Today, we’re taking you behind the scenes to see what goes into creating a new feature.
This is the third in a five-part series detailing our growth, our journey, and our commitment to serve the community.
The importance of saving in Asian culture
Let’s start by setting the context.
There’s an ingrained savings culture in Asian societies, and this bears out in the insurance industry. According to McKinsey & Company, a highly established management consulting firm, Savings and Protection are the primary insurance products in Asia.
But interestingly, despite this supposedly ingrained “Asian mentality of saving”, there are still gaps in coverage when it comes to retirement plans. A study by HSBC showed that over 50% of consumers worry about not having enough savings to cover their medical or care expenses in retirement.
What is MoneyBag?
We were seeking an innovative and fun way to introduce, encourage, and educate users on the importance of financial literacy and planning. This was especially important during Circuit Breaker with the economy performing poorly.
Knowing that there were retirement savings gaps in Singapore, we decided to build a virtual savings game, MoneyBag!
MoneyBag is PolicyPal’s very own in-app game. We hope that this virtual savings game, MoneyBag, would let people see the value of saving and earning guaranteed interest rates, all while encouraging one another to hit their savings goals.
How does MoneyBag work?
MoneyBag’s core concept is simple: Jack/Jill needs help with saving for the future. You start by choosing a virtual savings plan (Home Downpayment, Child’s Education, Retirement) and start saving by putting PolicyPal Credits (P$) which you can claim for free at the start) into the plan.
The game encourages you to constantly motivate your character to save for better rewards which will translate into a better future. With guaranteed interest at the end of your game, it’s a great way to explore how savings can be extremely beneficial for you.
How PolicyPal planned, built and launched MoneyBag within ten days
The Circuit Breaker period essentially put a stop to all gatherings and physical meetings. But the PolicyPal team still wanted to hang out and have some fun together through these stressful times, so we started having weekly virtual game sessions.
These sessions turned out to be the birthplace of MoneyBag, a savings game to educate Singaporeans on the importance of saving. With constant news about companies and the economic restructuring, we identified to provide support for everyone.
Through the tireless efforts of the team at PolicyPal, it took a mere ten days from the ideation process to the official launch of the game, to breathe life into MoneyBag.
The first step was building the wireframe within the product while the marketing team led the charge on designing a way to share the importance of the concept of savings in the app.
With the team putting in 12 to 16 hours daily, it was obvious that PolicyPal was facing one of its most ambitious launches.
The team’s commitment and drive to push the game out was what kept everyone afloat. Undertaking such a huge project on such a tight deadline, it was imperative that the various aspects of the creation process were happening concurrently.
The marketing, design, and product teams had to be constantly aligned and synced, with each department taking care of a certain aspect. Marketing huddled to plan the key message of the app as well as come up with design briefs for marketing efforts. Design focused on the app product itself, the product team managed the flow, while partnerships reached out to Small and Medium Enterprises (SMEs) to come on board.
A week later, a closed group came together to test the game and fine-tune the mechanics and flow. We also invited some of our partners to help test the game out.
We all felt a huge sense of pride and accomplishment when we got over 10,000 visits a week when MoneyBag was launched. A total of $137,980 PolicyPal Credits were staked in MoneyBag from our users and the game saw earnings of $7,010 PolicyPal Credits.
As of today, we are seeing a total deposited amount of $369,713 PolicyPal Credits and total interest earned of $21,473 PolicyPal Credits.
The MoneyBag project was the glue that bound everyone together, strengthening the cohesiveness of the team, and bringing everyone closer here at PolicyPal.
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