Electronic Delivery Trends in the Insurance Industry

by on Jun 06, 2013

Prudential emovementWith identity theft and fraud remaining serious issues in an increasingly online-centric world, individuals need to safeguard sensitive account and personal information. To this end, electronic delivery can offer clients peace of mind when compared to traditional paper documents delivered in the mail. The service allows account documents such as policy statements to be received on the firm’s password-protected private website, eliminating the possibility that it will end up in the wrong hands. Electronic delivery services are also environmentally friendly and cost-effective as reduced paper usage decreases production costs.

Six Key Electronic Delivery Trends
Over the last few months, Corporate Insight’s three insurance-focused Monitor research groups – Annuity Monitor, Life Insurance Monitor and Property and Casualty Insurance Monitor – released reports examining the electronic delivery services provided to clients. In total, the groups researched 45 leading insurers covered across the three Monitor groups. The following are six key trends and findings from our research:

#1 Of the 45 total firms covered by the Annuity, Life Insurance and Property & Casualty Insurance Monitor groups, 36 firms (80%) provide clients with electronic delivery services on the private website.

#2 Of the 36 firms that provide electronic delivery services on the private website, 34 conveniently allow clients to enroll online.

New York Life Electronic Delivery Registration Page
New York Life Electronic Delivery Registration Page

#3 Policy statements are the most popular document offered online, as 94% of the firms offering electronic delivery provide access to policy statements on the private website.

#4 21 insurers are currently promoting the firm’s electronic delivery services via imagery, sweepstakes and/or enrollment awards on the private website.

Prudential Electronic Delivery Sweepstakes Image
Prudential Electronic Delivery Sweepstakes Image
#5 25 firms in total provide customers with the ability to individually select which documents to receive electronically and which to receive via US mail.#6 Upon completion of the online electronic delivery enrollment process, 85% of firms offer confirmation screens or alerts that display delivery preferences, a best practice.

The Hartford Electronic Delivery Enrollment Confirmation Page
The Hartford Electronic Delivery Enrollment Confirmation Page