The Co-operators has reached an agreement with Silanis Technology to use e-SignLive, a cloud-based electronic signature service.
When applying for life insurance through The Co-operators’ insurance company CUMIS, credit union members will have the option of submitting an e-signature and completing their applications entirely online. The insurer says it is making this change in response to demand from both advisors and clients for a more convenient way of doing business. It also expects to gain internal efficiencies, as it will no longer need to match paper applications with partial electronic data, and the process will also allow documents to be indexed, stored, and retrieved electronically.
The Co-operators intends to use this new technology in its direct mail campaigns. Letters to members will include a personalized URL to an online portal where a life insurance application that is prepopulated with the customer’s information can be submitted with a click-to-sign e-signature. “Using the online portal in conjunction with e-signatures will offer a streamlined approach that should result in higher conversion rates on applications while targeting a younger demographic,” says the insurer.
The e-signature technology will also be made available to the insurer’s captive agents, who will be able complete and e-sign life insurance applications at the client's home or location of choice, finalizing the sale in a single meeting.
“Our goal is to make it as easy as possible for clients to do business with us, and providing the option of electronic signatures is one way we’re doing that,” comments Alec Blundell, vice-president of individual life insurance at The Co-operators. “e-SignLive has allowed us to meet the requirements of two very different business processes without having to invest in the typical upfront infrastructure and resources for an on-premises solution.”
