Project Overview As Transamerica decided to introduce their Registerd Index Linked Annuity (or RILA), they needed a way to be able to show the functionality of this financial product based on investment parameters and variables. The solution was to provide an accessible interactive tool on the public facing website with accurate predictions and viewable results. This tool includes all of the contributing factors possible for a RILA investment with input fields provided, making it easy to use for regular consumers as well as financial professionals working with clients. RILA investment increased by 38% after implementing the tool and tool usage measures into the tens of thousands per month.
My Roles:
UX Research
UX Design
User Testing
Wireframing
Prototyping
Annotations for Development
Access the RILA Tool
Problem and Research:We realized that the main issue we had was simply not having enough background to know what a RILA is. After conducting interviews with financial professionals at Transamerica we knew the exact parameters needed to create an effective tool and how they could be customized for multiple possibilities. Another problem was making sure it was easy to use and understand since most online RILA tools are loaded with small print text and industry terminology that isn't known much by the general public.
After gaining industry insight from professionals, I then set out to conduct moderated studies in which I could ask participants what their expectations were from such a tool. Intrigued participants expressed a simple yet dynamic tool that allows them to comprehend confidently and the have the courage to invest.
User Testing:After the interview with both professionals and the general public were completed, I set out to generate a high fidelity clickable prototype that we could test further. By implementing all of the specific inputs and parameters that we learned during our research phase, I could confidently put the design out for direct usability testing.
I asked participants to utilize the tool to and explain to me what they are learning or finding out. Participants in the study were highly intrigued by the tool and spent an average of 10 minutes using it. They explained that they appreciated the depth of the tool and were glad that it was able to summarize complicated information for them. Participants expressed a new found interest in the RILA product after using the tool.
Final Design and Conclusion:Once we presented the results and design to our stakeholders, I annotated the design file for our development team and handed it off. As the RILA tool went live, marketing for the tool began all throughout the company. Agents began sharing the tool with their clients and the brand team created a campaign for the public. As interest in the RILA product grew, we then decided to analyze data in its usage and see if there was an impact in RILA investment.
Within the first few months, there were already 3,986 interactions and after nine months, investment in the Transamerica RILA product increased by 38%. Not only did engagement and investment increase numerically, RILA soon became one of our top annuities throughout the company.