Blue Frog Enables Electronic Delivery of Insurance Policies
May 19, 2010
Blue Frog is now making it possible to deliver insurance over the Web that can be used by customers for review and e-signing.
This has been made possible as the electronic signature process management solution of Silanis Technology has been integrated with Policybox, a software-as-a-service offering from Blue Frog.
It is estimated that this process improvement can provide time and cost reduction to the tune of 87 percent and 75 percent respectively.
Instead of delivering documents in paper format, the customers are sent an e-mail where a link to the agent's personalized Web page is provided. The customer can access the insurance policy and the associated documents by visiting the agent's Web page. The customer can use a simple "click-to-sign" method after reviewing the policy document on the Web page.
According to Roy Goodart, vice president of Sales and Marketing at Blue Frog, this process is expected to reduce the time taken from the present industry average of 23 days to three to five days. This can go a long way in reducing the present level of customer drop off rate of 10 percent plus due to the long period of transaction.
Cost saving of $50-60 per policy is possible.
In addition, insurance agencies and agents can automate the promotion and up-selling of the insurance products to provide a personalized and relevant customer experience by customizing the delivery process and configuring of business rules.
The open architecture solution provided by Silanis has the flexibility and the configurability that can enable the agents to provide a unique customer experience, said Greg Reynolds, vice president of Technology at Blue Frog.
Customers are also offered assurance that the policy is directly coming from the insurance agent with whom they have developed a long term relationship. The policy review and the signing process from the customer from start to finish are recorded and no changes are possible without invalidating the electronic signature. It is now able to provide a high level of security for the whole process.Anuradha Shukla is a contributing editor for TMCnet. To read more of Anuradha's article, please visit her columnist page.
Edited by Stefania Viscusi
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