Insurance Industry Trends: Digital or Bust!

Do you know how digitization fits into insurance innovation and today’s insurance industry trends?  You need to!

The insurance industry, like others, is grappling with evolving customer expectations as the digital era ushers in convenience and innovation at an unprecedented rate.

Moreover, the modern consumer, quite frankly, expects all the legwork to be done for him. And if you think he’s willing to wait around for long, you may as well send him packing to the competition.

After all, he can walk—or click—over to your competitors and receive a quote, terms, bundled policy and closing paperwork all in about an hour (he’ll even get a discount for signing up online).

Even more importantly, instead of being at the mercy of his agent’s or carrier’s availability, he could execute common activities online, including:

  1. Submitting claims
  2. Checking the status of a claim
  3. Reviewing or changing a policy
  4. Billing inquires
  5. And more…

… he can even access his insurance card and documents immediately after signing!

In 2018, consumers don’t just look for this type of online functionality, they demand it! However, it seems those of you in the insurance industry are already very much aware of these evolving expectations and the need for insurance innovation…

At the most recent PwC Financial Services Audit and Risk Committee Forum, CEOs in the insurance industry cited ‘digital transformation’ and ‘evolving customer expectations’ as the most disruptive forces to insurance industry trends.  

In fact, the insurance CEOs ranked these concerns higher than any other industry… At the same forum, 67% of insurers cited digitization and insurance innovation as being ‘very important’ to their organizations.

In an evolving market, many carriers have already taken steps towards achieving insurance innovation… but all too often, they execute in isolation through fragmented, single-project approaches.

Insurance industry experts warn against fragmented digital implementations. When you merely digitally overhaul some  and not all your processes, your client experiences are inevitably disjointed and poor.  

For this reason, experts implore agencies and carriers to adopt a digital-first strategy, one capable of implementing systemic digitization throughout the entire organization, value chain and customer experience.

Digital transaction management with electronic signature platforms like AssureSign are how competitive agencies and carriers grow their client roster, provide exceptional experiences, and embrace insurance innovation.

 

Insurance Innovation: 4 Benefits of Using eSignature

Embracing insurance innovation and a digital-first strategy with eSignature provides four primary benefits to those in the insurance industry…

1. Reduce Cost… Improve Productivity

eSign replaces the dated ‘print, send, receive, scan, store’ process with a secured and automated transaction lifecycle. Have you considered how much your office spends on paper, printing ink, faxes, couriers and shipping, and physical storage? (Hint: we promise it’s not cheap.)

eSignature is one of few solutions capable of (1) eliminating these and similar costs, (2) driving productivity, and (3) supporting emerging insurance industry trends. Used as a web-based application or as an integrated solution with your existing client management system, you can create and send popular documents in minutes, including:

  • Contracts
  • Policy Applications
  • Policy Change Requests
  • Coverage Elections
  • Change of Beneficiary/Address Forms
  • Onboarding Paperwork
  • And more!

2. Diminish E&O Exposure

eSignature all but eliminates unnecessary risk associated with completing sensitive insurance documents between carriers, agents and clients.

No customer wants to wait another six weeks because they forgot to check a box or put a date beside their signature. With AssureSign’s form completion guarantee, customers are automatically alerted to any required fields left blank on a form!

What’s more, your clients can easily add necessary or supporting documentation as attachments during the signing process! And because all these associated documents and attachments are stored in a single, digital file… retaining or accessing them later is made easy.

3. Create a Competitive Edge 

Competitive brands at the top of their market attribute much of their success to a complex architecture, comprised of many marketing, sales and project-driven tactics. Yet, there’s at least one commonality among these top brands…

Each and every successful business will have undoubtingly narrowed in on exactly  what their consumers need and, more importantly, what they want.

After surveying nearly 300 individuals who recently purchased insurance, Software Advice compiled their findings and details the most influential factors among insurance industry consumers:

  • Reliable Service. 56% of insurance buyers cite reliable service as one of the dominating factors in selecting a carrier or agent.
  • Self-Service. Over one third of the respondents say the capacity for self-service is “very important” when choosing who they’ll do business with.
  • Software Utilization. 31% of the consumer pool said the type of software used by a carrier or agency will influence their decision.
  • Direct Purchases. Nearly two thirds of respondents purchased insurance directly through a carrier—using methods such as purchasing online—while only 30% purchased coverage through a multi-carrier agency or brokerage.

These four points highlight the crucial impact that insurance innovation and digitization have on insurance industry trends.

Software utilization is a rather direct and self-evident byproduct of digitization within the insurance realm. Technological transformation has pervaded the market for some time now and consumers are software literate. They’ve been on the receiving end of a vendor’s dated or ineffective internal software. They’re privy to the disjointed online experience resulting from internal solutions incapable of supporting the organization’s entire back end processes… and they’re simply not interested. Consumers look to vendors with internal software and solutions capable of providing them with a capable and seamless online experience.   

When providers digitally transform their entire workflow architecture, providing online self-service—receiving a quote, client onboarding, claims, etc.—becomes as easy as one, two, three.

4. Delight Clients

Speaking of providing self-services online… there’s no better way to attract new clients and delight your existing ones!

Enabling your clients to submit claims, modify their policies or elections, manage their information, and more online is central to an excellent customer experience.

However, not all the software and solutions that enable the digitization of these processes are created equally.

And, as we noted earlier, the software and solutions supporting your internal processes also dictate the capacity and quality of your customer-facing processes…

Take an online service among today’s popular insurance industry trends like submitting a claim for example…

If your internal software is incapable of supporting attachments as part of the submission process, your clients are forced to mail, fax, or scan supporting documentation and photographic evidence. Not to mention, receiving these documents and pairing them with the correct claim is enormously  vulnerable to human error.

Solutions like AssureSign allow your clients to complete the entire lifecycle of this transaction digitally and in minutes. Our electronic signature process innately supports signer attachments, so your clients can complete their business easily and securely.

 

 

The takeaway? Look for the all-encompassing solutions that are budget friendly, sure, but that are capable of digitally transforming your organization’s entire  infrastructure from front to back.

 

 

AssureSign: Getting Started with eSignature

 

Ready to be your consumer’s top choice? Download our free Getting Started with eSignature eBook to learn how businesses easily transform their workflows with eSignature!