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: http://www.docusign.com/webinars/insurance-best-practices-%E2%80%93-transamerica-case-study-ondemand
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. 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. 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. 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. 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
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. 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. 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
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. 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. 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. 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. 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
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. 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
36. Thank You
§ For more information:
§ Call: +1-877-720-2040 or webinar@docusign.com
§ Website: www.docusign.com
§ Thank you very much!
DOCUSIGN CONFIDENTIAL 36