By Nisha Pattan, Product Marketing Director, DocuSign
Insurance companies struggle to provide a great experience on two fronts – one is to customers and the second is to agents and brokers. The convergence of demographic changes, evolving customer expectations, and competitive pressures demands efficiency from both insurers as well as agencies.
In a recent Bain survey of over 174,000 insurance customers, “Customers Know What They Want. Are Insurers Listening?”, over 82% of millennials were willing to buy insurance from insurgent providers, whether these are fintechs, retailers, or automakers. To maintain their competitive edge, leading insurers excel on a couple of fronts – providing high-quality products for competitive prices and providing customers with a simple and digital customer experience.1
The insurance business model depends heavily on agents and brokers as a distribution channel. Working with insurer partners to generate a solid book of business is challenging, especially with legacy processes and systems that hinder time to market. Streamlining the back-office of agencies can positively impact both insurers and agents, while ultimately delivering a great customer experience.
Mercury General Corporation is a multiple-line insurance organization offering personal automobile, homeowners, renters, and business insurance. With more than 8,000 independent agents in 11 states, Mercury realized early-on the need to engage their agents in a meaningful way to help drive business.
Mercury’s primary focus is auto and homeowners insurance, however, the company also writes personal liability policies (umbrella), business insurance, mechanical breakdown protection, renters, service line protection, home systems protection, identity management protection, and ride-hailing insurance.
The legacy process for agents to quote a policy involved manually-intensive steps with few checks and balances in place, which meant any errors resulted in massive delays in turnaround times.
On the other hand, claims and underwriting were so paper-dependent that the majority of the teams spent their time printing, scanning, faxing, or mailing documents. Without the right tools, business was slow and frustrating, with agents having to wait at least seven days to get policies in the hands of customers.
Mercury’s goal is to provide great service and market-leading solutions for their agents and customers. By making strategic investments in well-architected platforms like Guidewire InsurancePlatform™ and DocuSign eSignature, which are robust, nimble, and scalable, Mercury is now able to digitize policy management and go paperless. Policies can now be issued in real-time, relieving pressures on agents and speeding time to market.
“A holistic digital solution – policy, claims, and billing – just made sense for us”, says Allan Lubitz, Senior Vice President and Chief Information Officer, Mercury Insurance Group.
Combining powerful systems such as Guidewire ClaimCenter™ and Guidewire PolicyCenter™ with DocuSign’s digital document management and eSignature solutions allows policies and claims to be completed in minutes and returned error-free and paper-free, reducing cycle time, increasing close rates, and delighting clients.
Automating workflows throughout all core insurance operations, like underwriting, policy administration, billing, and claims management can lead to time and productivity savings. Check out how you can achieve similar cost savings: Download the eBook.