InsurePro - Modeling Insurance
Creating a new way for small business owners to get the right insurance for them.
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Background
Problem
Shopping for business insurance is a tedious and time-consuming process for small business owners, however, it is a crucial step for the success of the business. In the current market, business owners are often faced with a confusing array of forms filled with complex jargon, resulting in a single quote with an unclear price and inadequate coverage. Unfortunately, this flawed process leads to 75% of businesses being underinsured, according to Marshall & Swift/Boeckh
Goal
We aim to revolutionize the business insurance industry by designing an innovative and transparent platform that caters to customers' specific needs and preferences. By offering multiple options and utilizing machine learning, the central goal is to empower customers to make informed decisions for their business, ultimately breaking away from the outdated and standardized practices of traditional insurance companies.
Discovery
Through extensive customer research and analysis of recurring pain points, I synthesized these key findings into a hierarchy of needs framework which allowed my team and I to think in terms of a customer-first approach focusing on the core problems that affect a customer's experience.
- Transparency: Users seek a knowledgeable shopping experience where they are educated and receive tailored recommendations that meet their needs.
- Accessibility: Users desire to have a variety of options available to them, allowing them to compare and make an informed decision.
- Configurable: Users desire a personalized experience where they have the ability to construct their own policy with preferred features.
Design
To ensure the implementation of key principles in a seamless and effective manner, I initiated an in-depth exploration that combined sketching and ideation along with the study of successful design practices in unrelated industries (used outside of the commercial insurance space). This approach allowed me to not only gain valuable insights but also identify innovative solutions that could be adapted to enhance the flow and overall customer experience.
Development
By collaborating closely with our skilled development and machine learning team, we uncovered opportunities in our flow that leveraged artificial intelligence and machine learning technologies. Our goal was to address the key user experience principles we had established and find ways to utilize these cutting-edge capabilities to create innovative and effective solutions that deliver a truly exceptional experience to our users.
The Solution
Our innovative process centers around the customer, starting with an assessment of their unique requirements to provide tailored options that meet their needs. We provide clear explanations of the available options, detailing the factors that influence pricing to enable customers to make informed decisions. To ensure a seamless experience, our licensed sales team is available for consultation to address any questions or concerns. With our solution, customers can obtain coverage and policy documents in just 10 minutes, providing a swift and hassle-free insurance shopping experience.
Highlighted Features
Refined Search
By allowing business owners to describe their daily operations, we utilize machine learning to analyze and filter through 20,000 job types using the keywords they provided. This significantly reduces the number of job options the user has to sift through.
Modeling Insurance
We empower business owners with the freedom to customize their insurance plan, allowing them to see firsthand how their choices impact their policy rate and the selection of carriers they receive. They have the flexibility to choose endorsements and add-ons that are essential to their business, while receiving a personally curated insurance carrier that matches their specific needs.
Carrier Match
Our platform unlocks accessibility for business owners by presenting multiple carrier rates in a simple, side-by-side comparison format. To further assist customers in selecting the best policy, we utilize machine learning to analyze the features and endorsements of each coverage plan and match them to the customer's specific needs and preferences. This allows for an informed decision-making process that ultimately results in the selection of the best-fit policy.
Outcomes
01
Launched a web app for mobile and desktop
02
Integrated ML to provide a tailored customer experience
03
Saw an increase in conversion by 387%
Commercial insurance is an outdated sector of insurance that needed a UX overhaul. So it is very pleasing to see a positive reaction to small business owners getting insurance through us, it’s almost like a breath of fresh air for them. Developing this flow was a tricky challenge, considering legal, carrier, and partnership constraints, trying to get the questions asked down to a bare minimum in order to write the quote, and all of the different variables that go into writing and quoting an insurance policy. I learned to navigate the complexities, and design for the user while considering business expectations/visions, insurance formalities, and working with partnership integrations.
