New Proposal Annuity Workflow & Best Interest Scorecard

Morningstar Design has been burning the midnight oil doing the all too common but never easy task of taking something traditionally complex and making it simple yet comprehensive. Understanding Annuities can be tricky even for seasoned financial experts but understanding which annuity is in the best interest of individual client needs can be mission impossible.

Our main goal when approaching this enhancement to our classic Advisor Work Station application was to prove best interest of client in a simple and easy-to-use way. We also modernized it’s look and feel in order to align it with the rest of our product suite, using the MUI (Morningstar User Interface) design system.

Annuity income gap identification and benefit selection

In an effort to clearly identify a need or lack of need for an Annuity. The client retirement income gap is clearly displayed in the page title at the top and can be edited at any time. There is also a focus on creating more descriptive and user friendly language for labels and titles because lets be honest, we are humans not robots.

Annuity allocation income gap modeling over time

Color usage and data visualization is an important way to quickly communicate trends and patterns, which can take the strain off of Advisor analysis. The brightest color in our modeling chart above is orange because it represents the selected annuity and how it closes the retirement income gap over time.

Morningstar’s new Best Interesting Scorecards follows advisors through the proposal creation process, grading their portfolios at every step and making it easy to see the tradeoffs between plans

Scorecard has a simple design that works at small and large dimensions based on page layouts, while quickly communicating the tradeoffs between plans. The use of color to identify good, bad and neutral is meant to allow for quick scanning of current portfolio standings.

Curious UX advocate with 15 years of experience working for top brands in both consumer and enterprise applications.