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ISB_PM_Week 8_Required Assignment_19.1

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5 views

ISB_PM_Week 8_Required Assignment_19.1

Uploaded by

Sowmya Srinath
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Required Assignment 19.

1: User Journey on WhatsApp


for a Life Insurance Company
Problem Statement

ABC Life Insurance wants to break through the clutter and be seen as a
user-friendly platform where consumers can make easy purchases of term
and life insurance policies by focusing on digital-first solutions

The aim of this document is to provide a product solution to enable Aegon


Life Insurance provide its consumers a WhatsApp platform for buying/
exploring different insurance products along with focussing on

 Understanding the user journey and the role of WhatsApp as a


channel
 Understanding pain points of multiple user personas
 Detailing out solutions
 Wireframing the solutions
 Prototyping the solutions
 Examining customer feedback
 Defining success metrics
 Anticipating challenges

User journey and role of WhatsApp as channel

Let's look at the user journey for Aegon Life Insurance (Now Bandhan).
Firstly,
let's look at the different types of users.

Existing Users – these users may want to buy new products or know
additional information about existing products for an upgrade. These users
will login to their existing account and from there enquire in a chat or
“Know more” icon to know additional information.
These users can be redirected to a whatsapp Chat to receive personalizied
consultations and instant responses to queries.

Prospective New Users – these users would have shown interest by


clicking an ad or a referral link. They would have also online searched for
available insurance companies and would have clicked the website.
Such users when they want to know about a prospective product can be
redirected to a WhatsApp chat to take the conversation in detail.
Accidental Users – these users don’t have a urgent need or general
interest but would have landed into the website and hence the database
by accidental click of an ad or link.

Such users can be gently nudged in a whatsapp notification in fortnight


frequency to build interest and thereby forking out a conversation to know
more about the insurance products.

Painpoints of Consumers
Customer dissatisfaction is a huge pain point to Insurance companies, this
dissatisfaction could be due to various factors as listed below:

1) Complex procedures for onboarding, enhancement and


documentation.
2) Long waiting times for claim settlements.
3) Insufficient communication and updates regarding policies and
claims
4) Understanding the documentation, terms and conditions
5) Frustration of connecting through toll freelines and language
barriers.

WhatsApp as a solution
Incorporating WhatsApp as a communication channel can alleviate many
of these issues by providing a platform for instant responses, personalized
consultations, and timely updates, thus enhancing overall customer
experience and satisfaction.
WhatsApp plays a crucial role here as well, serving as a convenient
channel for detailed conversations, follow-ups, and sharing promotional
offers. By leveraging WhatsApp's widespread usage, Bandhan can ensure
timely and effective communications, nurturing leads into converting
customers.

User Journey of consumers Using Insurance Product

A detailed User journey captures how a consumer travels through


Discovery/ Research and comparison stages throughout the travel with
the product.
There are multiple Actions, touchpoints, emotions and painpoints
illustrated below for the consumer along his journey.
Post-Purchase
Action
Consumer interacts with the insurance company for updates and claims.
Touchpoints
 Customer service
 WhatsApp
 Email
Emotions
 Assurance
 At times, frustration if issues arise
Painpoints
 Delays in claim settlements
 Insufficient updates

Renewal
Action
Consumer decides whether to renew the insurance product.
Touchpoints
 Company communications
 WhatsApp reminders
Emotions
 Trust
 Loyalty
 Reconsideration
Painpoints
 Clarity of renewal terms
 Ease of renewal process

Wireframe

The wireframes provide an idea of the solution. Wireframe is a low fidelity


blueprint or schematic that outlines the structure and layout of the
solution. Wireframes will explain different steps in the solution.

First step : Introduction Message


 Greet the user
 Ask for policy number or registered phone number
Second Step : Menu Options
 Policy Updates – Provide the latest updates on the policy status.
 2. File a Claim – Guide the user through the process of filing a claim.
 3. Claim Status – Offer real-time updates on the status of a
submitted claim.
 4. Renew Policy – Redirect to the renewal page or provide renewal
assistance.
 5. Contact Support – Connect the user to a customer service
representative.
Third Step : Policy Updates
 Send the latest policy status and details.
Fourth Step : File a Claim
 Request necessary documents and information.
 Provide confirmation and expected processing time.
Fifth Step : Claim Status
 Send real-time updates on the claim process.
Sixth Step : Renew Policy
 Clarify renewal terms.
 Offer step-by-step guidance.
Seventh Step : Contact Support
 Provide options for connecting with a representative via call or chat.

I have used hand drawn wireframes for the purpose of this document.
There are wireframe tools that can used for the same purpose like
Blasmiq, Miro, Figma etc (The scope of this document is hand drawn quick
wireframes)
The below wire frame captures the steps in detail :
Handling customer Feedback:
Internal testing : create focus groups within the development/testing team
to test the entire solution
External testing : Identify a s small set of beta users to test the efficiency
of the solution, or ask survey and customer feedback after every chat.
Action on customer Feedback : Understand and prioritize the feedback
received and appropriately incorporate them in the solutioning.
Key metrics to Monitor

Customer Engagement Metrics


1. Number of Active Users
Monitoring the number of active users is essential to gauge the adoption
rate of the WhatsApp insurance solution. This metric indicates the
solution's reach and popularity among customers. A growing number of
active users reflects successful integration and acceptance of the solution.
2. Message Response Time
The speed at which customer queries are addressed plays a significant
role in customer satisfaction. Tracking the average response time to
messages helps identify areas where support can be improved and
ensures that customers receive timely assistance.
3. Interaction Frequency
This metric measures how often customers interact with the WhatsApp
insurance solution. Frequent interactions suggest high engagement and
reliance on the platform for insurance-related queries and services.
4. User Retention Rate
User retention rate indicates the percentage of users who continue to use
the WhatsApp insurance solution over a specific period. High retention
rates are a positive sign of customer satisfaction and loyalty.

Customer Satisfaction Metrics


1. Customer Feedback Scores
Collecting and analyzing feedback scores from customers after each
interaction provides valuable insights into their satisfaction levels. This
feedback can be gathered through surveys or post-chat ratings.
2. Net Promoter Score (NPS)
NPS measures the likelihood of customers recommending the WhatsApp
insurance solution to others. A high NPS indicates strong customer
advocacy and satisfaction.
3. Customer Effort Score (CES)
CES evaluates the ease with which customers can use the WhatsApp
insurance solution to resolve their issues. Lower effort scores imply a user-
friendly and efficient platform.

Operational Efficiency Metrics


1. Chatbot Accuracy Rate
For solutions that incorporate AI-driven chatbots, monitoring the accuracy
rate of responses is crucial. This metric ensures that customers receive
correct and relevant information, enhancing their overall experience.
2. Resolution Time
Tracking the average time taken to resolve customer issues helps assess
the efficiency of the support team. Shorter resolution times contribute to
higher customer satisfaction.
3. Number of Resolved Queries
The total number of queries resolved via the WhatsApp insurance solution
provides a clear picture of its effectiveness and capacity to handle
customer demands.
Sales and Conversion Metrics
1. Conversion Rate
Conversion rate measures the percentage of interactions that result in
successful sales or policy enrollments. Higher conversion rates indicate
the solution's effectiveness in driving business growth.
2. Lead Generation Rate
This metric tracks the number of potential customers acquired through
the WhatsApp insurance solution. A high lead generation rate signifies
successful marketing and outreach efforts.
3. Sales Volume
Monitoring the total sales volume generated through the WhatsApp
insurance solution helps evaluate its impact on the company's revenue
and profitability.

Anticipating challenges
1. **Technical Difficulties**: Customers may encounter technical issues
such as app crashes, slow response times, or connectivity problems.
These issues can hinder seamless communication and lead to frustration.
2. **Data Privacy and Security Concerns**: Ensuring the security of
personal and financial information shared over the platform is paramount.
Customers may be wary of potential data breaches or misuse of their
sensitive information.
3. **Limited Personalization**: While the WhatsApp solution can automate
responses, it may lack the personal touch of a human agent. Customers
may feel that their unique needs and concerns are not adequately
addressed by generic automated replies.
4. **Adoption Barriers**: Some customers, particularly older
demographics, may struggle with adopting new technology. They may
prefer traditional methods of communication and find the WhatsApp
solution intimidating or less user-friendly.
5. **Compliance with Regulations**: Adhering to regulatory requirements
for digital communication in the insurance industry can be complex.
Ensuring that the WhatsApp solution complies with all relevant laws and
guidelines is essential to avoid legal issues.

Conclusion
The above solutioning will help the insurance company provide a robust
Whatsapp solution addressing all the challenges .

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