BACKGROUND
Liferay is a leading digital experience platform (DXP) company. As a part of its product marketing effort, Liferay is developing a demo product, specifically targeting the insurance industry. Raylife is a fictional company name used for the demo product.
BUSINESS GOAL
Design a digital insurance management product to demonstrate Liferay's competitive advantage to potential customers in an insurance industry.
DISCOVERY
ABOUT INSURANCE INDUSTRY
The insurance industry is historically very set in its ways and slow to change. This puts them in danger of becoming irrelevant; in a survey of insurers conducted by PwC, 44% think that “most existing insurers will not survive, at least in their current form.” [Source: PwC’s Audit and Risk Committee Forum survey] They go on to say, “Building a digital platform that will take your company into the future – not just respond to current needs – is critical to prolonged success.” As well as, “Most of the insurance industry has adopted digital agendas and many companies are seriously trying to become digital-first organizations. If you aren’t doing the latter, you risk falling behind; if you haven’t done the former, you may never catch up.”
Study by McKinsey & Company (Source)
SATISFACTION SCORES
1. About Reporting a Claim,
Overall satisfaction is 16 points lower (on a 1,000-point scale) among all customers who are using digital FNOL offerings than among those who report via phone.
2. About Estimation, Repair, and Settlement Processes,
Overall satisfaction is 33 points higher among customers who receive digital status updates than among those who do not. Customer satisfaction with digital appraisal apps is mixed based on the age of the customer, with satisfaction improving by 26 points among Gen Y and declining by 16 points among Pre-Boomers when using appraisal apps.
DEFINE
TARGET MARKET
While there are various customer segments in the insurance industry, our team has decided to build a demo solution specifically targeting the mid-market insurance companies.
PROBLEMS
Mid-market insurers are facing the same challenges rocking the entire industry, but are further constrained because they are too small to have IT budgets for significant digital initiatives, let alone for creating fundamental digital experiences such as agent and customer portals. They realize they must embrace technology to stay competitive in their industry, but find they can’t keep up.
"[Insurers] realize they must embrace technology to stay competitive in their industry, but find they can’t keep up."
And yet the consequences of doing nothing are disastrous. Many of the ways they handle common processes such as submitting and reviewing applications, quotes, and claims are antiquated and extremely manual. Though the vast majority of these mid-market insurance companies have a basic online presence, they can’t compete with the industry leaders, who provide independent agents with productivity tools and more intuitive experiences. Mindshare and share of business will naturally gravitate to the leaders, and the mid-market will fall behind.
OUR SOLUTION
Liferay’s mid-market insurance solution is a purpose-built digital experience for independent agents that helps them compete with large insurers for the hearts and minds of agents by:
1. Giving agents control over their daily workflow, from creating and managing applications to handling claims and renewals.
2. Reducing the time wasted on manual tasks, leading to higher throughput of insurance applications and higher responsiveness to end customers.
3. Gaining the time-to-market advantages of a ready-built solution with the flexibility of a custom solution.
PRIMARY USER PERSONA: AGENTS
The primary end user for this solution is agents as opposed to the people being insured. Agents are critical to these kinds of insurance companies because they control how many insurance applications are made, and therefore policies created—which ultimately determines revenue. Also, since independent agents can represent multiple competing insurers, they will prefer to work with the insurance company that helps agents generate quotes quickly, manage their applications efficiently, and handle customer claims easily. This ties directly to increased revenue and agent loyalty.
DESIGN
AGENT PORTAL
Agent Portal Home
Agent Portal: Video Chat with Customers
Applications Page
Individual Claim Page
Individual Application Page
Individual Policy Page
CUSTOMER DASHBOARD
While primary user persona is an agent, we have also designed for other secondary personas: Customers and Vendors (mechanics).
Filing a Claim: Damage Detail
Filing a Claim: Vehicle Information
Filing a Claim: Review
Filing a Claim: Confirmation
Customer Dashboard
Customer Dashboard: Claim Settled
VENDOR (MECHANICS) PORTAL
Quote Detail
Quote Detail: Submitted
Appointment Detail
Appointment Detail: Repair In Progress
NEXT STEPS
Insurance portal started as a demo product for our global sales team. As of December 2019 (when I left the company), Liferay team was continually building out additional features with a goal to turn the demo product into a viable business solution offering.
