DocuSign: Accelerate Insurance Policy Sales with Electronic Signatures


For insurance agencies, digital engagement is quickly becoming a must. Consumers are increasingly accustomed to transacting online, especially after the onset of the pandemic, and competition from native digital insurance companies continues to disrupt established distribution channels. To address these trends, traditional agencies must combine their comparative advantages in personalized service and expertise with the ease of use and exceptional access inherent in the digital channel.

Agencies that have invested in innovation improve the customer experience, agent satisfaction and business volume growth. According to Applied Systems, agencies that have embraced digitization are seeing a 15% increase in organic growth and 158% increase in revenue per employee.

Indeed, many agencies recognize these potential gains and have already embarked on their digital journey. In fact, 61% of all US agencies that responded to a recent survey have a digital strategy in place, with 85% focusing on implementing their strategies within one to five years. .

Reducing friction is the key to customer experience

A superior customer experience is the ultimate goal of insurance, and it starts with a transparent application process. With DocuSign Agreement Cloud for Insurance, agencies can make it easy for consumers to complete policy applications, review coverage details, and sign statements from their mobile devices in minutes.

To begin the application process, agents can send agreements to their customers in their preferred digital channel via SMS delivery. Once customers open these forms on their mobile device, they don’t have to worry about pinching and zooming. Thanks to responsive signing, they can read forms that fit their screen like a glove. Longer documents can even be grouped into consumable “smart” sections for easier navigation. With these features, agencies can ensure that policy agreements are easy for clients to read, complete, and digest.

Digital engagement doesn’t start and end with policy apps, and agencies can continue to improve the customer experience throughout the lifecycle. For example, in the event of a claim, customers can easily attach and submit photos of their vehicles and other property to accident report forms, using the drawing capabilities to clearly indicate areas of damage and eliminate back and forth trips. unnecessary.

Finally, throughout these touchpoints, agencies can seamlessly integrate authentication and verification checks to confirm the identity of the signer using options like KBA, ID Verification, and more.

Empower your agents to do what they do best: selling!

While providing customers with a user-friendly experience is essential, just as important is ensuring a smooth and productive agent experience. With the same digital agreement tools, the time an agent spends collecting customer data, waiting for the deal to close, chasing customers for follow-up, and correcting inaccurate data or incomplete can be reduced or eliminated by up to 40% according to recent DocuSign. research. Agents are able to clearly see if a document has been signed and can track the status of multiple agreements within their client base with automatic reminders.

Agencies can become more efficient by integrating DocuSign eSignature into their agency management systems. With predefined connectors to systems like Applied Epic or Vertafore, agents can avoid the hassle of manually uploading and downloading documents.

DocuSign is here to support your digitization goals

DocuSign has worked with over 1,400 insurance agencies across the country, helping them deliver a winning experience to their clients and agents.

For example, AAA of Washington used DocuSign eSignature to reduce the time it takes to complete a new business application by 85%.

“In fact, we are selling more than before at DocuSign,” says Chris Lavin, Field Agency Sales Specialist at AAA of Washington. “After six months of data, we were able to show that the agents who have used DocuSign are selling more business because they have more time to sell. ”

Goosehead Insurance, one of the fastest growing personal insurance brokers in the country, has implemented an integrated DocuSign-Salesforce solution to streamline their sales process. With this solution, the carrier reduced turnaround times by 85%, eliminated Bad Forms (NIGO) from an average of 25-30% of zero documents, and reduces the average time spent by an agent by a full hour.

And at the start of the pandemic, Downeast Insurance transformed its operations and achieved lasting efficiencies, allowing it to spend more time closing new business and less time searching for policyholders’ signatures.

“When COVID hit and we closed our doors, DocuSign saved our lives,” said Stacy Johansen, President of Downeast Insurance. “If it hadn’t been for the ability to get an electronic signature, we wouldn’t have written half of the new business we did last year … April, May, June … some of our highest production months in 2020 – and that’s because we could just DocuSign. ”

The digital revolution has arrived and insurance agencies must embrace it in order to meet changing customer and agent demands, reduce sales cycle times, and improve operational efficiency. Now is the time to accelerate your digital journey and boost your growth trajectory.

To learn more about how Downeast Insurance reduced the time their agents spent processing documents to allow them to focus on sales, check out our webinar on demand and read this case study.


About Author

Leave A Reply