Beneficiary Claims Case Study
Creating ease in navigating the emotional process of redistributing assets after a death
Simplifying Beneficiary Claim Processes
Losing a loved one is hard, and dealing with the paperwork that comes after can be even tougher. Handling a beneficiary claim when someone passes away is complicated and emotional. It's important to be understanding of the feelings of those making the claim and to know how finances work.
While some companies try to make this process easier for their clients, there's still a big challenge— the tools and systems used internally by financial experts to help with these claims. These tools are crucial for making things easier for the beneficiaries who are already dealing with sadness and grief.
As a UX Designer with experience in customer service and making processes better, I know how vital it is to create easy-to-use and caring solutions for this sensitive issue. By creating user-friendly internal tools designed specifically for financial experts handling these claims, we can improve the experience for beneficiaries and provide the support they need during this tough time.
By working together, using smart design, and truly understanding what financial experts and beneficiaries need, we can make the process of dealing with beneficiary claims after a loved one's passing simpler and more compassionate.
Problem Statement
Users processing beneficiary claims are frustrated when determining the requirements and necessary steps between custodians, money managers, and the beneficiaries’ intentions for the assets.
Objectives & Goals
Define a series of processes for each time of claim that works in accordance with SEC regulations and custodial guidelines
Discover
Our Process
Define
Product Users
Financial professionals assisting with beneficiary processes
Financial Advisors
Advisor Success Representatives
Sales Representatives
Customer Support Representatives
Beneficiaries
Investors
Quantitative Research
The purpose of doing user surveys for this project was to examine the difficulties users felt when processing beneficiary claims. We focused on surveying people who regularly processed claims in a call center phone queue for a money management company.
Screeners
What resources do you find most helpful when helping an advisor navigate a beneficiary claim?
Which custodian do you feel is the easiest to work with in the beneficiary claim process?
Which Beneficiary Claim type would be the most helpful to review?
Which Beneficiary Claim type do you feel most confident processing?
What specific situations that may have caused unexpected NIGOs?
What do you feel is the most challenging part of the death claim process?
How do you feel we could better set advisors up for success in navigating claims?
How could we provide more consistency in the beneficiary claim process when advisors call into our service line?
What do you feel would be most helpful in understanding how to help advisors?
Do you have any suggestions that you feel would improve the process?
Please share any feedback you've received from advisors when processing beneficiary claims (positive or negative):
Observations
58%
users felt the best resource for establishing the process was the client-facing Help Center
67%
Craft a way for financial professionals to navigate the processes that provides all necessary components
Ideate
100%
NAME:
AGE:
EDUCATION:
JOB
LOCATION:
HOBBIES
Jenny Levine
33
University of Chicago
Customer Service Rep
Boston, MA
Dancing and Running
found the most difficult claims to be those without beneficiaries that required legal action to establish estates
believe that we can improve the process by having better internal and external resources
Design
Personality
-Empathetic
-Creative
-Detail-oriented
-Hardworking
Goals
-Provide all of the process and requirements to clients to ease their claim experience
-Be able to quickly access resources while both on-call and in email correspondence
-Have a reference that is easily navigable through all different scenarios of claims
felt that we could better set up advisors for success by providing more automated processes
“Advisors’ number one complaint is that the process is too slow and inconsistent.”
“We can provide more consistency in the beneficiary claim process when advisors call into the service line by walking the caller through where to locate information in the Help Center.
Advisors should be able to reference needed materials on the website.”
80%
User Needs
Persona
Internal and external resources that clearly define process for a wide variety of beneficiary claims
Increased knowledge of process to be able to provide quick answers
Consistency in process knowledge and case handling for quicker resolve for advisors
Focus on clarity and speed of completion
Competitive Analysis
Vanguard
Rating: 1.05/5 on Better Business Bureau (Not Accredited)
Vanguard's low-cost model and large fund selection make the broker a good choice for long-term investors, but the firm lacks the kind of robust trading platform active traders require.
Claim process initiated by beneficiary through website.
Features:
Detailed process explanations
Guided drop down menus for gathering information
Identification verification through ID upload
Task: Walk an advisor through a claim
Feelings
Thoughts
Improvement Opportunities
Principal
Rating: 1.04/5 on Better Business Bureau
Principal offers a wide variety of products and services: life and health insurance, banking, investment opportunities, mortgages, and group benefits. Certain processes require customer service calls and traditional mail. Large amount of online complaints from investors regarding negative experiences.
Claim process initiated by beneficiary through website and completed over phone.
Features:
Very simple information gathering - only three screens total
Final page details required downloadable forms for claim
Detailed next steps for beneficiary to call in claim
Bio
Jenny spends her day working from home for a financial company call center, where she needs to understand many different scenarios. She aims to provide the most thorough information to clients with the least amount of effort required on their end.
Pain Points
-Limited knowledge of industry
-Inconsistent resources and training
-Working with multiple companies creates confusion of workflows
-Dealing with sensitive situations requires more handling finesse
Journey Map
Persona: Jenny Levine
Goal: To easily assist clients in navigating beneficiary claims on a phone line
Step 1
Compile claim information
frustrated
What questions do I need to ask to get to the right one?
Have a quick reference to walk through initial information gathering
Wireframes
Step 2
Perform account maintenance
okay
Which type of account needs action?
Understand which accounts need restriction according to SEC
Step 3
Provide relevant process for next steps
overwhelmed
How do I provide steps if we are unsure of intentions?
Have processes defined for each claim type and easily navigable for all beneficary intentions
Step 4
Share any forms and documentation required
tedious
I need to find the best way to share the information
Have a list of all documents including links/PDFs for quick access
Solution
Create a reference tool that will assist representatives in walking through required questions to lead to the correct claim process
Clarify process by defining steps and documentation with a clear presentation
Provide ability to access all required documentation to generate for advisor/client access
Define each step needed for each account type to ensure SEC regulations are enforced
