Launching a new product: XP Life Insurance
ROLE / PRODUCT DESIGNER + DESIGN LEAD
XP INC / 2022 - 2023
Overview
XP Inc., the first Brazilian unicorn, in the beginning, focused on investment products, decided to expand its product portfolio to offer other financial products, such as credit cards and life insurance.
MY CONTRIBUTIONS
1. Helped to build the business rules, attending to the product risk and drafting a good experience;
2. Discovered business opportunities (including other kinds of insurances), through analysis of user researches and data;
3. Built the app experience (first insurance product in XP App);
4. Mentored the team's design process for desktop experience;
5. Managed the product with A/B Tests, data analysis, and design metrics.
Outcomes
2.9M
Hub Insurance Revenue
(in 1 month)
304%
Hub traffic growth
2.4M
App Insurance Revenue
(in 1 year)
01.
Product risks vs good experience
BUILDING THE BUSINESS RULES
Life Insurance is a complex product. In every contract, we needed to analyze the risk of the customer's profile because it was a product that provided coverage for the entire customer's life therefore high insurance compensation.
We, product designers and managers, studied many different ways to build great and modular business rules because we wanted to simplify the user journey as much as possible (it could reach 3K inputs to fill out). The result was a decision tree used as a guideline to approve or not any contract.
02.
Discovering business opportunities
USER RESEARCH: VALIDATING HYPOTHESIS
Collaborating with other designers, we validated product and design hypotheses through qualitative and quantitative research.
ANALYZING THE RESULTS: USER LIFE MOMENT VS PRODUCT COVERAGE
At that moment, we had data and metrics to be matched to the user researches. We started segmenting the customer's life cycle in life moments and understanding their motivations to buy an insurance.
From that, we matched the best coverages to attend the users' necessities, adding other kinds of insurance. We analyzed two digital platforms:
- XP Hub: for advisors to sell products to the customers
- XP App: auto-service for the customers
03.
Customer self service
PRODUCT SIMPLIFIED TO REACH ANOTHER PUBLIC TARGET
We started to develop the MVP, XP Life Insurance with low prices and basic coverages. Our goal was to reach the user pyramid base to identify the product potential and generate leads with high insurance compensation therefore high prices (XP's main public target).
The team explored many plans such as user research, fake doors, A/B tests, and communication rules, to better understand customers' motivations and behaviors. As a result, we discovered some ways to increase the number of contracts and leads.
04.
The experience to the main public target
DEVELOPING THE MAIN PRODUCT
The next step was to build user journeys to reach higher compensations, which was the most complex task due to the high number of business scenarios.
Guilherme Fidalgo worked on prototyping all the scenarios. It took a long time for the team and refinements were necessary to be done.
05.
Results
During user research, we collected some opinions and feedbacks:
"I liked it so much. I've never seen something like that. Truly, congratulations to all team. I think that you have all potential to launch any insurance."
"I believe that the design, layout, and quantity of information, are perfect! The easiest and the most direct solution. We don't need much effort to fill out all the information, respecting our risk and analysis."
LEARNINGS
My first year as a Design Lead was very challenging for me. I was responsible for 1 of the 5 biggest XP Inc. goals until 2025 and I needed to learn many things as a leader without a manager when all designers worked home office.
I started thinking about what values I'd like to follow as a leader. What was really important to me as a person and designer? I realized how much constructive feedback and sincerity were valuable to me and helped me to build strong relationships with my design team and stakeholders.