Product features:
CareShield feature higher payouts that will increase overtime with lifetime payout, to provide better protection against the uncertainty of long-term care costs if one becomes severely disabled. CareShield is a MediSave approved supplement plan that can be bought only if the Life Assured has basic ElderShield or CareShield Life.
One main feature of CareShield is providing monthly benefits, min 300 SGD to 5,000 SGD start from 30 to 55 or 56 to 64 age last birthday.
In the event that the Life Assured suffers from a disability to perform at least 3 ADLs (Activities of Daily Living), the company will pay the monthly benefits to the policyholders.
Step 1: Understand product requirements
After understanding the product details, what to capture and details to pull from API. I proceed with few ideation in lo-fi, and flow diagram from the product details page, purchasing till acknowledgement page. Below is the flow diagram that illustrates experience GIO (guaranteed insurability option) and SIO (simplified insurability option) flow.
We test the idea in hi-fi with all the relevant stakeholders including our GM, this initial concept we want to push something like a combo plan.
Step 2: We wanted to know how agents sale the insurance policy to their potential customers.
So I drafted the survey or interview application and ask our sales agent. These findings provided valuable feedback to help shape and improve the design and flow.
Below screen is the customer and agent feedback. What we gather:
1. Customer prefer less steps involve.
2. The system can suggest what plan customer should be getting, buyer will only purchase with ZERO cent.
3. Deduct from CPF is a good idea.
4. Shorten the SIO questions.
5. Don't overly sell the products or nudge the customers.
6. Do not give buyer too many options. Can be hard to decide which plan type to buy.
7. Offer a high premium. If want more, go to agent.
8. On the payment page, the default payment method for CPF MediSave. But we still need to collect credit card details. We will only charge to their credit card if CPF MediSave fund is insufficient.
9. If the buyer prefers not to use CPF MediSave. Buyer can select the Credit Card option for payment method.
Step 3: We wanted to know whether our customer will actually understand the way we design our table plan. So, I did a survey.
Outcome, customer understand option #3.
Outcome:
1. Preselected plan for customer according to their age group.
2. Customer still can select different plan.
3. Direct deduct 600 SGD from CPF fund, customer will know the actual premium amount to be paid.
Inform our customer on the early stage, care centre fees are not cheap. We want our customer to think and we provide a good reason to believe that Day Care Centre fees are not cheap. We are “influencing the decision-making process of the people” in a positive manner and at the same time, the higher monthly benefit the customer enter. The higher premium and is good for the company.
Payment method
On the payment page, we pre-selected using the CPF fund. So that customer does not have to click any payment option. What the customer has to do is to click "submit" by entering the credit card details and we proceed to close the application.
Results:
As long the customer enters the DOB and gender. The plan will be pre-selected and customer don't have to think about which option to choose. The customer only requires to click submit, verified and declare their health declaration. This purchasing method makes a benchmark of how we simplified the purchasing flow and yet still maintain the business objective.
As long the customer enters the DOB and gender. The plan will be pre-selected and customer don't have to think about which option to choose. The customer only requires to click submit, verified and declare their health declaration. This purchasing method makes a benchmark of how we simplified the purchasing flow and yet still maintain the business objective.
