Termwise security deposit alternative
A new insurance product allowing qualified renters to guarantee rent payments to property managers without an upfront security deposit.
BACKGROUND
Security deposit alternatives (SDAs) allow renters to replace their upfront deposit with a monthly payment. It’s an attractive option for property managers who don’t want to manage security deposits, and for renters who prefer to retain the liquidity.
The ask: launch Findigs’ own SDA offering backed by a third-party insurance partner.
MY FOCUS
Lead content design for renter selection screen & leasing team underwriting flows
Develop product name and marketing strategy
Write webpage, sales collateral, renter blogs
Team: 2 product managers, 1 designers, 1 writer.
Leasing team enablement flow
This flow allowed a property manager to manually enable Termwise as an offering for a particular unit.
Our side panel page was designed to be self-explanatory for leasing teams who were unfamiliar with the new product. I translated the underwriting criteria into simple, step-by-step logic.
Renter selection screen
This screen was added to rental application and allowed eligible renters to choose between a traditional security deposit or Termwise.
It wouldn’t be hard to make $15 look smaller than $1500—the real challenge was ensuring users made an informed decision. My design partner and I landed on a comparison format that kept key details in clear view.
Results:
- Termwise converted at 68% (average 2 months post-launch).
- Surveys showed users understood plan details and trade-offs.
Marketing for launch
I recognized that security deposit alternatives were unfamiliar to renters, this was an opportunity to become a recognizable player.
What if SDA eventually surpassed deposits as the preferred coverage option? My view was that this product shouldn’t be branded in relation to deposits.
With a short internal presentation, I made the case for branding this product a little differently than our competitors. Then, I went into ad agency copywriter mode to pitch and sell the Termwise name.
RESULTS
- Early data showed a 68% conversion rate for Termwise; today the rate hovers around 70%.
- User surveys confirmed that renters who opted in understood the product and were happy with service.
- The unique name also gave us an edge on search, and the Termwise blog post became the company’s most visited.
