Insurance - A credit shield feature
Project Overview:
A lot of players in the market are offering insurance to the users in these difficult and uncertain times. As a business, we would like to protect our users from uncertain and untimely accidents and death so that their outstanding amount is covered under the plan.
Client
mPokket - Product
Year
2021
Category
New Product
Operations
Type of Work
UI/UX Design
Product Design owning
Usability testing
My Role
As an UI/UX Manager, I have headed the user research and competitive analysis, wireframes and scope. Am responsible to validate the scalability of the UI, use-cases in a 4-week sprint.
Objective:
As a business, this will be another revenue channel for mPokket. For each successful loan disbursed, we will charge the user some insurance premium based on the principal and deduct it from the disbursal amount. This can be either a bundled or an opt out product. Based on the response, we will decide the Go To Market Plan.
Design Process:
5-Stage Design thinking model has been used. The stages of this Design Thinking process are as follows:
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Empathize
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Define
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Ideate
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Prototype
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Test
Design Toolkit:
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Adobe Illustrator
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Adobe XD
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Useberry
User Research & Usability Testing:
A basic survey has been conducted with a few variations of UI through usability testing. The motive is to gain better visibility of the UI options created based on some simple user psychologies.
App Flows:
Flow 1 - Opt Out
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User lands on the Get Cash Page.
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User selects one of the three amounts. For each amount, the insurance premiums are different. The insurance tenure or expiry is fixed (3 months) irrespective of the tenure selected. For example, if the user selects Rs 500 and 1 month, insurance tenure is 3 months. Or if the user selects Rs 2000 for 3 months, the insurance tenure is 3 months.
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On the Get Cash page, a new line item is added “Insurance Premium” based on the amount selection. The value is without GST. The premium is Rs 1.7
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On clicking the " i " button, a new page opens which is informational.
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The values for Coverage Upto and Insurance Fee will be variable and will depend on the Principal selected.
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The Terms and Conditions should be a URL link which will open a separate page in the App. It will be in the PDF format.
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There should be a check box on the details page which should be checked by default. Users can uncheck it and proceed. If the user unchecks, the Insurance Premium on the Get Cash should change to Rs 0 and the Total GST reduces accordingly. In that case, Insurance APIs are not called and no policy is issued.
Flow 2 - Bundled
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User lands on the Get Cash Page.
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User selects one of the three amounts. For each amount, the insurance premiums are different. The insurance tenure or expiry is fixed (3 months) irrespective of the tenure selected. For example, if the user selects Rs 500 and 1 month, insurance tenure is 3 months. Or if the user selects Rs 2000 for 3 months, the insurance tenure is 3 months.
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On the Get Cash page, a new line item is added “Insurance Premium” based on the amount selection. The value is without GST. The premium is Rs 1.7
-
On clicking the " i " button, a new page opens which is informational.
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The values for Coverage Upto and Insurance Fee will be variable and will depend on the Principal selected.
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The informational page does not contain any Terms and Conditions URL or check box for the opt in/out. The insurance premium is mandatory for the user.
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The user proceeds to take a loan and completes the mandatory steps in the disbursal steps.
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In the disbursal flow, under Agree to Terms page, there should be a Terms and Conditions URL that should open a PDF inside the App like the Opt Out flow.
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There should be a check box separately below the T&Cs, which should state the following “By agreeing to the above T&Cs, I hereby agree to provide my consent to avail the insurance”.
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Only after clicking all the checkboxes, I Agree CTA becomes active.
