KYC Flow for i-Insure

Duration: Two days

Tools Used: Figma, FigJam

I worked on a Know Your Customer(KYC) flow for a health insurance app called i-Insure. KYC simply refers to identity verification procedures used to ensure customers are who they say they are and it’s really important for companies especially in niches like insurance, investment, etc.

Introduction

An insurtech product is a tech innovation in the insurance industry, designed to make the buying, managing, and using insurance products more efficient, convenient, and cost-effective for consumers and businesses.

For i-Insure, a fictional app designed to help people manage their insurance taken out to cover the cost of medical care, I worked on the KYC flow, making sure the company is able to confirm the identity and credit-worthiness of their users before they sign up.

After conducting my research on what KYC is and how to go about doing one for a health insurance app, I did a flowchart to help structure the KYC flow.

Screens

Following the user flow I did, I came up with the main screens for the KYC flow:

Personal Information

This screen contains the personal information of your user(s), making sure to confirm their identity and personal details.

Risk Assessment

This screen tries to capture the credit-worthiness of your user, using questions like “what’s your total current debt?”, “employment status”, to find out whether the user is reliable enough to be insured.

Plan Selection

This screen contains different insurance plans the company offers, which the user can choose from. The user can also decide to learn more about the details of each plan before deciding on one.

Payment Details

As seen below, this screen includes payment details for the insurance plan the user chooses.

Plan Activation

After payment is confirmed, the user’s insurance plan is activated and they can head over to their dashboard.

Conclusion

This is the first time I’m working on a KYC flow for any product and it wasn’t as complicated as I expected. Working on this made me realize how important it is for companies to know their customers/users; this would help reduce the risk of fraud and scamming.

This was fun and, in future, I would be looking at making this project a complete app. Thank you for going through this piece!