DocuSign : Accelerating Change In Insurance Distribution Through Technology
January 15, 2021 at 12:49 am IST
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Innovation never waits, and the insurance industry has seen its fair share of disruption and change over the last decade, especially in the last year. As insurtechs have grown to establish themselves within the industry, it has forced a reckoning for many legacy players. Companies are looking to upgrade their technological infrastructureandare taking a new look at their own distribution channels, identifying opportunities for efficiency in carrier and agent/broker interactions and strengthening relationships with policyholders.
To better understand how the industry is evolving and its aspirations, DocuSign partnered with Salesforce and Salesforce Velocity to sponsor a quantitative survey by Harvard Business Review Analytic Services. The study leveraged interviews with subject matter experts to better understand the needs of insurance carrier and MGA executives, and the influence insurtechs are having on insurance distribution channels globally. TheAccelerating Changein Insurance Distribution Through Technologyreport included 150 respondents across a range of companies and functions including New York Life, Lloyd's of London and AmWINS.
Below are three key insights about the role technology will play in the new era of insurance. These concepts, and a lot more, are analyzed in depth in the full report:
Technology investment is necessary to compete with insurtech
70%insurers say these newer tech-based companies are driving their organization to advance the use of technology in their distribution channel
Only7%of insurers feel the distribution of their products and services is fully digitized today
Digitization is on the horizon, with59% believing their companies will be an 8-10 on a 10-point scale of digital sophistication in the next 5 years
Technology will empower carrier and broker/agent relationships in the future
53%of insurers believe that only those brokers that are tech-savvy and mobile-enabled will have a significant impact on the business versus other traditional distribution channels
73%of insurers believe that traditional channels-brokers, agents, managing general agencies (MGAs)-can't be ignored in favor of insuretechs and other direct-to-consumer channels, given the variety of consumers
'I don't want to get rid of the human, I want to enable the human to be the super agent' - Santiago Ontanon, Chief Transformation Officer, Seguros Monterrey New York Life Mexico
Customers will increasingly expect more accessibility and flexibility
70%of insurers agree that customers are driving the industry in the direction of omnichannel products and services
71%of insurers agree that the systems used to distribute insurance products and services must support allowing customers to move in and out of different channels easily
Learn more in theAccelerating Changein Insurance Distribution Through Technologyreport and join ourwebinar on January 19thto hear from thought leaders from Salesforce and DocuSign, as they discuss key findings from the report and the future of insurance distribution.
By Prachi Mishra, Sr. Product Marketing Manager - Salesforce Partnershi
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DocuSign Inc. published this content on 14 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2021 19:19:00 UTC
DocuSign, Inc. offers electronic signature product, enabling an agreement to be signed electronically on a variety of devices, from virtually anywhere in the world. The Company product offerings, include the electronic signature product, which allow organizations to do business faster with less risk and at a lower cost, while providing a better experience for customers. It also offers contract lifecycle management software that automates pre- and post-signature workflows. This includes automatically generating an agreement from data in other systems, supporting negotiation workflows, verifying identities, enabling remote online notarization, collecting payment after signatures, and using artificial intelligence (AI) to analyze a collection of agreements for risks and opportunities. Its products include eSignature, Contract Lifecycle Management (CLM), Gen for Salesforce, Identify and Monitor. Its Document Generation streamlines the process of generating new, custom agreements.