Good Insurance

An insurance app for common people to become agent and sell policies.

OVERVIEW

This was a freelance project where I had to collaborate directly with the CEO to build product strategy and user journey for MVP. I handled the overall project from research to ideation to visuals.

Role: Product Designer | Product Strategy, User Research, Interaction, Visual design

OBJECTIVE

Build a platform for common people where they can register and get certified as an insurance agent, and then sell insurance policy to earn commissions.

DESIGN PROCESS

• Research and Discovery — To identify target audience and analyze competiotion. Define persona and journey mapping.
• Define Information Architecture — A clear and intuitive information architecture for the platform to organize content logically.
• Wireframes & Prototypes — To simulate the user flow and test the prototypes with potential users to gather feedback.
• Visual Design & Testing — Develop visually appealing and consistent interface and conduct thorough usability testing with real users to identify any usability issues.

RESEARCH & ANALYSIS
In order to identify target users and their pain-points, I used following research methods.

• Market research — Prepared a questionnaire to run a survey and collect demographic information, motivation & interests, Pain points and challenges. Conducted surveys with help of field officers of the company.
• Interview — Based on market research, I identified user persona and invited these users for in-person interview. I tried to understand their interest in insurance, their perceptions of the industry, and their expectations from a certification and policy-selling platform. Also interviewed stakeholder (CEO) to understand his perspective and business goals.
• Competition Analysis — Analysed competitors in the insurance certification and policy-selling space to identify their user base and any gaps in their services.

INSIGHT SUMMARY
From market research and Competition Analysis

A. Why is this product important?

Insurance is a fast-growing under penetrated market poised for explosive growth. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. But, now there are 23 private life insurance companies in India. With more and more private companies in the sector, this situation is expected to change.

The insurance industry in India is expected to reach US$ 280 billion by the end of 2020. Life insurance industry in the country is expected to grow 12–15% annually over the next three to five years. However, only two million people (0.2% of the total population of 1 billion) are covered under Mediclaim.

A large chunk of insurance buyer in India believe in buying insurance from a real person (offline). Reasons:

1. The human touch enables a true relationship and trust to be developed between the two parties.
2. Clear understanding of requirements and offerings. No language barrier or technology awareness needed.
3. One point of contact in case of query/complaint.

Now, almost every insurance company allows common people to register as an agent with them and sell their policies. Prospect requires an examination to become an agent with the company.

B. Problems that currently exist?

1. High competition: The insurance market in India is highly competitive, with a large number of players offering a range of products to customers. This can make it difficult for insurance agents to differentiate themselves and their offerings from others in the market.
2. Regulatory compliance: Insurance sales in India are governed by a complex set of regulations and compliance requirements, which can make it difficult for agents to navigate the process of selling insurance products offline.
3. Limited reach: Offline insurance sales in India are often limited to specific geographic locations, which can make it difficult for agents to reach a wider audience and grow their customer base.
4. Limited product offerings: Many insurance agents in India are tied to specific insurance companies and are only able to offer a limited range of products to customers. This can be a disadvantage when compared to online insurance marketplaces, which offer a wider range of products and options to customers.

USER PERSONA
Based on user interviews

user persona

JOURNEY MAPPING

DESIGN RECOMMENDATIONS
From these findings, we decided as a product to identify key business goals:

1. To provide agents a single digital platform where they can sell and manage insurance policies while we take care of complex regulatory compliances.
2. Help agents Reach a wider audience through our marketing campaign and brand positioning.
3. An onboarding experience to help any-one become an agent. To become an agent with any insurer, one has to pass a Pre-Recruitment examination conducted by the Insurance Regulatory and Development Authority of India (IRDAI).
4. Agent can only sell the policy for the registered insurer, so it limits his customer base and earnings. We as a brokerage company has tie-ups with multiple insurance providers. So anyone who becomes agent with us can sell policies from all listed insurers. Hence, make more money.

INFORMATION ARCHITECTURE

WIREFRAMES

VISUAL DESIGN

Update: Since this MVP was designed on Adobe XD and imported to Figma for this portfolio, some frames may have broken.

Thank You!