanding, and intelligent decision-making will enable insurers to move from using technology to processing transactions to making decisions. Today, analytical methods are used to make ad hoc decisions using structured data.

In 2023, the use of unstructured data (such as social media, devices, video, and audio) successfully complements structured data, enabling insurers to make strategic forward-looking decisions.

Insurance Sector and Data

The insurance industry has always used, first and foremost, internal data in a structured format to make operational decisions about which customers to target, how to assess risk, and how to assess losses. Now, non-insurers will increasingly use large amounts of real-time sensor data, unstructured social media data, and multimedia data such as text, voice, and video.

As sophisticated AI techniques evolve, insurers will begin to use this unstructured data to make forward-looking strategic decisions, such as which product or solution is best for a customer given their current and future situation, which developing countries to enter, and when and how to proactively manage customer experience to retain the most profitable customers and get rid of unprofitable ones. Insurers that can leverage real-time “big data” and advanced predictive modeling techniques will gain a significant competitive advantage. At the end of 2021, life insurance company Northwestern Mutual signed insurance for 18.8 billion U.S. dollars. 

Another adaptation that needs to happen for continued growth in the insurance industry in 2023 is understanding what it means to ensure people are in an on-demand economy. The technology of “insurance on demand” is a new challenge for traditional insurers. Inshurtech startups have long offered such products on a turn-on/turn-off basis.

Data and technology to remain competitive in the insurance industry.

As technology improves, competitors in the insurance market will have the same advantages and opportunities, but success will depend on those who first use them. To use this gift of technology, you need to analyze the data that are collected from consumers. Knowing this data will help insurers update underwriting and insurance tariffs.

CRM & Web Design for Insurtech: Real Experience

CRM, website design, branding and development for Insurance Company RVOS.

The insurance industry has always been in great demand with fierce competition. For many insurance companies, differentiating themselves on the web becomes a great way to gain prospective customer’s attention. An insurance company website must be honest, convey well-structured insurance information, and have proper navigation.

Considering the listed design features of the insurance website, RVOS Farm Mutual Insurance Company contacted our design studio to make their customer portal stand out from the crowd and attract more target audience. In this article, we’d like to share the most important design practices we’ve experienced around insurance company website design.

Brief Insurtech company description

Insurance Company provides protection to various clients from homeowners to farmers in the USA. Being a company with a solid history and reputation, RVOS always cares about improving client service. Our design studio in collaboration with RVOS representatives created the customer web portal. 

Challenges in designing an insurance company website

For the RVOS policyholders, the customer service at an exceptional level is a very important standard, so the portal should fully meet their expectations. 

There were 4 design challenges our team faced with:

  1. To include the features of the inclusive design to the RVOS platform for people with bad eyesight.
  2. To create a bright and clean dashboard for the customer web portal.
  3. The customer portal should be supported by all Internet browsers (including Internet Explorer) because many RVOS clients have been using their gadgets for more than 10 years. 
  4. Web development has to match responsive design so that portal users can get the same quality experience when they browse online.

Both the designers in Cadabra Studio and our client were interested in developing a high-quality product. That’s why many changes and ideas were made during the PDP (Product Development Process). 

Insurance company website design process

Great web design focuses on equal parts strategy and execution. To achieve maximum efficiency, we pay special attention to the workflow. 2 developers (front-end and back-end), 2 back-end developers from the client’s side, manual QA engineer and automation QA engineer, DevOps, and a design team worked on the customer portal. They make a high-quality customer-centered product that really solves the relevant problems that RVOS users have. 

According to the client demand, we added to the customer portal quoting form for insurance products such as Home Insurance, Life Insurance, Farm Insurance. Moreover, we made information on the claims process and plugins available for submitting. 

The clean dashboard was a must-have feature because RVOS users should be able to see their payments, insurance policies as well as overall statistics and don’t get confused. 

Light colors and shadows along with appropriate typography met the client’s expectations. The primary version of the dashboard was the following.

For the first time, the sidebar menu was on the left side. However, after the first trial, the location changed. 

As you can see in the picture above, we made some changes to the menu, added more necessary information about payments. To gain a better user experience, our designers created an agent account on the main menu, added the function “File new claim to each specific policy”. We also added the information about the claim number and policy number to a certain claim.

After testing, we made some changes in statistics as well as in buttons “Claims”. We also added more information about billing and payments. 

Having conducted several tests, the vertical menu was transformed into a horizontal menu without icons that is good for responsive web design. The pie chart of the Remaining Balance in the Billing and Payment category were included in the dashboard.

Insurance company logo design and branding 

The customer web portal is a new stage for RVOS. The right logo and branding increase the site’s visibility on search engines and social media, hold a visitor’s attention, entice them to know more about insurance products, and provide interactive ways to communicate. So, we suggested our clients make a trendy style of their brand.

The main goal of rebranding was to attract a younger target audience to an existing product. The existing RVOS brand is a combination of stylish conservatism and modern design. The process of rebranding was challenging and well-planned. The first thing we changed was the logo.  

The insurance company logo design was made in a simple style, to keep the company’s spirit. The blue-colored bar was chosen for the logo. The logo shape perfectly matched the content, making the RVOS brand more recognizable.

For Instagram promotion, we chose trendy and relevant typographic, that would stand out from the endless content. For Facebook promotion, we created contrasting photos with bright colors.

Results and Data

Thus, the customer portal has been launched recently, the changes in site traffic are significant. We keep tracking various metrics and the results are impressive. The primary goal of the customer portal was to freshening up a solid insurance company, however, during the design process we changed even more, than planned before. The entire design and development process lasted for 1.5 years. 

Must-have design features of an insurance company website: our expertise

The experience of developing and designing the RVOS customer portal is an achievement we are proud of. In addition to valuable experience, we’ve compiled the list of features for successful insurance company website design. 

  • Fully responsive and mobile-friendly;
  • Clean layout with modern appeal;
  • Simple and well-planned navigation;
  • Quick loading time;
  • Quick access to important information;
  • Relevant CTA buttons;
  • Quick access to online quotes.

Including the listed features to insurance company website design helps you to make an accurate representation of any insurance company. 

SUMMARY

When an insurance company invests in its website design, it is a straight way to succeed. With the upgraded customer portal and new branding, RVOS Insurance company attracts many new clients because their portal is a fast and easy-to-use, whereas the logo is recognizable. Cadabra Studio is glad to have a partnership with RVOS Insurance company, that trusted and worked with us for a long period of time.

Check out our blog to read more case studies and learn about our expertise.

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