The digital transformation of the insurance industry, led by Insurtech, is changing how consumers access, purchase, and manage insurance policies. Insurtech, short for insurance technology, refers to the integration of advanced technologies like artificial intelligence, blockchain, and IoT to modernise traditional insurance processes.
The Insurtech market is experiencing exponential growth. According to industry reports, the global Insurtech market is expected to grow at a CAGR of 52.7% from 2023 to 2030, reaching an estimated value of USD 152.43 billion by 2030. This growth reflects the increasing adoption of innovative digital solutions in the insurance sector.
However, amid this evolution, one critical factor often overlooked is accessibility. Inclusive platforms not only serve a broader customer base but also ensure regulatory compliance and improve customer loyalty. Here’s why accessibility is essential for Insurtech and how it can address specific challenges in the insurance domain.
Understanding Accessibility in the Context of Insurtech
Accessibility means designing platforms that are usable by everyone, including individuals with disabilities, older adults, and those with limited digital literacy. It spans features like screen reader compatibility, keyboard navigation, voice input, and adjustable text sizes.
For insurance platforms, this inclusivity must go beyond functionality — it requires empathy for users who may find traditional systems daunting or unintuitive. Insurance often deals with complex information, so accessibility becomes vital in helping all users make informed decisions.
Challenges Faced by Insurtech in Achieving Accessibility
- Complex Policy Information: Insurance platforms typically present detailed, jargon-heavy content. Users with cognitive disabilities, visual impairments, or non-native language skills may struggle to navigate or comprehend such content.
- Limited Support for Assistive Technologies: Many platforms lack compatibility with screen readers, voice recognition software, or alternative input devices. This exclusion creates barriers for users with physical or visual impairments.
- Mobile-First But Not Accessible: While many Insurtech platforms focus on mobile-first designs, they often overlook accessibility guidelines such as text resizing, color contrast, or gesture alternatives, leaving many users unable to interact with their services effectively.
- Overemphasis on Automation: Chatbots and automated services, while convenient, often fail to cater to users with disabilities. For instance, a user who relies on voice input might find interacting with a bot frustrating if voice commands aren’t optimised.
Why Accessibility Should Be a Core Focus for Insurtech
1. Enhancing Policyholder Experience
Accessible digital platforms improve usability for all, including features like simplified policy comparison tools, dynamic font resizing, and captions on explainer videos. Accessibility-focused design ensures policyholders can smoothly manage their coverage, file claims, and interact with insurers — leading to improved satisfaction and retention.
2. Innovation in Claims Processing
Accessibility can transform traditionally complex processes like claims submission. For instance, integrating voice-to-text functionality can allow visually impaired users to file claims effortlessly. Similarly, features like real-time audio descriptions for claims inspection videos can cater to those with visual disabilities while speeding up claims processing — showcasing how accessibility fosters innovation in core insurtech functions.
3. Optimising Digital Transformation
Insurtech thrives on automation and data-driven personalisation, but these innovations must be inclusive to succeed. For example, AI-driven chatbots should be capable of understanding diverse speech patterns and accommodating assistive technologies. Accessible platforms also improve the efficiency of onboarding processes, such as enabling digital signature tools compatible with various assistive devices.
4. Regulatory Compliance and Risk Mitigation
The insurance industry operates in a highly regulated environment. Accessibility compliance, such as adhering to the Web Content Accessibility Guidelines (WCAG) and local regulations like the Americans with Disabilities Act (ADA), reduces legal risks and reputational damage. Insurtech firms that proactively address accessibility are better positioned to handle audits and avoid penalties, ensuring a smoother operational landscape.
5. Reaching Untapped Markets
Accessibility in insurtech opens doors to underserved populations, such as individuals with disabilities or limited digital literacy. With over a billion people worldwide living with disabilities, designing user-friendly platforms ensures that these individuals can access insurance services like policy management, claims filing, and premium payments. For instance, incorporating voice-assisted navigation and screen reader compatibility can make insurance apps and portals more inclusive, allowing insurtech firms to broaden their customer base.
6. Future-Proofing for Emerging Tech
As the insurtech industry continues to integrate technologies like IoT, wearable devices, and telematics, accessibility must remain a guiding principle. For example, IoT devices tracking health metrics should offer accessible interfaces and notifications for users with disabilities. Ensuring inclusivity in emerging tech adoption will position insurtech leaders ahead of competitors in a rapidly evolving market.
Strategies for Building Accessible Insurance Platforms
- Simplify Policy Explanations: Use plain language, visual aids, and interactive tools to break down complex policies. For example, a visual flowchart explaining a claim process can help users with cognitive disabilities.
- Design for Compatibility with Assistive Technologies: Ensure compatibility with screen readers, voice navigation, and Braille displays. Testing platforms using tools like NVDA or JAWS can help identify gaps in usability.
- Implement Inclusive User Testing: Engage users with diverse needs during the design and testing phases. Feedback from individuals with disabilities can reveal critical improvements that may otherwise go unnoticed.
- Follow WCAG Guidelines: Incorporate principles like perceivability, operability, understandability, and robustness. Features such as high-contrast text, keyboard navigation, and error recovery mechanisms are essential.
- Optimise Automated Tools: Enhance the accessibility of chatbots by integrating voice recognition and ensuring responses are concise and clear. Provide the option to connect with a human agent for users who find bots challenging.
The Takeaway
As the Insurtech industry continues to grow, the need for accessibility becomes more evident. Leading companies are already recognising its importance and reaping the benefits. Lemonade, a prominent Insurtech player, ensures its app and website adhere to accessibility standards, offering features like clean navigation, optimised colour contrasts, and a focus on user-centric design. Similarly, Policybazaar, a major player in the Indian market, has implemented assistive technologies such as voice search and multilingual support, making its platform more inclusive for users with limited literacy or accessibility needs.
In a highly competitive market, accessibility is not just a moral necessity — it’s a strategic advantage. Companies investing in inclusive design can see an increase in customer satisfaction. By prioritising accessibility, Insurtech platforms can differentiate themselves, build stronger customer relationships, and foster long-term growth. The future of Insurtech lies in designing platforms that are not only innovative but also accessible to all, ensuring that every user can access, understand, and manage their insurance needs with ease.
Also Read: The UX Revolution in the Insurance Services Sector
