2030 - The Future
of Insurance
Global insurance company
Barcelona, Spain - May / Jul 2020
Future Thinking | Service Design
With rapid social, technological and commercial changes, preparing for future scenarios - using the present as a foundation for development - has become essential for the future of the insurance market. Behavioral aspects and values are constantly evolving, with personal data becoming increasingly valuable and reshaping the way well-being is pursued. In this context, understanding how values and protection, as defined in 2020, will take shape in 2030 will be crucial for designing solutions centered on consumers' personal needs and desires.
The Project
The project was developed for a global insurance provider. Its goal was to explore how a global insurer can become more customer-centric and innovative over the next 10 years, delivering exceptional experiences for both current and future customers.
The research focused on lifestyle habits, values, and needs, considering personal values and how they will evolve by 2030. The project was conducted remotely, in compliance with social distancing measures to prevent the Covid-19 pandemic.
Research and Discoveries
How can a global insurance company deliver meaningful and disruptive experiences for today's and tomorrow's consumers?
With this question in mind, the research focused on Generation Z—already deeply immersed in the digital world—who will become one of the primary insurance buyers by the time they reach their 30s.
The research was structured in three phases:
Secondary research: Analyzing the current landscape, existing services, and the influence of megatrends.
Qualitative interviews: Engaging with current and potential users, as well as insurance experts.
Workshops: Co-creating with both real and future users.
Key Insights
The study uncovered critical aspects, including:
How the value of something is perceived, built, and protected.
The influence of social factors and their impact on insurance.
The desires and needs of different generations.
Trends
Work, automation, and knowledge
Automation and artificial intelligence will play a pivotal role in the future of human jobs, with smart machines becoming more integrated into businesses and daily life. Technological advancements will reduce reliance on physical workplaces, creating opportunities for digital nomads.
Consumption, family and finances
Values will continue their transition towards an identity based on experiences, rather than just material value, fostering a mindset focused on sustainable consumption and the circular economy, driven by community. Personal data will become highly valued, shaping services and consumer goods, with the potential emergence of issues related to privacy and the overexposure of individuals.
Intersections and areas of opportunity
Health and well-being
Health will undergo a significant transformation with the advancement of the Internet of Things (IoT). Patient-centered healthcare systems will expand, becoming more accessible, faster, better, and more affordable. Remote care and treatments will connect patients with specialists, reaching more people with higher quality. The development of bioengineering, biohacking, and genetic therapies will increase life expectancy, utilizing more predictive analytics and artificial intelligence, changing the way we detect and treat diseases.
Insights
After the interviews, comparing the responses between millennials and Generation Z, key points of difference and similarity were established regarding the three main trends analyzed.
These points were essential for the development of common scenarios for both generations:
Experience will be key to the development of any service, requiring the ability to learn and adapt quickly to changes.
Work must find a balance with individual well-being, with sustainability being the central point of transformation.
Health will be seen as a holistic experience, involving the physical, mental, and spiritual aspects.
These insights led to the understanding that insurance will be purchased by offering a sense of security and support to the user, particularly in times of uncertainty about the future.
Possible scenarios
When contextualizing the scenarios for 10 years ahead, two scenarios were designed based on the information gathered during the interviews and secondary research:
Possible scenario
Personal data will become one of the most valuable forms of value exchange, and control over this information will influence consumption decisions and the values of a society based on the absence of privacy.
Worrisome scenario
An extremely sustainable world, where data transparency is lacking. Care for natural resources will become a priority, due to the neglect of nature by past generations.
Due to the lack of transparency in information, personal and professional relationships will become fragile, and undemocratic measures will become common practices.
These scenarios provide the opportunity to explore the boundaries and analyze the potential impacts that present actions may have on daily life, as well as how the protection of values, both personal and professional, will be shaped by the influence of external factors intrinsic to the development of future scenarios.
Prototypes (Provotypes)
For each scenario, ideas for solutions were raised that could directly impact the lives of insurance consumers, promoting a dynamic and innovative approach to a segment that deals with risks preventively.
These solutions were presented and tested with consumers to assess their reactions to each possible scenario, prototyping solutions and understanding how they would impact the future.
Through this provocative process, interesting reactions and unexpected viewpoints emerged, further enriching the development of the scenarios.
Provotype ¨Dark horse¨
Implementation Strategy
Based on the results of the provocative tests, the strategy was provided to prepare and implement the designed future scenarios, including key documents such as the Service Blueprint, Value Proposition Canvas, Business Model Canvas, and strategic recommendations with a timeline.
The necessary elements for the current moment were highlighted to prevent and design dynamic solutions for a constantly changing and adapting consumer, driven by a demand where speed in responses will be the differentiator between service providers and how delivery will be made to this customer.
Service Blueprint