Designing a payment protection opt-in flow to boost revenue
A fully digital experience letting borrowers opt into Fig's Loan Payment Protection Plan during booking — balancing business objectives, legal compliance, and user needs.
Revenue beyond lending, protection beyond the loan
There was a business need for Fig to extend its revenue beyond lending, and a user need to protect their loan payment. Payment protection served both: additional revenue stream, reduced credit loss, and protection for borrowers.
Selling insurance without a salesperson
Insurance is typically a product that must be "sold" rather than "bought." The challenge: sell this complicated product without an agent, while minimizing user drop-off and ensuring legal compliance.
Transparency, simplicity, user control
A simple flow guided by three design principles: transparency, simplicity, and user control.
A new revenue stream beyond lending
"This is really solid result given your target customers are prime customers. Typically this type of product is more attractive to sub-prime or near-prime customers."
— Insurance partner
Gathering feedback, aligning the roadmap
I conducted post-launch user interviews and reviewed session recordings to confirm the flow worked as expected, and partnered with product on the roadmap: pricing tests, product bundling, new entry points in the self-serve portal, and CX/marketing collaborations.
"Yes I recalled seeing the offering, I just looked at it and I thought it would be good. I know it's for protecting my payment from unemployment and critical illness, etc. It's a bit pricy, but I wanted to try it out for a few months first."
— Borrower
"Qinglan has been leading the charge on the design for the payment protection project. She's done a masterful job incorporating everyone's feedback while exhibiting great thought leadership — balancing customer and business needs, always keeping an eye on detail and UX."
— Internal team