Carriers have agreed to standardize with an electronic signature solution to reduce processing and costs.
Global electronic signature solution provider, DocuSign, has announced that the top life and property and casualty insurers in the United States have agreed to use the company’s insurance technology products to standardize the system of insurance policy processing, enhance the client experience for superior satisfaction, boost the speed to achieving revenue, and reducing overall costs.
According to the DocuSign chairman and CEO, Keith Krach, “With our long history of helping insurance providers, carriers, and agents offer a better and more convenient experience for their clients, DocuSign has become the eSignature standard across the insurance industry.” Krach went on to explain that is company is dedicated to assisting insurers to be able to provide very high levels of service, while still being able to complete business more quickly and effectively with the simplest, most secure, and fastest method of obtaining a signature.
Many of the leading carriers in the country have agreed to take part in this insurance technology standardization.
Among them are: AAA Allied Group, Banner Life, BMCC Insurance, 1st Guard, AON, Fidelity National Title, Auto Insurance Specialists (AIS), Transamerica, First Premium, Driver’s Insurance Company, Madison National Life, Hallmark, United Automobile Insurance Services, Solace Insurance, Pinney Insurance, and Savings Bank Life Insurance Company of Massachusetts (SBLI).
They have adopted the DocuSign insurance technology standard in the hopes of achieving the following goals:
• Bettering the overall customer experience through more convenient, faster, and easier ways for customers to purchase coverage.
• Obtain real time control and visibility of document status.
• Decrease the quantity of manual labor required for data entry and minimize the chance for errors.
According to the Pinney Insurance director of business development, Nicole Ward, by using this electronic signature insurance technology, the carrier has been able to improve their return rates for policyholder applications by over 20 percent and have equally decreased their cycle time by just about two weeks. She added that they simply couldn’t think of a better company with which to form a partnership, as they truly feel that this is the nature of the relationship between the two companies.