IDBI Federal: Transforming a legacy product

IDBI Bank Ltd. is a Universal Bank with its operations driven by a cutting edge core Banking IT platform. The Bank offers personalized banking and financial solutions to its clients in the retail and corporate banking arena through its large network of Branches and ATMs, spread across length and breadth of India. IDBI Federal Life Insurance Co Ltd. is a three way joint-venture of IDBI Bank, an Indian development and commercial bank; Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe.

Industry

Financial Services, Insurance

Platform

Responsive web portal

Services

Consulting, Stakeholder workshop, UI/ UX Design, Front end prototyping, Visual and Interaction design, development coordination

Challenge

Life insurance is still sold through agents, but people have also started applying online. Which means, that as UX designers, we need to design for two kind of users – the ones who complete the entire journey online as well as those who are still adapting to the digital medium. Designing for different customer maturities is one of the key challenges for our client and by and large, the insurance sector in the country. Transforming the current product was the stated mission, but where to start and how to go about it is a challenge we overcome through Design Thinking approaches.

Our Methodology

A comprehensive stakeholder workshop was the starting point. Following a prioritization exercise, we had a reasonable understanding of the users we wanted to reach out to and what the users were looking for. When these insights were mapped to the old website, there were glaring gaps between what the user wanted and what the website served.There was a pile of products but nothing to tell the user which product is relevant to their needs. If a user came to the website, looking for guidance on what to buy, they would look for a while, get confused and leave.

If a user came to the website to verify that the policy recommended by their agent was right, they wanted detailed information about the policy, its features and benefits, understand how many years they will have to pay premium and how long they will be covered, check if there are similar products suited to their needs and determine eligibility. While some of this information was present, it was in boring, lengthy text form without any visual hierarchy.

A customer pays premium to the insurance company for several years, purely on trust, hoping that their family will get the complete claim amount on time when required. Getting assured about IDBI Federal’s credibility is hence, a key step to conversion. While IDBI Federal has several impressive records, this was not highlighted well on the current website. Through our design manifestation, one of the key objectives achieved was establishing this trust and credibility.

Over a third of the users viewed the website on mobile, and this segment has been growing substantially at a very quick pace. Yet, the site was not responsive. Making the portal responsive was now a matter of hygiene, not a critical decision.

Insurance is like toothpaste; there are dozens of companies selling similar policies. Without clear differentiators separating IDBI Federal policies from the rest, the user was confused and hence, prone to drop-off. So we decided to innovate our way through, guided by user insights. Analyzing user mindset while selecting a policy, we delivered:

  • Complete information about the policy in a transparent manner
  • View similar products with clear differentiators to help finalize one
  • Ability to check eligibility and get a quick quote, with a possibility to customize.

Building in these capabilities brought us close to insurance productization, with policies presented as products with USPs. We designed a dynamic interface that made it easy to find the relevant product, keeping in mind different sources and reasons of visit. User hand-holding from product discovery to information, customization and application ensures good service.

The option to move between online and offline channels, whether the user seeks more information or prefers to connect with an advisor, has been created keeping in mind the behavior of the user who has started adapting to digital products but still prefers a human connect while making the final decision. Good service continues on to the post-purchase interface, ensuring retention.
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Design activities

Consulting, Stakeholder Workshop, Strategy and product Definition, Visual System, UI UX Design, Prototyping, Front end Development, Product Development coordination.

Current Status

Current manifestation of IDBI Federal Life insurance portal was launched in October 2017. There have been several exciting moments through the making of this website and our favorite is when we were appreciated by a competitor. The client invited bids for conducting usability tests post launch and one of our competitors remarks that the design doesn’t need it. This event was duly celebrated in out studio.

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