Paris, April 9th, 2019 – In keeping with the growing online insurance industry and eager to offer its clients a streamlined process, LINXEA, a specialist in low-rate online savings schemes, adopts CertSign, the electronic signature solution by CertEurope, an Oodrive Group company.
Online life insurance subscriptions made easy
LINXEA’s subscription offer consisted of an initial online process; users had to subsequently revert to a paper-based process to sign and return their contracts by mail. The disruptive client experience was a barrier to subscribing and required a 10-person team to manually process mail. LINXEA turned to Oodrive to set up CertSign, create a new online subscription process, and ensure direct online signature authentication.
Authentication and electronic signatures suited to the life insurance industry
One of the key challenges of online subscriptions to life insurance products is ensuring online identity protection of potential clients. To comply with the online brokerage regulatory framework (particularly in combating money laundering) and ensure the probative value of online contracts, LINXEA opted for an advanced signature process. Thanks to the initial verification of identity documents, SMS authentication of the signatory and an electronic certificate, insurance brokers have effective online identity protection.
New jobs for LINXEA teams and accelerated business growth
The move to electronic signatures had a highly positive impact for LINXEA’s business development and productivity.
The instant subscription process for life insurance contracts boosted customer satisfaction and created a 30% increase in the online conversion rate. Within the company, the 10 Middle Office team members, previously in charge of handling mail, were able to take on new responsibilities in sales and regulatory monitoring.
“CertSign is a major growth driver for LINXEA. Since it was integrated into our customer experience, the volume of signed contracts has increased by 75%.” commented Antoine Delon, LINXEA President.
For LINXEA, obtaining advice on technical and legal decisions related to online brokerage was essential. Antoine Delon, LINXEA President, explains the key role of Oodrive’s teams:
“Adopting electronic signatures was a strategic plan for our business development. Oodrive’s strength and position as a leader quickly convinced us of their ability to help us through this major transformation.
- In addition, they clearly explained the legal aspects and steered us towards an advanced signature option that is tailored to our regulatory framework and our clients’ usage.
- We also needed a team of technical experts capable of directly communicating with our insurance partners to create new protocols.
- Finally, thanks to the CertEurope teams’ advice and expertise, the CertSign API was set up and customized with the LINXEA brand colors within a few days.”