Making insurance contracts easier to understand

The idea:

Customers should be able to easily read and understand the insurance they buy – that’s the thinking behind Project Clarity (launched April 2017).

The work:

We started by listening to our customers and understanding their ‘pain points’. We also studied traditional insurance contracts along with best practice from global leaders. Finally, we spoke to contract design experts, UX experts, and our own legal / compliance teams, and regulators. We then started to rewrite our contracts. Here’s a sample.

The result:

Project Clarity principles have now been applied to all our new product contracts and supporting customer collateral. We’re now in the process of converting several existing contracts.

The impact:

We addressed a real consumer pain point in the insurance category: it’s complexity, and in return, we gained confidence and kudos from our customers. One of our team members has also been asked to join the Transparency Task Force, a global organisation dedicated to helping customers by introducing more transparency into financial services.