Onboarding project | Acko

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Onboarding project | Acko

About Acko:

What does the App Do?

Acko sells Car, Health, Bike, Life, Group Life , Electronics and Travel insurance policies through their app. Acko is a tech-first insurance company registered with the IRDAI(Insurance Regulatory and Development Authority of India). They create their own insurance products and sell without a middleman. When you buy your insurance from ACKO, you’re buying directly from the insurer, and not going through third party aggregators or agents. It makes a difference as you save money on your premiums. Everything is easily accessible through the app, and one can reach Acko directly without any hassles.

Core Value Proposition:

“When it comes to insurance, make sure you Check ACKO for big savings and better service. Acko is India’s No 1 Insurance app, view your coverages all in one place, get access to different services. ”

Business Model:

Acko works primarily in the business to consumer (B2C) space. These are the three main revenue streams of Acko-

Insurance Premiums: Primary source of revenue from selling insurance policies to individual and corporate customers.
Commissions: Commissions from partner companies for selling insurance products as value-added services to their customers or employees.
Data monetization: Monetization of customer data, which can be used for targeted marketing, advertising, and analytics services.

Section 1.1 Define Ideal Customer Profile

For Acko since they have both corporate and individual customers, we have looked at ICPs for both-

Individual Customer (B2C)

Criteria	ICP 1- Individual Customer	ICP 2 - Individual Customer	ICP 3- Individual Customer
Name	John Doe	Jane Doe	Senior Doe
Age	<25 years	25-40 years	40+ Years
Gender	M/F	M/F	M/F
Salary	<15 LPA	15-45 LPA	30 LPA +
Employment Type and Stage	Employed Self/Corporate, Early Career	Employed Self/Corporate, Mid Senior Level	Employed Self/Corporate, Senior Level
Marital STatus	Unmarried	Married	Married
Need	To self-buy an insurance policy at a low price without any third party involved quickly	To buy new policy/renew existing policy at the best policy price, save time and have a good customer experience. Good variety of other services are good to have.	Hassle free policy and claim experience
Pain Point	Lack of clarity and high price in traditional insurance comparison websites.	One stop solution to buy insurance seamlessly, buying directly from the Insurer	Bouquet of other services available other than insurance all through the app
Solution	Acko gives attractive discounts makes it easy to purchase Insurance through their website.	No middleman involved, building trust in the brand	Car Service, Paying Traffic Challans, Recharging Fast tags, PUCC validity all in one place
Behaviour	Blockers and Influencers to purchase	Willing to pay for the right value	Can Pay
Perceived Value of Brand	Consideration Stage	Decision Stage	Consideration Stage
Marketing Pitch	Acko makes Insurance easy	When you buy your insurance from ACKO, you’re buying directly from the insurer, and not going through third party aggregators or agents	Do more than just insurance
Goals	Clarity, efficiency, price effectiveness	Ease of purchase through a trustworthy source, customer service	Bouquet of add on capabilities in the app makes managing aspects for my Car easier
Frequency of use case	Low as once buys a policy they would not go back again till renewal	High- because they would go back and see what other services they can get	Medium as they would want to manage the aspects for Car with associated tasks
Average Spend on the product	Low	High	High
Value Accessibility to product	High	High	High
Value Experience of the product	High	High	Medium
Blocker	Friend Circle	Siblings	NA
Influencer	Parents	Family	Spouse
Feature Usage	Low priced policies	Efficient customer service for all policy needs and a bouquet of services	A bouquet of additional services to help me manage my tasks well
Value Assessment	Low	High	High

Corporate Customers (B2B)

Criteria	ICP3	ICP4
Name	Swiggy/Zomato	Rapido
Company Size	8000+ Crores in Revenue 4500+ Employees	500+ Crores in Revenue 3000+ Employees
Location	India	India
Industry Domain Stage of the company	Food Tech Mature Scaling	Tech enabled transportation company (Early Scaling)
Organization Structure	Not Applicable	Not Applicable
Decision Maker	Exec Management, Operations Team	Product and Operations Team
Decision Blocker	Finance Team	Finance Team
Organisational Goals	To provide insurance for its employees including delivery partners in a seamless way.	To provide insurance for its employees and cover for their drivers. Also giving the option to Rapido customer's to insure their ride by buying insurance
Pain Point	Acko makes it easy to	Acko makes it easy to integrate insurance to the platforms
Conversion Time	High	Low
Growth of company	Medium (as it has already grown significantly)	High (as it is in early scaling stage
Motivation	High	High
Organization Influence	High	Medium
Decision Time	Low	Low
Frequency of Use Case	Medium	Medium

1.2 Core JTBD Analysis

Since a majority of users are individual customers (B2C) we have done the JTBD analysis primarily for the B2C context-

1.2.1. Who is signing up?

Customers looking to buy insurance policies directly from the Insurer without any middlemen involved and who are comfortable buying policies digitally. They are looking to save time, have a good value for money product, and easy access to the policies through the app or website.

1.2.2. What are they trying to do

Make an informed decision when renewing their existing policy or buying an insurance policy online. They are also trying to save time, and money.

1.2.3. Why is the user signing up to your product

Easy access via app or the web, lesser premiums because of no middleman, policies issued directly by Acko- which fosters credibility and trust.

Goal Priority	Goal Type	ICP 1	ICP 2	ICP 3	ICP 4 & 5
Primary	Functional	Achieves functional goal as renewing or buying policies is essential and compulsory in certain cases- for example motor insurance	Insurance is a necessity, easy to buy online directly from the Insurer	Helps me keep track of not only insurance but associated necessities such as Fast tag, Pollution Certificate, and traffic challan payment all in one place	Helps me buy insurance for my employees, customers, and delivery partners/riders
Secondary	Personal	Buying Insurance gives me security	Gives me peace of mind	Helps me keep track of stuff all in one place	Not Applicable
Tertiary	Financial	Not Applicable	Not Applicable	Not Applicable	Not Applicable
Least priority	Social	Not Applicable	Not Applicable	Not Applicable	My employees, customers, and delivery partners like that the org offers insurance, it improves my social standing and image

1.3 User Research to validate or invalidate these goals

1.3.1. Reaching out to users-

My hypothesis was the primary use for the Acko was people in the age group of 25- 40 years.
This is because one needs to be an active earning member to buy policies -people over the age of 40 will already have active policies and may choose to continue with same insurer instead of experimenting with a new product.
Reviewing user review and feedback - I understood that people reach out to Acko primarily due to ease of purchase of a policy.

For the purpose of JBTD I only looked at the B2C Segment.

Channels used- Slack, Family and friend circle.

1.3.2. Speaking to users-

This was the list of questions used by me

What made you choose Acko ?
How did you come to know about Acko
What do you like most about using Acko?
Do you use the App or the desktop version?
How often would you look at acko rather than other online websites such as insurance dekho or competitors like digit insurance for new policies?
Why feature would you like to see for Acko?
What feature (if any) do you not like about Acko
Would you say Acko meets your functional goal rather than your personal goal ?

1.3.2- Data, Observations, and Insights-

They got to know about Acko through word of mouth, IPL activations, marketing on social media, multichannel presence
They chose Acko because of positive reviews in the friend circle or online
They like the simple easy to use UI Acko has.
The onboarding was simple and was a surprise, the users were pleasantly surprised with the colour rich UI.
Some users started using the app through the desktop version but were asked to switch to phone for video verification.
Most users prefer to use the App rather than the web version
Users dont usually look at buying new policies online until time of renewal
To reduce the hassle of renewing polices every year, some of them do a multi year renewal
Onbaording is simple, CX is great, and Acko meets their functional goals.
All of them were between 25-40 age group
They would prefer using Acko again, and would specifically search for Acko even if it did not come up in comparison websites.
Users would like to see a Whatsapp bot that will help them get through to help in case of accident- share location and check for coverage through pics in case of loss, help find nearest garage etc.
The Policy document had information easy to find.

Relevance: The JBTD addresses the user need for a company to buy insurance in a digital only model.
Clarity: The JBTD is clear and understandable
Actionability: The JBTD leads to actionable insights - such as users prefer Acko for ease of use
Specificity: Yes the JTBD is specific enough for Acko
Prioritization: The job is critical for the user

Goal Priority (Individual User)	Goal Type	JTBD	Validation approach
Primary	Functional	A digital platform to buy insurance directly from the insurance company without any middlemen	User interviews
		Ease of use UI helps me track and manage my policies online	User interviews
Secondary	Personal	Curating a discovery experience personalized for each user.	Secondary research

I am doing the Onboarding teardown for Acko App as most users used the app when buying from Acko.

Acko Onboarding Takedown_Piyali Banerjee_GX22.pdf

The detailed Onboarding Teardown is the in attached PDF.

What sections will have higher user drop off than other and why?
Quotations would have a higher user drop off, as one does not install an insurance app unless one wants to buy a policy.

The below questions are answered in the attached PDF

What are the customer touch points in your journey?
What does the discovery feel like?
How can you make your product even better?

Context Acko App

Stage	Parameters applicable to Acko
Initial Impressions	Easy to navigate, Colour Rich UI, quick load time
Sign-Up Process	Clear instructions, easy sign up process, less information required
First-Time User Experience (FTUE)	There is personalization and the user is free to explore the app
Feature Discovery	Highlighted features such as policies which the user does not have coverage in
User Interface and Experience	Consistent UI, ease of use and navigation
First Success Milestone	The first quotation from the app
Continuous Engagement	App pops asking to explore
Analytics and Feedback	Most users don't use the app until date of renewal

3.1 Activation Metric 1

3.1.1. Hypothesis: Applying for any Policy Quotation within 7 days of signup

3.1.2. Explanation: For Acko - an online insurance platform, getting users to apply for a quotation is the first step to a policy issuance, as this involves sharing data about current health plans, family member details, pincode etc. If users complete the details required they are brought to a screen that gives them a personalized discount - the AHA moment! This also means the details asked are easy to answer, and the process easy to navigate. Applying for a policy quotation within a week increases the likelihood for a user to convert to a customer. This is because one does not simply download the app of an insurance company, they must have an urgent need and they would be interested in buying a policy.

3.1.3 Metrics Tracked:
1. Engagement through the app help section for queries
2. Conversion Rate from issuance of quote to becoming a policy holder

3.1.4. Suggestions: If after getting the quotation, the user does not make the payment, this signals that they got a faster turnaround time from another org (Acko's competitor) and there is an opportunity to makes the process more efficient.

3.2 Activation Metric 2

3.2.1. Hypothesis: Applying for an ABHA Health (Ayushman Bharat Health Account id through the ACKO app within two weeks of signing up

3.2.2. Explanation: The ABHA health id is a digital id that allows Indian citizens to store and share their health records with healthcare providers and Insurance Companies. Applying for an ABHA health id on the Acko App for self and family, shows trust and confidence in Acko, as this involves sensitive personal information. This increases the change of long term engagement with Acko.

3.2.3. Metrics Tracked:
1. Completion of ABHA process and CTA clicks
2. Request for a quote within x days of the above.
3. Activation Rate

3.2.4 Suggestions: If a user has already existing ABHA health card it should allow users to store their information easily on the app, and this process can be streamlined.

3.3 Activation Metric 3

3.3.1. Hypothesis: Applying for a visa on the Acko app within two months of signing up

3.3.2. Explanation: In Acko there is an option for an user to apply for a visa directly with their partner Visa2fly. If a user applies for a visa through Acko within a month of signing up, it implies trust in Acko, process is smooth and easy to navigate. Applying for a travel visa requires insurance and the user is more likely to convert into a customer. A two month timeframe is given as it requires at least 1 + month of prep and planning for a foreign trip. Once the user applies for a visa they are less likely to drop off. If the visa process is smooth they would choose Acko again on their next trip.

3.3.3. Metrics Tracked:
1. Application completion rate for a visa.
2. Application for travel insurance before visa application.
3. Activation Rate

3.3.4. Suggestions: However, the visa application page took time to load and can lead to user drop-offs, this can be improved to boost CLT

3.4 Activation Metric 4

3.4.1. Hypothesis: Applying for buying/selling a car in the first month of signing up

3.4.2. Explanation: In Acko there is an option for a user to explore buying and selling of cars. It takes the user to Acko Drive which further iterates the value prop of Acko. They get to choose the city, and they are shown a list of cars. A user exploring the app, and interested in buying a car would check out options within the first month of signing up. This signifies trust in Acko, and this user will likely become a customer purchasing policy through Acko. When they explore the bouquet of services available for cars - servicing, paying challans, recharging fasttag etc, it creates the AHA moments, and builds connection and confidence in the brand.

3.4.3. Metrics Tracked:
1. Activation Rate
2. Feature Adoption Rate
3. CTA clicks

3.4.4. Suggestions: It is to be noted that if any of the services by partners in the value chain leads to a bad experience, it may impact the CLV of the user.