insurance best practices – a transamerica case study
DESCRIPTION
Modern insurers large and small are standardizing on DocuSign to delight customers while significantly reducing operating costs. During this session you will hear firsthand how World Financial Group (WFG),a Transamerica company, decided to move all operational documents to the DocuSign platform. This game-changing effort is revolutionizing the way WFG is doing business with agents. Discover lessons learned from the project, as well as what the future will hold. Learn how to: Eliminate manual signature from the insurance workflow Slash field completion time from 30 minutes to 5 Save 60,000 administrative hours annually Watch the on-demand webinar: http://www.docusign.com/webinars/insurance-best-practices-%E2%80%93-transamerica-case-study-ondemandTRANSCRIPT
DOCUSIGN CONFIDENTIAL
Insurance Best Practices – A Transamerica Case Study
1960s Mainframe Computing
1970s Mini
Computing
1980s Client / Server
Computing
1990s Cloud
Computing
2000s Social
Networking
2010s Mobile
Computing
Next Step
Fully Digital Insurance
About DocuSign Vision
Empower organizations to “keep business digital.”
with DocuSign eSignature Transaction Management Solutions
Everyone’s Mobile
Transactions Growing
Consumers Digital
Digitally anytime, any place, any device.
Leveraging Key Trends
2009 2010 2011 2012 2013
Exponential Growth
Next Major Step in Productivity
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Customer Problem and Opportunity
The Problem
Printing, faxing
Shipping (multiple signers)
Lost forms
Missing signatures
Rekeying data
Slow execution
Costly operations
Error prone & unsecure
Poor customer experience
Increase speed to results
Delighted customers
Reduced operating costs
Accurate & secure transactions
More than 37M users growing to 60M
More than 63,000 users a day
Up to 5M pages a day
More than 65,000 customers
189 countries
DocuSign Network Taking Off
Life Insurance Highlights
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Applications & Disclosures
Policy Owner Services
Policy Delivery
Sample Use Cases Sample Successes
• Reduce incomplete form rate from 32% to 0
• Increase close/ completed app rate from 15% to 90%
• Reduce new application costs $50/app
• Cut 10 -14 days from time app sent to time acknowledged
Sample Customers
Property & Casualty Insurance Highlights
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Sample Use Cases Sample Successes
• Improve sales 15%, and retention 5%
• Increase signing rate 20%
• Reduce claims processing time by 30%
• Complete State required forms 100% of the time
Sample Customers
New Policy Apps, Trailing Docs, Endorsements & Amendments
Account Servicing & Claims Forms
Premium Payments
Insurance Brokers & Agents Highlights
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Sample Use Cases Sample Successes
• Improve sales 15%, and retention 5%
• Increase signing rate 20%
• Complete paperwork while on the phone rather than over days
• Complete State required forms 100% of the time
Sample Customers
New Policy Applications & Documents
Account Servicing
Down Payments
DOCUSIGN CONFIDENTIAL
World Financial Group, a Transamerica Company
Who is World Financial Group?
§ Established in 2001 § Based in Atlanta § Distribution company that is a sales channel for Transamerica insurance products § Independent field force of 20,000 licensed agents § Hierarchy format similar to multi level marketing § Agents are spread all over North America
§ Provides support to the field for training, motivation, commission payments, promotion
WFG Operational Documents
Sales
• Provider appointments and agreements
• Customer Account Provisioning
• Special Deal Terms • Partner Agreements • Referral Agreements • Reseller Agreements
• Candidate NDA • Performance Reviews • Employee Policy
Distribution & Signature • New Agent Enrollment
Agreements (AMAs) • Non-disclosure • Agent Change Forms
(Coding)
HR Finance
• Invoice Processing • Expense Reporting • Cost Center Changes • Audit Signoff • Policy Management • Inventory Signoff • Asset Transfer /
Retirement
• Change Management • Release Management • Code Review Reporting • Requirements
Acceptance • Release Scope
Commitment
Product Management Procurement
• Purchase Order (TBD) • Statement Of Work • Master Service
Agreement • RFP Sign Off • Supplier Compliance
Marketing
• Event Registration • Customer
Communication Approvals
• Mass Mailing/ Email Approvals
IT / Operations
• Asset Tracking • Change Requests • Requirements Sign Off • Access Management • Incident Reporting • Production Change
Authorization • Maintenance
Authorization
Support
• Account Change • Service / Work orders • Terms Change • Self Service Requests • Compliance • Field service
Legal
• Contracts (TBD) • Non Disclosures • Internal Compliance • Intellectual Property
Licensing • Outside Counsel
Agreements
Facilities
• Front Desk Sign-in • Work Orders • Lease Agreements • Move In / Move Out
Requests • Parking Permits
The Problem
§ WFG deals with 50+ different types of operational documents that are used to keep the company running § These documents typically have to be signed by two or more agents in the hierarchy § Each agent gets a PDF, prints it, fills it out, copies it, signs a separate copy and faxes it into the home office § Home office workers have to manually reconcile the faxes § No good system to let an agent know the status of any particular document § Maintenance and logistical nightmare
The Answer
Why DocuSign?
§ Complete document platform in the cloud § Handles notifications, routing, status § Geo tagging § Secure and defensible signatures on each document § Much more efficient processes for agents and home office § Mobile friendly § Huge potential ROI
Strategic Value Assessment (SVA)
§ Independent ROI/SVA from Intellicap
§ Analyzed 9 separate workflow/use cases
§ Interviewed several operations workers
§ Used very conservative basis for analysis
Strategic Value Assessment Model
Average field time for completion of administrative documents goes from 30 minutes per document on average to 5 minutes for initiation and signing
Estimated 12,000 administrative documents per month submitted by field and average 6,000 hours per month for field to complete and fax documents
Time savings with DocuSign saves field 5,000 hours per month or 60,000 hours annually to spend on recruiting and sales activities—At average of 3 hours per sale this results in potentially 1,700 additional policy sales monthly
Estimated headcount (FTE) savings would redirect to more focused document exception or field need based services
DocuSign signature process is superior from a contestability standpoint for all documents than other current e-signature solutions
Appeal of going mobile with administrative side of the WFG business model—Solution integrates into overall WFG strategy for mobile solutions for all aspects of the sales process in 2013
SVA Results – Operating Measures
$0 $0
$2,502,583
$504,981 $669,397
$3,676,961
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
Reduce Document Creation
Costs
Reduce Time to
Distribute Documents
Reduce Time to Manage
Document Status
Reduce Time to Process Signed
Documents
Reduce Document Storage / Archiving
Time
Total Productivity
Gains
5 Year Total Productivity Gains
5 Year Total
§ Based on 9 workflows / use cases
§ Very conservative basis for analysis
§ 60,000 hours of time saved annually
§ Potential for substantial productivity gains
The Project
§ Agreement signed late December 2012 § Project started early January 2013 § Previous project folded into new DocuSign project § The initiative was announced in late February at an agent event in Hawaii § The first document (agent promotion) went live to production in April § Working to have as many documents online as possible by the annual WFG convention in late July
Production Screenshots (desktop)
Production Screenshots (desktop)
Production Screenshots (desktop)
Production Screenshots (desktop)
Production Screenshots (desktop)
Production Screenshots (desktop)
Production Screenshots (desktop)
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Production Screenshots (iPad)
Production Screenshots (iPad)
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Production Screenshots (iPad)
Production Screenshots (desktop)
Game Changer
“This project and the implementation of DocuSign is a true game changer for WFG and our ability to provide service to our agents.”
— John Joseph Chief Administrative Officer, WFG
Summary
§ DocuSign is the industry leader in electronic signature for Life Carriers, P&C, Insurance Agents and Brokers
§ WFG is projected to save 60,000 hours annually with DocuSign
§ Get started with your free trial today at docusign.com
Thank You
§ For more information: § Call: +1-877-720-2040 or [email protected] § Website: www.docusign.com
§ Thank you very much!
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