Sam Chang / First Payment Failure
In mid-2022, I became the design lead for a new product team dedicated solely to customer retention. Ladder had traditionally prioritized customer acquisition over retention for various reasons, but mainly because it was more important to secure customers than to ensure they didn't switch to a competitor or cancel their policy after purchase. Recent data trends, however, indicated that we needed to start focusing more on retention, prompting leadership to spin up a new team.
We decided to prioritize addressing payment failure first, as it was the most straightforward issue to tackle, yet still had a meaningful impact. Our goal was to prevent customers from missing their first payment.
To solve for FPF, we decided to design a system that can both prevent a FPF from occurring in the first place and intervene when it does happen.
