It’s no secret that the insurance industry is overburdened with paperwork. There’s insurance agent and agency onboarding paperwork, client onboarding papers, sales sheets and more. And while there are mounds of paperwork to tend to, agents should be spending the bulk of their time with customers.
In fact, the Independent Insurance Agents and Brokers of America guidelines recommend that agents spend 50 to 60 percent of their time in direct client engagements. Yet, industry research indicates that, on average, agents spend only 40 percent of their time with clients. A majority of the rest of their time is spent in the throws of administration and paper shifting.
The expedition of workflows is a key component to driving paperwork time down and driving customer-facing time up for any industry. Yet, in the hyper-competitive insurance industry, snagging more time with clients is crucial in order to stay afloat.
It’s with this objective in mind that Ohio-based Grange Insurance adopted electronic signature software.
Grange Insurance provides insurance products to policyholders across 13 states along the U.S. eastern seaboard and is rated “A” in excellence by A.M. Best. The company’s independent insurance agents provide auto, business, home and life policies to individuals and businesses of all sizes. Grange’s onboarding of these agents, however, has historically been arduous and stagnated by mounds of paperwork for both the agency and agent. Not to mention, the completed paperwork was being sent between the two parties via fax and mail, taking away precious time when the new agent could be selling policies to customers. This onboarding process took one month from start to finish.
To significantly expedite this process, Grange Insurance approached AssureSign about implementing electronic signature capabilities for their insurance agent onboarding needs. Once the company integrated e-sign into its process, the company cut its onboarding time in half – down to 14 days or fewer. In fact, today roughly 90 percent of the documents in Grange’s onboarding packets are completed in just two days, getting the agents up and running more quickly and helping them get more direct customer interactions, faster.
See you soon,
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