Term Life Insurance for UAE

Bayzat conducted extensive research, surveying approximately 2,000 users to grasp their definition of world-class benefits. The research revealed that financial security is the top priority for employees, leading Bayzat to focus on two key opportunities.

Insurance

In scope Motor, Life, Health, Travel and Home insurances
Problem statement assigned to our squad

Financial wellbeing

Assisting UAE residents with financial management
Problem statement for another squad

Fake Door Testing

Rapidly evaluate our target audience's preferencewith minimal design and development efforts

We conducted one-week fake door testing to determine the top insurance preferences among the UAE's five most common options.

Life Insurance

Motor Insurance

Travel Insruance

Health Insurance

Home Insurance

Key Takeaways

We conducted one-week fake door testing to discern user preferences, with the experience finalized by providing users with a 10% premium discount if they called to purchase insurance. Here are the insights gained from the experiment:

1. Motor and Life insurance have the highest conversion
2. Low interest in health insurance is becuase most employees get it from their employers
3. Fewer unique visits than clicks on insurance were due to user curiosity about offerings
4. Low conversion: users wanted pricing within the app

Market Opportunity Assessment

Benchmarking the UAE insurance market against global averages indicates significant untapped potential in the life insurance sector for Bayzat to further explore.

While globally, the life and non-life insurance markets are fairly balanced, the UAE's life insurance market still has substantial room for growth, suggesting a clear opportunity for expansion.

GWP = Gross Written Premium = Direct written premium + Assumed written premium

Since motor and health insurance is mandatory in UAE by law, hence the penetration of other insurance is as expected and aligns to global average. This also makes other insurances a zero sum game, whereas life insurance still has a lot of room to grow.

GWP = Gross Written Premium = Direct written premium + Assumed written premium

Conclusion

Based on the interests of our target audience identified through fake door testing, motor and life insurance emerged as the top preferences. However, due to operational constraints and resource limitations, we could only focus on one insurance type at a time.

Considering market gaps and potential, we strategically chose to prioritize life insurance as our initial offering. Recognizing the opportunities and complexities within the domain, including legal and third-party coordination.

Identifying users to talk to:

To understand the reasons for the relatively low penetration of life insurance, we conducted user interviews. We established the following parameters for segmenting users in these interviews:

Marital status

Life Insurance status

Family location

Salary range

Given our access to an unbiased customer base at Bayzat, we engaged with them by posting polls in internal Slack channels. We then scheduled and sent out invites at their convenience to identify our target users.

Setting the theme for this exercise

An outline of questions to help keep the interview meaningful, focused and comprehensive

1. What does financial security mean to them?
2. What do they understand by life insurance?
3. Why would they buy or not buy life insurance? What are the factors influencing the decision?
4. What are the friction points in the user’s journey for buying a life insurance?
5. What alternatives to life insurance users rely on to secure their financial future?
6. What are the expectations from a life insurance product?
7. Is there any demographic correlation in interest in buying life insurance?

Key takeaways

Testing with larger audience

The next step was to validate these findings on a larger scale. We sent a survey to approximately 2000 existing Bayzat users with the following conversion rates:

The survey consisted of 15 questions, logically linked to minimize each user's response to 7-8 questions.

The survey questions were derived from our user interview findings, and the key takeaways closely aligned with those from the interviews. For a detailed report of the survey, please refer to the below report:

View Survey Report

Through fake door testing, we identified usage patterns and conducted user-interviews to gain a deeper understanding of our target audience

Leveraging insights from user-interviews to develop our target personas

Empathy Mapping

Organizing user problems into stages, accompanied by associated emotions:

The most relevant and critical problems we aim to address are as follows:

Expensive

Perception that life insurance is expensive

Complicated product

Perceived complexity and lack of understanding

Awareness

Lack of awareness of the importance of life insurance

Complex process

Misconception that the overall buying process is painful and difficult

Comparing Existing Products

Comparing key takeaways across competitors offers valuable insights for strategic decision-making

Keywords

Utilizing keywords from competitor studies will assist in shaping the language for our product:

For product:

Easy · Affordable · Free quotes · Quick quotes · Instant · Simple · Smart · Flexible

For application process

Easy · Fast · No medical · Simple · Accessible · Seamless · Intuitive

Legal constraints

Chalking out gaps caused by legal compliance and its impact on our product

The PM for legal compliance in the product led discussions, with external parties including Swiss-re and Takaful Emarat. Key highlights from these discussions include:

Bayzat can't collect payments

Smooth transition between Bayzat and Takaful payment gateway

Declaration for Covid-19

Create a user interface for COVID-19 history declaration

Premiums based on health history

Create a user interface for health history declaration

Collect users Emirates ID

Enable users to upload/re-upload Emirates ID or import from Bayzat's profile

Cover range: AED 100k - AED 1.8 M

Streamline coverage selection to prevent user overwhelm

Problem Statement

Defining a clear problem statement for our product is instrumental in aligning team members and stakeholders, ensuring our collective efforts are focused on solving the most pertinent issues.

Goal of this exercise

1. Generate multiple problem-solving concepts
2. Feedback from internal stakeholders
3. Develop Maze tests for user behavior analysis
4. Streamline user-flow to determine optimal solutions for our target audience

User feedback

Goal of this exercise

1. Share complete user flow wireframes for feedback from all stakeholders
2. Conduct qualitative usability testing
3. Share it with design peers for component review and consistency
4. Consult with developers to assess technical feasibility of design and interactions
5. Collaborate with the Product Manager to potentially phase out features to ensure developers meet the timeline

You can find a comprehensive usability testing log and its insights here:

View Survey Report

Please note: Snapshots of final designs are included in the section Product Hightlights