Save Insurance Quote Feature

Challenge

As Nedbank Insurance we want to provide our clients with an option to save their quotes that were done via the Digital platforms (MoneyApp & Online Banking) so that the clients may resume at a later stage within 30 days with the quoting and fulfilment process which will enhance our clients experience on our Digital platforms.

Solution

Understanding the technical capabilities and constraints and leveraging existing design patterns within the bank, was integral to solutioning for this, due to strict project delivery timelines. Based on this understanding, and the business requirements, the solution was designed and tested with users. The solution is split into two major parts; saving a quote and retrieving a quote.

Saving a quote

A client is given the ability to save a quote on the 'Review your quote' screen once the quote has been generated based on the information that the client has captured during the onbaording journey. The client can either choose to save by clicking the 'Save quote' CTA button at the bottom of the screen or choose to save when prompted with a diagoue upon clicking 'X' when trying to exit the flow on this step. Once the 'Save quote' dialogue has been triggered, the client is prompted to confirm if they would like to save their quote, and that the quote will be valid for 30 days if they choose to save it.

Once the quote has been saved successfully, a confirmation note is presented at the top of the screen, with a 'View saved quotes' link where clients that are saving a quote for the first time can see where to find their saved quotes and it serves as an entry point for clients with muliple saved quotes to access their list of previously saved quotes. The client may still choose to accept the quote and complete the onboarding process in real-time. At this point, if the client successfully complete the onboarding process, the saved quote is deleted, otherwise, it remains saved and is valid for 30 days. Once 30 days elapses, the quote is removed from the client's profile.

Retrieving a saved quote

The saved quote retrieval process is further split into two parts: Successful retrieval and Unsuccessful retrieval. The client can access the saved quotes for retrieval by clicking 'My policies and quotes' on the Insurance dashboard on the Money app and the Online banking platforms.

Successful retrieval

The basis for successfully retrieving a quote is dependent on if all the premium rating factors that was considered when generating the saved quote have not changed; therefore, a few checks need to be made. The first rating factor that is checked (done in the background) upon retrieval, is the birthday and age check. If the client has not had a since they saved their quote, the client is prompted to answer if they have had any policy cancellations by an insurer and if they have made any claims since the date they saved their quote.

If the client says "no" to both questions, then their saved quote will be retrieved successfully. They then get to continue the onboarding process, which is a 3-step proccess that starts on the 'Review your quote' screen, the screen where they had previously saved their quote on. Upon successfully completing the onbarding process, a success confirmation screen is shown, at this point, the saved quote is removed.

Unsuccessful retrieval

A saved quote will not be retrieved unsuccessfully if the clients does not pass the birthday and age check, and also answers "Yes" to any or both of the rating factor questions asked when trying to retrieve a quote. In any of these cases, the client is presented with a hard stop screen explaning why the quote is no longer valid and is given an option to start a new quote or exit the flow. At this point, the invalid quote is removed from the list of saved quotes.

 
Notably, it is important to point out that customers would have to complete the relevant application form within 30 days of saving and hence, the customer would not be able to have their quote saved for a time period greater than 30 days.
 
Not to mention, the feature is extremely easy to use and very user-friendly, rating high on UI and UX feedback from customers. The team also went a step further and also implemented a ‘Retrieval’ feature, in which customers can access their saved quotes, whether those quotes were successful or unsuccessful.
 
Furthermore, customers receive real-time and up-to-date notifications on their phone to update them regarding the status of their insurance quote. With the use of advanced technology, customers can now be more informed than ever before!

Results

The solution was tested with users and they had great feedback, stating that it would be really helpful to be able to save a quote for later, especially when shopping around for insurance, allowing them to make a well informed decision.

As a result, not long after this feature was successfully integrated within our Digital Platforms (MoneyApp & Online Banking), we received various positive feedback from our clients that this feature is a terrific one. Customers loved the fact that they could have some flexibility with their insurance quotes, rendering them the opportunity to consider and examine the quote more thoroughly prior to proceeding with the process. Additionally, this added flexibility, enhanced the overall customer experience on Nedbank’s Digital Platforms.

Conclusion

Taking everything into account, as a result of listening to customers and having the capabilities to swiftly develop digital solutions, the Nedbank Insurance team managed to exceed all expectations by integrating the ‘Save Insurance Quote’ feature in the bank’s Digital Platforms.

The feature is far from perfect, however it was important to get something viable out there in the market, while we improve on it at different iteration cycles. Improvements like push notifications (that were designed for but not implemented), informing the clients at different intervals informing them that their quote will expire in X amount of days. Another major improvemment planned for the nearest future is to allow clients to save their progress at any step or point in the process and not just once a quote has been generated; this will allow for more flexibility for the client to make changes at any step or screen within the process.

Having such flexibility and options, customers can make more informed decisions regarding their insurance and thus, trust Nedbank Insurance even more as an experienced company rendering exceptional insurance services. Consequently, this would, in turn, increase the company’s revenue by converting more potential insurance leads into paid customers.