New Zealand has one of the lowest rates of life insurance coverage in the world. The endless form-filling, paperwork and meetings have made applying a long and painful process. Additionally, the compliance burden resulted in advisers leaving the industry entirely. To address this, Partner's Life approached us to create a dynamic sales tool to reshape conversations between advisers and their clients.
Life insurance for the future
Our inspiration was drawn from a combination of two insights. Firstly, that both advisers and clients required a tool that was easy to use. Secondly, our research informed us that clients still valued face-to-face meetings with advisers – not a surprise considering the potentially sensitive topics. It was about something more collaborative, ideally in a visual and editable format, that simplified the conversation.
We worked with a data scientist to create an API that looks at local demographic data for the client and serves them relevant defaults. Examples of smart defaults include their weekly expenses and utilities and cost of living for children pursuing further education.
Using client data, we also created a visual element to help them understand the long-term impact of two scenarios: passing away and experiencing a major health issue. A dynamic graph exposes the financial gap between income and expenses over time, which can be scaled up or down in real time depending on client feedback.
Due to the streamlined data gathering Evince offers, advisers have been able to achieve more in one appointment than they previously could in two. Early feedback has also indicated clients are taking out better insurance, and within four months more than 300 advisers around New Zealand had started using Evince.
At a Glance
Advisers. Huge uptake in those using Evince in just four months.
At a Glance
Faster. Advisers can now achive more in on appointment than they did in two.