Automated Insurance Verification & Purchasing
Reducing the risk for franchisors by providing real-time insurance compliance
Overview
Role
Rikor.io is an early-stage start-up focus on the insurance policy that aims to reduce the risk for the franchisor (Think of it as the corporation that owns the McDonald) by providing real-time insurance compliance of franchisee (Think of it as someone who wants to own a McDonald business).
My role was to lead research and consult in design. In addition, I collaborated directly with developers and stakeholders on the execution and delivery of design deliverables.
The Problem
In the Franchising industry, Franchisors have to manage a good number of Certificates of insurance (COIs). However, it has been challenging for Franchisors to manually collect and track franchisee’s COIs by relying on PDF documents, which wastes time and resources and exposes them to potential litigation.
The Result: a $5,000,000 settlement after 5 years
Scott is an executive at McDonald's, and he is trying to verify insurance manually for all of his franchisees.
This left both the franchisor and franchisees frustrated, which is expensive and time-consuming.
Eventually a franchisee’s insurance was canceled, and no one knew
The Solution
APIs to franchisor’s management system
Franchisors connect to their system and automate compliance for new and existing franchisees—no need to manage annoying spreadsheets manually.
Costumization of Insurance Requirements
Allow franchisor to create their template. Include the coverages they need to protect each stakeholder. One-time setup for all franchisees.
Automatically collect insurance compliance documents
Once the franchisor clicks to activate, our platform will do the rest.
All Franchisees' compliance data in one dashboard.
The Process
Starting with analyzing insights from stakeholders’ interviews, I began to conceptualize the solution, focusing on persona, user flows, and wireframes to give me a way to iterate faster through ideas.
Competitive Research
What makes us unique
Meet the users
"How might we help franchisors quickly onboard franchisees and make sure they get the proper insurance to get started? "
User Interview Findings & Learnings
4 Franchisors
• Franchisors are unaware of the franchisee’s COI status because they rely on the PDF document, and it’s submitted only once a year by franchisees.
• Franchisees have difficulties purchasing the right insurance even if they get the proper requirements from Franchisors.
6 Franchisee owners
• Franchisees tend to forget the expiration date of COI, and they are annoyed by going through the same process to buy insurance to comply with Franchisors each year.
The Solution
Design a web app where the franchisor can connect and sync their data from the franchise management system and customize their insurance requirements so that franchisees can easily get quotes to comply.
We got some
CONCEPT
User onboarding process flow
A clear user flow helps me understand the process of onboarding users, and how our app should work.
Final high-fidelity
Outcomes
We have successfully launched our web app within a year and onboarded two franchisors, including 145 franchisees. This helps us generate more than 450k. Rikor.io aims to onboard at least 7 franchisors in the next six months and bringing more than 400 franchisees on our platform.
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