Insurance Best Practices – A Transamerica Case Study

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

DOCUSIGN CONFIDENTIAL 2

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


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



•  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



•  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

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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 (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!


Insurance Best Practices – A Transamerica Case Study

Technology

Transcript of Insurance Best Practices – A Transamerica Case Study