The Time is Now for E-Signatures in P&C Insurance
I’m hosting a webcast October 17 with Martina Conlon from analyst firm Novarica to talk about why it’s time P&C insurers adopted e-signatures. Martina will be sharing e-signature adoption trends from a recent research report, "E-Signatures Planning: A CIO Checklist Executive Brief, July 2013." But ahead of this event, I wanted to share my thoughts on why the P&C industry needs to accelerate adoption of e-signatures.
Why is now the time for e-signatures?
The P&C industry for personal lines does much of its new business either online or through a call center, which is ideal for adding e-signatures to enable the consumer to buy insurance in one single session. Our customers are seeing over a 90 percent adoption online and over 75 percent in the call center. Price is often the deciding factor as to which insurance carrier or agent to purchase auto to home insurance, so capturing the customer at the decision point in the buying process is critical to closing the deal.
Electronic signatures have also become a competitive necessity to close business online or via a call center, and are now being incorporated into F2F on mobile devices like the iPad or the HP Revolver to help agents gain the same competitive edge. If you aren’t looking at an e-signature solution for new business, you need to put this on your list.
What’s in it for you?
Besides helping you to close business faster, using e-signatures lowers the cost of each policy by eliminating courier and mailing costs, ensuring a fully completed document with no errors and gives your sales people more time to sell instead of chasing the consumer. It’s that simple.
- Silanis has the largest market share of e-transactions signed in the insurance industry. Our largest P&C carriers are processing an average of 1 million documents and signatures a year and many have been doing this for 5-10 years.
- Most flexible solution – Silanis has both a cloud and on-premises e-signature solution that can fit any project size, process complexity or budget. Some of our smaller carriers have started with a very simple, lower volume process using our SaaS e-signature service for customer servicing or agent on-boarding.
- Silanis’ e-signatures have the best signer experience. We have the highest adoption rates across all channels. Our e-signatures earned a RAVE Award from Novarica for a 94 percent customer satisfaction rating across insurance carriers, and GEICO awarded Silanis a partner excellence award for fanatical customer service. And just recently, our e-signatures earned the highest satisfaction score at 97 percent amongst all the e-signature vendors evaluated by G2 Crowd – a peer-to-peer analyst firm where only real customers can vote.
Don’t take our word for it though – register for this complimentary event and find out for yourself how you and your organization can benefit from e-signatures.