Today’s insurance companies face pressures on all fronts. Customers have greater price transparency, are cost conscious, but demand a superior customer experience. Regulatory requirements continue to increase while interest rates remain low. These, among other factors, are forcing insurance companies to:
- Invest heavily in the customer experience
- Reduce operating expenses
- Minimize the compliance risk
Unfortunately, what insurance companies often find is that an investment in one of these areas is often made at the expense of the other. For example, reducing operating expenses by laying off agents often means that you’ve got less resources to deliver a superior customer experience.
When the industry finds a solution to positively impact all three major priorities with no trade-offs, it results in exponential adoption of the solution. Once such example is adoption of credit card payments fueled by Visa. Eliminating paper currency from core business processes allowed insurance carriers to take out huge inefficiencies, drive new revenue channels, and significantly improve customer experience.
In this sense, DocuSign is much like Visa, eliminating the tradeoff insurance companies face on a daily basis. DocuSign does this by digitizing processes and enabling straight through processing. So you are able to:
- Improve the customer experience by enabling your customers to interact with you where and how they want. Most of our customers are seeing a double digit improvement in NPS
- Reduce your expenses as your investment in DocuSign increases the productivity of your people while eliminating paper, shipping, and other hard dollar costs. Our most successful insurance carriers are expecting savings in the range of 0.8% to 1.1% of their annual revenue. With $3 trillion in annual revenue, this represents $24-33B opportunity
- Lower your compliance burden as DocuSign provides you visibility into the status of each transaction and a complete audit trail after the fact
Moving to a fully digital business is a multi-step journey, not an overnight transition. Each of our customers starts at a different point, but as you figure out where your might take your next step, I’d suggest putting yourself in the shoes of your customer and asking, “where can I impact their experience the most?”
For more information, please visit our insurance solutions page here.