Secure Electronic Policy Delivery for the Deregulated Insurance Industry

Published on Thursday, 04 September 2008 01:28

Plymouth Rock Companies Improve Customer Service and Drive Down Costs with Striata eDocument Delivery
New York, NY – September 12th, 2008 – The Plymouth Rock Companies, a leading provider of auto insurance to New England drivers for nearly 25 years, has implemented Striata's Secure eDocument Delivery solution.

Paper policies will be replaced by delivering secure electronic documents directly to consumers, helping Plymouth Rock customers better manage their automotive obligations.

Before April 2008, insurance regulations in Massachusetts dictated a uniform pricing model. Today, the newly deregulated market allows for competitive pricing, and has opened up the market to national insurance chains. In the reformed marketplace, Plymouth Rock continues to focus on customer convenience and selected Striata eDocument Delivery in order to streamline previously cumbersome paper processes.

With Striata's eDocument Delivery solution, customers receive automotive updates, such as bills, policy documents and reminders when their inspections, licenses, and registrations are due. These are delivered directly to the consumer's email inbox. Secure eDocument Delivery also supports Plymouth Rock's agents by helping to reduce the number of calls and requests agents receive regarding billing and policy information.

In addition to enhancing the customer's experience, The Plymouth Rock Companies will realize operating efficiencies by limiting paper production and mail distribution. eDocument Delivery allows the company to dramatically reduce costs through electronic delivery.

"Plymouth Rock has a long history of identifying innovative ways to deliver outstanding service to our consumers and agents," said Hal Belodoff, president of Plymouth Rock Assurance. "Eservices are another example of our trying to make our customers' lives easier".

ePolicies help Plymouth Rock to eliminate printing & postage costs
Garin Toren, Chief Operating Officer for Striata North America, points to ePolicies as just one example of the cost saving services that Striata provides for insurers. With a typical insurance policy running 30 pages or more, quantifiable savings average more than $6 per policy, and significantly higher for complex commercial policies.

While impressive, these savings are also not limited to initial printing and postage: Industry regulations require insurers to generate and deliver a new policy or amendment for every change made. The true cost of paper usage therefore includes reprinting and resending. (At Plymouth Rock, policies were traditionally printed again by the broker before being sent to customers, a process which further compounded the expense and associated environmental impact.)

Unlike paper policies where the expense of printing and posting is repeated with each policy change, the savings from delivering ePolicies can be realized again and again.

"Insurance, with its extensive paper output, is an industry sector well suited to our eDocument Delivery solutions," says Toren.

"In the USA specifically, ten large brand insurers have come on board with Striata is less than 14 months. We are looking forward to driving massive paper turn off in North America, as we have done internationally. Those US clients live with us are already showing significantly higher adoption rates than any previous strategy."

• Proven user adoption methodologies ensure dramatic paper turn-off savings;
• Significant, immediate ROI;
• Promotes customer retention through unique market differentiation;
• Adds new touch points that bypass Do Not Call and Do Not Mail lists, providing valuable cross-sell opportunities.

Striata eDocument success Striata provides services and strategies to some of the largest and well known insurance brands including AIG, Chubb, Arrowhead, Sierra Health, Plymouth Rock and Allianz. These clients are successfully using Striata to replace paper intensive processes with cost effective electronic document delivery that reduces costs and creates market differentiation.

For more information and case studies on maximizing customer adoption of paper turn off with electronic documents, visit www.striata.com.

About Striata
Striata's Secure eDocument Delivery and Email Bill Presentment & Payment (EBPP) are solution sets that deliver a rapid reduction in operational costs, quicker payments and an enhanced customer experience.

Striata revolutionizes the way bills, statements, policies, collection notices, letters, paystubs and other high volume system-generated documents are delivered and paid. Registration requirements are eliminated by emailing feature rich, interactive, encrypted documents directly to the inbox and enabling innovative 1-click electronic payment from within the document itself.

Direct email delivery of bills and statements dramatically increases customer adoption of electronic documents, paper turn off and ePayments. This enables Striata's clients to achieve rapid ROI, to complement their existing self-service and e-communication strategies, to significantly reduce paper output and to meet their carbon footprint / environmental impact targets.

As a leading international provider of electronic messaging since 1999 with more than 200 blue chip customers, Striata has operations in New York, London, Sydney, Johannesburg and partners in North, Central & South America, Europe and Asia Pacific.