MoneyVerse
in collaboration with the Monetary Authority of Singapore
A dynamic, SingPass-integrated platform designed to improve insurance literacy among Singaporeans. Developed in collaboration with NUS DID and the Monetary Authority of Singapore (MAS), our solution placed first out of six teams, resulting in the official acquisition of our intellectual property by MAS.
Team
Shaheed Hassan
Patricia Setiawan
Travis Tan
Scope
User Research
Full Product
User Testing
Time
2024
3 months
Low adoption rates
MAS launched CompareFirst to enable Singaporeans to independently and objectively compare all local insurance plans. However, despite holding the most comprehensive dataset of insurance products, platform engagement was low, failing to meet adoption targets.
Overwhelmed at a glance
Some examples of UI that unnecessarily increases users’ cognitive load include fast-forwarding carousels, an overwhelming number of colours and verbose text.
Disorganised information architecture
Key features, like "Glossary" and “Calculator”, are buried within repetitive and redundant dropdown menus.
"What does that mean?"
Technical jargons such as "Coverage Term" and "Direct Purchase Insurance Products" makes it overwhelming for users unfamiliar with insurance. Vocabulary used on the page assumes that users have prior knowledge.
Solution
Streamlined onboarding
By integrating with SingPass login and SGFindex, our new website enabled a faster and easier insurance retrieval experience. The integration eliminates manual search, with the system seamlessly retrieving insurance policies from partnered insurers like AIA and Great Eastern.
Tailored guidance
Cofi, the website companion, provides tailored help through a universal mobile glossary, saved terms, and curated pop quizzes, helping users navigate insurance with more confidence.
Restructured information architecture
Leveraging SingPass login and SGFindex, each tab is personalised to the users' specific insurance profile and needs.
The "Understanding Insurance" tab identifies and prioritises users’ existing policies in orange, eliminating manual retrieval. It also provides a point of reference for users to kickstart their insurance journey.
The "Review Your Policies" tab provides clear benchmarks based on similar demographic profiles, emphasising the importance of timely evaluations as premiums are time-sensitive - especially for those new to insurance.
The last tab, "Discover Policies", is for users who are interested in expanding or optimising their coverage. They can customise the filter based on coverage, premium type and more before they are presented with the insurances that fit their requirements.
Process
User interviews
6 personas, 9 interviewees, 9 discussion guides. We recruited a large variation of users, ranging from students to working adults to a retired mother. Tailored interview guides were made for each of them, ensuring that each interview is maximised.
Co-designing with industry experts
We held workshops with stakeholders from MAS and private insurance companies to further refine and validate our prototypes. The workshops gave us valuable industry-specific insights that were incorporated in our final iterations.
Iterative prototyping and testing
Continuous wireframing, prototyping and most importantly, user testing, were done throughout our design process.
