Digital Insurance
Home Insurance
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Digital Insurance Product
A virtual insurance technology company. The product provides different insurance products on the B2B platform. The Hong Kong resident can use our website to buy policies. They don't need a salesperson who can quickly buy them.
Responsible for the different types of insurance products, e.g., pet insurance, critical illness insurance, home insurance, fire insurance, etc. Form the purchase process to claim overall design and experience, let the user quickly purchase without complex information.
Duration | 2021/06-2022/06
Duties | Wireframe, User flow, Mockup, User interview, Prototype
Device | Mobile, Tablet, Desktop
Product Background
Different types of insurance have different coverage. Each factor to consider is different for different types of insurance. Critical illness and home insurance are the most complicated, and the design flow must consider different coverage and plans. In addition, the user can quickly purchase the policy and check the policy status; the claim process is also essential. Compared with the purchase process, users are most concerned about whether the claim settlement is convenient and fast, customer service attitude, etc.
Insurance is a relatively complex product. Too complicated and easy for users to ignore or jump out directly to affect the conversion rate. Easy to misunderstand because the words are difference, so the comfort and clarity of the screen are essential to the user experience.
Before going live, we will process an extensive user interview for each new insurance product and find Hong Kong residents who had previously purchased insurance policies. Understand their expectations and ideas for insurance, what motivates you to buy, what company websites are attractive to you, and the worst insurance experience. Collect relevant data analysis to effectively use that information to plan a new insurance product to improve the overall user experience.
Home Insurance
Critical Illness
Fire Insurance
Pet Innsurance
Home Insurance
Challenge
We were planning a new home insurance product and using different types of processes of A/B testing. Because the previous purchase process was too complicated, causes the user had a high bounce rate and could not proceed to the next step. Try a new method to change the previous way, speed up the user's purchase steps, and reduce user doubts and the possibility of users jumping out.
1
User Interview
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2
Design
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3
A / B Testing
1 User Interview
Process an extensive user interview to understand users' ideas and expectations before planning a new home insurance product.
Date | 2022/5/5 - 2022/5/6
Research Background
Demonstrating the brand’s commitment to providing comprehensive coverage for Hong Kong people against unforeseeable challenges in the future, the current research is initiated to understand how to encourage the take-up on virtual insurance and evaluate its brand strategy and proposed product offerings.
Our Goal
To uncover the current market gap in medical insurance products
Understand current user’s perceptions and expectations about insurance
Experience in buying insurance
Consumers are not short of resources to help decide on their medical insurance
Some people use compare platforms, and many would consult friends with experience (working as agents or having been through a similar process) for more subjective experience sharing.
Those interviewed are not brand loyal and are open to considering any insurer that fulfills their specific coverage needs.
They are open to exploring other reputable virtual insurers as long as the products are relevant and attractive.
With increasing awareness of virtual insurers and the ease of digital claims submission, the main hesitation to the engaging virtual insurers is mainly centered around CS support and Claims
The uncertainty of customer service available and the complexity of claims procedures are the biggest hesitations with virtual insurers.
Consumers are open to self-serve utilizing virtual insurers as long as the insurance company can assure them that they will handle their queries timely and effectively
Claims Hotline – Quality of support, product knowledge, and know-how, consistent and proactive guidance to make the claims process hassle-free.
Claims – Adds to the reassurance that reimbursement will be made within an expected time.
Dedicated Claims Handlers - This is very much assurance to consumers as they expect the insurance company will handle all queries professionally and promptly.
The motivation factors for most consumers to purchase medical insurance are price, coverage, tax deduction, customer service attitude, and speed of processing, followed by the transparency of claims processing, successful cases, and no excess
Among them, price, coverage, customer service attitude, and processing speed are the most important. In the interview process, many people can choose this company’s policy because of the favorable price or more coverage, but it will also change the choice because of the customer service attitude and processing speed. If the customer service is more comfortable and quick it will increase user purchases.
Compare the purchase flow insights
Before the interview, the consumers go through the purchase process on two different platforms.
Visually
A company's UI is much preferred for its simple, modernized layout; the choice of font, colors, and use of illustrations also help to lighten up the experience.
Balancing of questions per page
a. A company's 1 Q per page is clear in ensuring applicants do not miss any fields, but the application can feel never-ending without visible progress indication.
b. B company's a long list of questions per page is more efficient but feels overwhelming – a green tick to indicate completion gives a sense of progress.
c. Multiple questions per page are acceptable but extensive scrolling should be avoided; a combined approach would be optimal.
Auto-save progress
The convenience of having an application automatically saved (whether intended or cached) is appreciated to eliminate repeated effort.
Summarize
1
Most consumers are not brand loyal. They are compared and find what they need products before purchase policy. Most people will consider the price and policy coverage.
2
Online application is not a hurdle for the general consumers, but good UX plays a vital role in heightening efficiency and confidence to self-serve.
3
Motivated by a lower premium, they prefer a self-serve model as long as they can be assured of the availability and quality of assistance when needed.
4
The progress bar is displayed clearly, and the screen layout is straightforward is the most important. In addition, when the users fill in the information, some hint icons can help them understand the current state and fill in more safely and quickly.
5
Auto save function can help consumers avoid unnecessary problems.
2 Design
The Goal
Design home insurance product-related visuals are landing page, EDM, purchase flow, etc.
Optimizes the purchase process of home insurance products, reduces user purchase step displayed, and enhances the progress bar.
Home Insurance protects every household – no matter if you and your partner, of the same or opposite sex, are married or just living together, giving you and your family the best possible protection. Home insurance covers different categories, e.g., accidental death, property in the Open, window replacement, temp—accommodation, credit card theft, etc.
The user must file a claim after purchasing a home insurance policy. The insurance policy is an offline claim, and the customer service helps the user handle it.
Users can directly get a quote to choose the plan after optimizing, then fill in related policyholder information and checkout. Compared to the previous purchase process, Simplify two steps, reduce duplication of user information, and speed up purchases.
Original purchase process
Landing ﹥ Get Quote ﹥ Choose Plan ﹥ Quotation ﹥ Plan selection ﹥ More Info ﹥ Review ﹥ Checkout
Process after optimization
Landing ﹥ Get Quote ﹥ Choose Plan ﹥ More Info ﹥ Review ﹥ Checkout
Customize
The difference is that home insurance has items that users can add. Users according to what they need to choose. You don't need the next step to choose can direct checkout.
Group A
One-page, one-question purchase
Group B
One-page multi-question purchase
Group A
Group B
Result
The testing result is that group B won, and the conversion rate of one-page multi-question purchase is 3.34% higher than one-page one-question. According to the date, the retention rate of the users to the plan selection page in group A is 30% higher than in group B. The more info page (Fill in user's information) retention rate in group A is 20% higher than in group B. The review page retention rate in group A is 1.24% higher than in group B.
