Digital Transformation: Insurance Industry

Background

Digital transformation opensa new channel of delivering values to the customer.  Insurance company have agent network to reach new/existing customer. Agent record customer requirement on paper. Agent must collect customer document, signature& send to home office for processing. Underwriting can begin,when the required documents fulfill the criteria. Missing document are to be send back to the agent for correction with the client.  Missing document also known as write back add to the processing time. The need is for solution to eliminate use paper & ensure smooth functioning between customer & agents, adhere to insurance industry compliance.

Problem:

Currently, insurance agent record customer requirement on paper. Once, customer has decided on a policy, signature &paper forms are to be sent to the home office for processing. Underwriting can begin only when all the requirement document & form are available. In case of missing document or error, they need to be sent back to the agent for correction with the client. This adds to the processing cycle time.

Document Signed Physically
Solution:

Cygnature provides platform for the insurance companies to accept policy online, by capturing customer digital signature.  Insurance agent can take digital signature of customer on the online form. Instead of printing/scanning the document, agent can upload document to the insurance portal. This save tons of paper & administrative cost. The solution is a white labelled solution. Agent work on the insurance company portal. At no point, agent will move out of company portal.The solution can be easily integrated with the existing ERP/CRM. Solution offer complete audit trail. This is give advantage to find who has signed which document. Later, one can be held accountable.  Managing the compliance become easy & low risk. The solution digitizes the insurance core transaction & bring all stake holder agent, customer, admin on a single platform.

Digitally Document Signing-cygnature
Result:
  • Reduction in errors, leading to lower processing time
  • Saving Paper, Toner & administrative cost.
  • End – end transaction is done online
  • Faster Claim settlement