SYS-CON MEDIA Authors: Xenia von Wedel, Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White

Blog Feed Post

Innovative Insurance Impressing Customers and Increasing Revenue

There is no denying it— the digital revolution is here to stay. Gone are the days of traditional business transactions burdened by filing cabinets, waiting on signatures, and endless amounts of paperwork. What we see now is a huge shift to a highly efficient digital process that has all but eliminated the need for ink and paper. It might be sunny outside but we have never been more excited about the ever-present cloud that is changing the way we think, act, and do business. 

Digital transformation is changing every facet of the business sector, none more than the insurance, banking, credit unions, and wealth management fields.  Firms in these industries are looking for ways to better serve their clients and to improve the way they go to market.  Creating completely digital transactions is a huge win for client experience and vastly improves current processes that are still dependent on non-digital means such as dealing with paper, faxing, and scanning.

Here we are in 2014 and everyone is looking to digitally transform internal and external systems. It’s amazing when you think about it— just five years ago the “cloud” was nothing but a term used by the weatherman. Fast-forward to today and I would be hard-pressed to find anyone in the business sector not using the cloud, or at the very least familiar with its purpose.

Another reason I strongly believe in keeping business digital is the huge influence it has on customer experience. We have grown accustomed to instant gratification—Internet to move at lightening speed, news to be delivered in almost real-time— and the same is true when conducting business. The Banking and Insurance industries are making a notable drive to initiate mobile processes that are user-friendly and intuitive. And the cherry on top? The move to mobile processing yields lower cost and higher efficiency for both you and the customers you serve.  That’s a win-win no matter what angle you look at it.

Companies are taking huge strides to build systems to communicate with clients in the mobile sphere to help drive the digital transformation. Like any large organization, there is an ever-present focus on improving efficiency, reducing costs, driving revenue, and adopting the digital movement is quickly being added to the top of the list. The bottom line: if you want to compete in this new-age world business world, the digital movement is the vehicle that will take you there.

Despite all the excitement and benefits of transitioning to an entirely digital based platform, there are challenges that must be addressed. Chiefly, the conversion of old to new has proven to be a test. However, the challenge comes in identifying the right path and the right way to ensure customers view this shift as deeply necessary as companies do.

There is no denying the immense impact technology is having on the business sector, and the professional world as a whole. Cloud technology solves problems and drives values, further allowing us to help customers drive improvements in their business. The move fully digital transactions, in combination with DocuSign, has increased efficiency within the Insurance and Banking Community through three main drivers:

­Customer Satisfaction: Digital Transaction Management (DTM) is becoming far more accessible for agents and clients to understand and use. Both parties are finding an increased level of gratification from the shift to digital processes, with nearly 50-point swings in customer satisfaction. People don’t stay with companies where there time is not valued and nothing is respected more than time in this new way of business.

Savings Benefits: Both sectors of savings, hard and operational, are experiencing a heightened level of efficiency in today’s drive to tech-based approaches. Instead of chasing around signature for two weeks, business is opened and closed in one day. Time is freed up to meet with financial advisors or allocated to important tasks that move production forward at a rapid rate, unlike anything we have seen before.

Regulatory Compliance: DTM is heavily regulated. If an audit trail is not present, you are hit with a regulatory compliance fine. Compared with the nearly 12% of paper based transactions void of any traceable audit trail, DTM is far more secure and structured.

The Insurance field has also played its part in influencing the digital industry. We have drastically shaped our direction by working with partners with similar mindsets in the tech world to drive revenue for our clients. DocuSign holds itself to the same standards it holds external companies to and that unified cohesion of thought is what is propelling the digital transformation at its core. By focusing on customer satisfaction and security, we’ve seen enormous growth within these verticals.

I invite you to become a part of the Insurance conversation at DocuSign MOMENTUM 2014, where you will be able to learn more about the way Insurance is shifting in today’s world. I also encourage you to tap into the top 5 blogs and top 10 twitter handles that are sparking conversations within the Insurance field.

Top 5 Blogs:

The Insurance World Blog

Life Insure Blog

Home Insurance Blog

Health Insurance Blog

Florida Insurance Law Blog

 

 Top 10 Twitter Handles:

@insurance_news

@InsHeadlines

@ChubbInsurance

@LloydsofLondon

@RiskInsurance

@InsuranceSite

@InsureCom

@Lex_Ins

@AMBestCo

@TheCIAB

If you haven’t signed up for DocuSign MOMENTUM 2014, there’s still time! Hurry and secure you’re spot by registering here!

We look forward to seeing you in San Francisco!

 

Blog Category: 
Blog Image: 
Blog Banner Image: 
Blog Tags: 

Read the original blog entry...

More Stories By An Bui

Social Media Professional with substantial experience identifying, characterizing and connecting online communities and authors. Strong orientation on actionable recommendations that provide mutually beneficial value for communities and organizations for stakeholders.

Currently, I serve as the social media manager for DocuSign, Inc., the market leader and global standard for electronic signature. DocuSign provides the world’s largest and fastest growing electronic signature platform, empowering businesses to complete transactions online quickly and securely while improving compliance and dramatically reducing costs.

DocuSign is the only cloud computing-based electronic signature platform that entirely replaces slow, expensive paper transactions with a fast, efficient and completely digital solution. Accessible from any Internet-connected device, DocuSign supports virtually any document and form type in simple and complex workflows, and provides broad user authentication options, data collection, secure document/data storage and retrieval, as well as real-time negotiation and collaboration tools.

Latest Stories
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device exp...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
High-performing enterprise Software Quality Assurance (SQA) teams validate systems that are ready for use - getting most actively involved as components integrate and form complete systems. These teams catch and report on defects, making sure the customer gets the best software possible. SQA teams have leveraged automation and virtualization to execute more thorough testing in less time - bringing Dev and Ops together, ensuring production readiness. Does the emergence of DevOps mean the end of E...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...