{ "clientName": "Income Insurance", "content": "

Challenges:

In Singapore, while middle-aged and older individuals generally take out insurance policies, the insurance subscription rate among younger generations remained low, posing a challenge for the entire insurance industry. Income recognized that younger generations are digital natives. To engage them, they sought a new solution leveraging smartphones and were looking for a strong partner capable of handling everything from zero-based service planning to development, dissemination, and growth.

Solutions:

Monstarlab initially conducted research, including interviews, with younger generations to identify the underlying issues. This revealed insights such as the perception of insurance as \"inaccessible\" and \"having a high barrier to entry.\" Furthermore, many young people questioned the necessity of insurance, viewing it as an unnecessary cost in their lives.

Drawing from these insights, the concept of an \"app that seamlessly integrates into young people's daily lives without feeling like a cost\" was conceived. User experience design and business model considerations were simultaneously explored.

Through agile development, a mobile app prototype was created within a short period of three months from the project's start and presented at \"Singapore FinTech Festival,\" the largest tech event in Singapore. It received second place in the Singapore Financial Institution category and garnered numerous inquiries and feedback from attendees. This positive response led Income to decide on the full-scale development of the mobile app. After seven months of intensive development and iterative improvements based on feedback, the app \"SNACK by Income\" was officially released in April 2020.

", "content2": "

Results:

The developed app, \"SNACK by Income,\" is an innovative insurance service that seamlessly integrates into daily life. It allows users to round up the spare change from everyday purchases and put it towards small insurance premiums. Additionally, through partnerships with affiliated merchants, various insurance costs can be accumulated at the merchant's expense simply by making payments there. This approach caters to the needs of younger generations who are mindful of unnecessary expenses while making insurance feel more accessible through the service.

The released app has garnered a rating of 4.6 stars in app stores. While the initial target was to acquire 10,000 users in the early stages, it successfully attracted over 60,000 users. Having earned Income's trust and partnership, Monstarlab continues to improve the mobile app, with ongoing development to provide additional services and features such as the ability to send insurance as a gift, insurance for \"porch piracy,\" and event-related insurance.

", "featuredImage": "https://cdn.builder.io/api/v1/image/assets%2Ffb3ccc876dd442c6ae31d776377e35db%2F5d245fe5baf14f87b8f81ad2fc0bd089", "headerBanner": "https://cdn.builder.io/api/v1/image/assets%2Ffb3ccc876dd442c6ae31d776377e35db%2F5d245fe5baf14f87b8f81ad2fc0bd089", "hreflang": [ "jp_ja", "americas" ], "industry": "BFSI", "overview": "Income Insurance Limited (hereinafter Income), under the NTUC Enterprises cooperative, is a comprehensive insurance company headquartered in Singapore. Founded in 1970 as Singapore's only insurance cooperative, it was established to ensure that all Singaporeans have access to the necessary insurance. Addressing Income's initial challenge of \"younger generations not taking up insurance,\" Monstarlab achieved transformation by creating innovative services that seamlessly integrate into consumers' lifestyles through user experience design.", "overviewTitle": "SNACK by Income", "productLinks": [], "publishedDate": 1743660000000, "qoute": "", "qoutesBlock": {}, "relatedLinks": {}, "seo": { "description": "Income Insurance Limited (hereinafter Income), under the NTUC Enterprises cooperative, is a comprehensive insurance company headquartered in Singapore. Founded in 1970 as Singapore's only insurance cooperative, it was established to ensure that all Singaporeans have access to the necessary insurance. Addressing Income's initial challenge of \"younger generations not taking up insurance,\" Monstarlab achieved transformation by creating innovative services that seamlessly integrate into consumers' lifestyles through user experience design.", "title": "Income Insurance | SNACK by Income | Monstarlab" }, "servicesUsed": [ "Enabling Innovation", "Business Model Transformation", "Brand Experience Design", "Service Design", "Digital Product Development", "Digital Product Design" ], "site": "jp_en", "slug": "incomeinsurance", "tags": [ "Service Design", "UX Design", "UI Design", "App Development", "Education" ], "title": "\"Insurance\" into the Daily Lives of Younger Generations by Creating Innovative Insurance Services Through User Experience Design" }