Insurance Agency Dramatically Improves Capture Rate with AssureSign’s
Web-based Electronic Signature Solution
Serenity Insurance of Spokane, Washington, markets high-risk auto insurance. A significant challenge to serving this niche is securing the business after a quote has been given to a potential customer; most consumers don’t have fax machines and the traditional options of overnight or standard mail open the door to second thoughts, competitive shopping and ultimately significant fallout.
These factors contributed to a close ratio averaging 20% for Serenity’s agents – a ratio Serenity wanted to increase by improving their policy execution process. Additionally, Serenity wanted to expand their sales footprint by moving into new markets outside their immediate geographic region. In the process of finding a solution for these goals, Serenity determined that whichever solution they chose had to be easy to implement, easy to use and not require additional agents, hardware or software.
Serenity Insurance began using AssureSign late in 2006 and realized immediate, tangible benefits as their capture rate went from 20% to 33% – a 65% improvement! – because their agents could “close the deal” while on the phone with the potential customer. During the call, the agent e-mails the policy to the customer for mutual review and execution; any questions or concerns are immediately addressed, the customer signs with their mouse, and the deal is closed. There is no need to print the policy and then find a fax machine or stuff it in an envelope, and the traditional obstacles of overnight fees, postage, “lost in the mail” and buyer’s remorse are eliminated.
For Serenity, implementing a web-based signature solution offered the following benefits: (1) Elimination of geographic boundaries that allowed them to easily expand into new regional markets, (2) Increased revenue without increasing staff due to higher close ratios and process efficiencies, (3) Seamless integration with their existing customer capture-and-fulfillment process, (4) Increased agent confidence in policy execution, and (5) Increased customer confidence in Serenity.