The “Customer Spotlight” series shines a light on DocuSign customers who are benefiting from improving their business processes with online signatures.
As part of its five-year plan for digital transformation, LV= is continuously striving to make its processes paperless. Transformation manager, Paul Smith, reveals the savings the insurer has made having embraced online signatures.
Paul, please tell us a bit about LV= and what you focus on as transformation manager?
LV= is an insurance company that specialises in motor, home, and life insurance, as well as pensions. I work within the financial advice side of the business. My role as a transformation manager is to look at how to make the company more efficient and digital technology is pivotal to that.
Why is it so important to do business digitally at LV=?
Our business is two years into a five-year digital transformation project at present. I think it’s important that we don’t lose sight of the fact that change doesn’t just cease at a given point. Being digitally mature is something that should be embedded into your business.
As an organisation that places the customer at the heart of its processes, LV= will use systems and processes that ensure smoother and quicker outcomes for our customers, particularly at the point of claim.
Returning signed documents electronically via DocuSign allows our customers to transact business with us in a way they would expect in the 21st Century, leaving behind insurance companies stuck with paper form-filling exercises.
So, what challenges were you experiencing that made you consider online signatures?
LV= has experienced administration challenges regarding how much paper we used and how much cost was involved in issuing documents in paper format. One of the key insurance metrics is the speed of a claim being paid back to the customer. There can be skepticism that insurance companies are quick to take money from a customer but slow to pay it back.
LV= started to use DocuSign initially for signed letters of authority. The previous process was to issue these in paper format and await the customer return, which would hopefully be completed correctly, and then scan the document into the customer record and forward it to the relevant scheme.
With the introduction of DocuSign to this process, we have been able to build validations that reduce the error rate and the need to return the document to the customer to amend. This reduces the administrative burden and the timescale to complete the process for the customer. Furthermore, the return of the documents is received in a more timely manner as there is no postal wait time which has also reduced the cost of the process for printing, postage, and paper.
Can you provide any specific ROI have you seen since deploying online signatures at LV=?
Not in good order documents have reduced to zero at this stage, demonstrating that the insertion of validation is a key part of the success that DocuSign brings.
Turnaround times are all within 48 hours, with the majority of returns coming the same day. Previously, we estimated an average of one week to see a returned letter of authority. We have also estimated annualised business benefits of £27.5k are made in resources, printing, postage, and paper savings.
Are you planning to extend your use of DocuSign to other areas?
Yes, we are planning to create four further document templates over the next few months and have these processes embedded over the next 12 months. We are extending our usage of the system into our non-advised team.
Finally, what advice would you offer to other enterprises considering a move to digital?
Work with DocuSign to provide assurance to your risk and compliance teams and engage in this early to avoid frustrating barriers when you are at the point of roll out. If you have existing agreements within your business, consider piggybacking onto these to avoid duplicating risk, legal and compliance hurdles.
Also, collaborate with your partners to onboard them for receiving e-signed documents where this is applicable in your business. DocuSign has been adopted into many large financial services companies’ processes and tapping into this information assisted us in working through the ‘risk’ debate. If it’s OK for Barclays, it’s OK for LV=.
Great advice. Thanks, Paul!