EasySend has saved nearly 3,000 trees (and counting)

Do you still deal with paperwork?

We've all been there: mountains of paperwork, never-ending forms, and the constant shuffle between folders. Insurance and banking are two of the most paper-intensive industries out there. And yet, it’s 2023. We're in the digital age, and customers expect less paper and more convenience.

The Current State of Data Intake

Insurance companies have been collecting customer data for as long as we can remember. And how do they usually do it?

1. Paper Forms, Fax, & Email Attachments – Remember snail mail and in-person submissions? They're not just outdated; they're downright inconvenient.
2. Fillable PDFs – This might seem like a step into the digital age, but it barely scratches the surface of true digitization.
3. Call Centers – It's time-consuming and error-prone when representatives manually key in data.
4. Digital Processes via Webflows – The holy grail of data intake methods: efficient, automated, and user-friendly.

So, where does your organization fit in this spectrum?

Paper Trails and the Consumer Preference

It's 2023, and many insurance firms are still buried under paper forms and old-school data intake methods.

Yet, everybody hates paperwork. An increasing number of consumers want digital, convenient interactions with brands. If you're still printing forms and relying on manual data entries, your customers might just walk away. Customers are increasingly opting to interact with brands on digital channels and will jump ship if their insurer cannot meet their expectations.

Did you know that a whopping 76% of consumers today won't purchase from businesses that clash with their values? According to recent study, a third of all global consumers are now choosing to buy from brands they believe are doing social or environmental good.

The Real Cost of Paper

But it's not just about consumer preferences. Being paper-reliant means inefficient operations and inflated costs. Picture this: underwriters wasting 5-8 hours a week on manual reports and a good chunk of manually entered data being inaccurate. The result? Massive costs and operational chaos.

Consider these findings:

• Underwriters spend up to 5-8 hours a week on non-underwriting tasks, such as building manual reports and rekeying and extracting data‍
• 26% of quote information produced via manual data entry is inaccurate
• An analysis at a large retail bank has proven that by streamlining process and adding technology to eliminate paper from the process, operating expenses in the processing divisions can be reduced by as much as 25%
• Businesses in the United States waste $8 billion on managing paper each year, with an average price tag of $20 to file a document.

Environmental Impact of Paper

From deforestation to pollution, the paper production and disposal process has some grim side effects.‍ The environmental effects of paper production include deforestation, the use of enormous amounts of energy and water as well as air pollution and waste problems.

• Pulp and paper mills contribute to air, water and land pollution.
• Paper manufacturing produces sulfur oxides, nitrogen oxides and carbon dioxide, which contribute to acid rain, greenhouse gases and water pollution.
• Discarded paper and paperboard make up roughly 26% of solid municipal waste in landfill sites. When paper rots, it creates methane gas, which is 25 times as toxic as carbon dioxide.

For many organisations, concerns surrounding environmental, social, and governance (ESG) factors have escalated to board-level attention. This is driven not just by ethical and regulatory imperatives but also by the rising expectations of consumers and potential clients.

How much paper are we really talking about?

Many core processes in insurance and banking still rely on paper forms that customers must fill, sign, and submit. For any process, from opening a bank account, to initiating a policy change, or submitting a claim, there is some kind of paperwork involved.

On average, no fewer than ten pages of forms are generated for each new account opened in a branch in banking. This excludes any securities, copies of compliance documents, and any additional inquiries made (and printed). (Deloitte)

According to our estimate, on average, the insurance origination process requires 8.2 sheets of paper per customer.

Even if a bank uses just ten pages of forms for each new account, or an insurer requires around 8 sheets for a policy origination, those pages add up quick! Especially when you consider the billions of global customers and their yearly transactions.  

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The Green Lining

The good news is, going paperless empowers organizations to win on all fronts:

1. Cut those skyrocketing costs.
2. Boost revenue.
3. Enhance customer experience.
4. Nail those environmental goals.

The impact of EasySend: every tree matters

A tree can absorb as much as 22 kilograms of carbon dioxide per year.

One tree can produce 8,333 pieces of paper. At 8.2 sheets of paper per transaction, one tree provides enough paper for about 1,000 transactions.

EasySend powers data intake processes for 100 enterprise customers, processing millions of transactions annually per customer. If these transactions remained paper-based, that would have had a tremendous negative impact on the environment.

Let's break down the numbers:

1. From the beginning of 2023: 5,500,000 transactions were created.
2. From launching our platform in 2020 to the end of 2023: 15,000,000 transactions

From the total transactions, if we consider the ones completed with average completion rate of 20%. So, the total completed transactions since 2020 is 3,000,000.

Therefore:

• 3,000,000 transactions would equate to 3,000,000 * 8.2 sheets = 24,600,000 sheets of paper.
• This amount of paper would require 24,600,000 sheets / 8,333 sheets per tree = 2,952 trees.

The oxygen output of a tree depends on its species, age, health, and location. On average, a mature leafy tree produces as much oxygen in a season as 10 people inhale in a year. Given this: 2,952 trees × 10 people/tree = 29,500 people

With 2,952 trees saved, EasySend is supporting the oxygen needs of 29,500 people annually.

Why EasySend?

Three words: Adaptive. Integrated. No-Code. The future lies in adaptable solutions, integrated systems, and platforms like EasySend that empower organizations to create and manage digital processes without diving into complex coding.

Time-to-market and seamless execution is crucial, since building and integrating data intake processes pose challenges for many companies. It's not just about developing a solution; it's about making it scalable, cost-effective, and seamless across multiple platforms.

• 52% of IT projects in 2022 weren't delivered on time.
• A staggering 80% of digital transformation initiatives don't meet their targets.

Our SaaS, no-code digital data intake platform helps our enterprise customers to ditch paper and streamline and accelerate data collection across all customer touchpoints, resulting in fully integrated, responsive, and user-friendly customer journeys. No coding is required.

EasySend can help financial enterprises to go paperless and digitize core processes such as:

• origination and customer onboarding
• customer–broker–carrier processes
• policyholder services
• claims processing
• policy renewals
• and more!

By the end of 2023, EasySend’s no-code platform will have saved nearly 3,000 trees. As our customer base grows, we anticipate that our net positive environmental impact will continue to grow as well.

The move to go paperless is not just an operational decision but a commitment to a greener, customer-friendly future. It’s a win-win for everyone: businesses streamline processes, customers enjoy seamless experiences, and our planet gets a breather. Customers who've transitioned to digital data intake with EasySend get a variety of benefits:

• Agile Flexibility: Own your data intake, adapt and pivot as needed.
• Scalability: Ready to scale up? We've got your back.
• Customer-Centricity: Offer exceptional experiences on every platform.
• Compliance: Rest easy knowing you're always compliant.
• ESG Goals: Go paperless and reach your ESG goals.

From policy submissions and renewals to claims and ACORD forms, our platform covers any complex data collection use case.

Got a process in mind that needs digitizing? Let’s discuss! Contact us today to schedule a demo.