Insurance Best Practices – A Transamerica Case Study


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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:

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Insurance Best Practices – A Transamerica Case Study

  1. 1. DOCUSIGN CONFIDENTIAL Insurance Best Practices – A Transamerica Case Study
  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. Life Insurance Highlights DOCUSIGN CONFIDENTIAL 5 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
  6. 6. Property & Casualty Insurance Highlights DOCUSIGN CONFIDENTIAL 6 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
  7. 7. Insurance Brokers & Agents Highlights DOCUSIGN CONFIDENTIAL 7 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
  8. 8. DOCUSIGN CONFIDENTIAL World Financial Group, a Transamerica Company
  9. 9. 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
  10. 10. 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
  11. 11. 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
  12. 12. The Answer
  13. 13. 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
  14. 14. 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
  15. 15. 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
  16. 16. 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
  17. 17. 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
  18. 18. Production Screenshots (desktop)
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  27. 27. Production Screenshots (desktop)
  28. 28. Production Screenshots (desktop)
  29. 29. Production Screenshots (iPad)
  30. 30. Production Screenshots (iPad)
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  32. 32. Production Screenshots (iPad)
  33. 33. Production Screenshots (desktop)
  34. 34. 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
  35. 35. 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
  36. 36. Thank You §  For more information: §  Call: +1-877-720-2040 or §  Website: §  Thank you very much! DOCUSIGN CONFIDENTIAL 36