This post is installment 3 of our 4-part series: “Insurance Agents: Driving Profits with Digital Transaction Management.” Check back each Wednesday for the latest blog post authored by a thought leader in the industry. A transformation is happening in the insurance industry – one that is digital and can open up new possibilities for your business. We hope you will find these blog posts insightful.
Contributed by Mike Brouwers, CIC and President of The Brouwers Agency, LLC.
At The Brouwers Agency, LLC, we do everything we can to increase efficiency. We streamline any process we can like using online payments and sending all quotes via e-mail so that we are reaching our customers where they are. Anything we can do digitally to make things go faster, we’ll implement into our business.
The insurance industry historically lags behind the times when it comes to technology. As the Vice President for the West Michigan Association of Insurance Agents, I notice the breadth of digital adoption from my peers. In the past 12 months, the urgency for movement towards modern tools fills the agenda of many agents and news such as the DocuSign and Vertafore partnership continues to validate the fact that the industry is ready for these solutions.”
As a business owner, I know that it’s all about revenue. With technology, such as DocuSign’s Digital Transaction Management (DTM) platform, The Brouwers Agency can handle a larger volume of clients simply because of the built-in efficiencies.
Aside from efficiency, what else about digital tools steals the show? From my experience and dedication to digital tools, I have some advice for my peers as they steadily transition to digital business.
1. Minimize Paper Shock
Many agents love to print. But, when it comes to processing paperwork and chasing down signatures, the love affair ends. It’s time to do away with the old and bring in the new.
2. Stamps Cost How Much?
Keep in mind that paper documents ring up a steep cost.
Paper = $ Envelope = $ Stamps = $
Return Stamp and Envelope = $$
Plug in the average costs of a single serving of each and then multiply it by the volume of clients and packages. You’re burning an unnecessary hole in your business ledger. On top of that, factor in the time spent chasing down signatures or re-sending documents. Is paper really that worth your time and resources?
3. Replace Paper with Speed
Consider this familiar scenario that I just experienced: an Interior Decorator purchased an insurance policy that needed to go into effect immediately. I emailed the request to bind coverage to the carrier, but their underwriter needed a signature from the insured. I had the digital signature handy thanks to the speed of DTM. Within 5 minutes, I DocuSigned the signature to the business-owner, then forwarded it to the underwriter, and everyone was properly insured. Every agent should experience that peace of mind.
4. Transact Digitally
With DocuSign’s DTM platform, your client’s insurance documents are instantly organized and managed. I don’t need to keep track of reminder emails or fill-in boxes with additional documents. I upload what needs review or signature into the transaction envelope, and DTM delivers the signatures on schedule. You can even manage documents from your mobile devices, to boot!
In doing so, you’ll send flares in your community that you’re a serious player. Healthy competition always helps advance the field. So, with DTM and eSignature, you’ll lead the charge.
Mike Brouwers is a Certified Insurance Counselor and President of The Brouwers Agency, LLC. Vice President for the West Michigan Association of Insurance Agents
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