Vida Esencial, online life insurance for ASSA Insurer
"Vida Esencial" is a non-medical life insurance policy that can be quoted and issued 100% online through the ASSA website, offering a guided, user-friendly process in a few steps and at affordable prices for all economic levels.
How did the idea come about?
Prior to the pandemic, Panamanians had little interest in purchasing life insurance, as they tend to be less understandable and costly. This mindset became even more entrenched after the pandemic, so the goal was to create a user-friendly product that is affordable and easy to acquire in just a few steps.
This is how Vida Esencial was born, a platform that allows interested users to get a life insurance quote and purchase it in a few simple steps, without documentation and at a low cost.
Objectives to be achieved:
The main challenges we faced were related to how much a person with no knowledge of life insurance could feel the need to acquire one. Among the objectives we wanted to achieve were:
Increase monthly policy sales OKRs by 20%.
Provide a user-friendly tool that guides the user through the process of acquiring a policy.
Offer a product with low costs and minimal requirements to ensure that people from different economic backgrounds could also have a life insurance policy.
Compiling the data
Online workshops were conducted with more than 10 people to gather information about their motivations and needs to determine if life insurance was among their top priorities. Subsequently, more specific questions about life insurance were asked to assess their level of knowledge about insurance.
Insights from the research:
100% of the participants were unaware of how life insurance works and found it confusing and not very understandable.
More than half of the participants associated a life policy with health benefits.
100% of the participants wanted insurance companies to offer more affordable products with fewer conditions.
My role
In my role as a UX designer, I was responsible for leading the research, collecting and analyzing data, understanding the reason behind the need for creating this platform. I also created the wireframes, conducted usability testing, surveys, and, finally, presented to stakeholders. The high-fidelity design was done by the UI designer, who was also assigned to the project.
The final platform
The web-based quote and issuance platform was launched at the end of May 2023. Since then, it has generated 20% of life insurance policy sales through this channel. The process of obtaining a life insurance policy, which previously took users 8 days through a broker, now takes them only 10 minutes.