EasySend has saved over 50,000 trees (and counting)
Are Insurance and banking are two of the most paper-intensive industries out there. Financial services revolve around paperwork – but the digital transformation era is calling for change.
Everybody hates paperwork. Customers are increasingly opting to interact with brands on digital channels and will jump ship if their insurer cannot meet their expectations. In addition, paperwork clogs operations and results in out-of-control operational costs. But what is even more important is this: paperwork is killing our planet.
By going paperless, financial enterprises win on all fronts. They:
- cut costs
- increase revenues
- improve customer experience
- save the environment
How Digital Forms Are Saving Trees
Core processes in insurance and banking are heavily reliant on paper
Many core processes in insurance and banking still rely on paper forms that customers must fill, sign, and submit to open a bank account, initiate a policy change, or submit a claim.
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.
Now, 8.2 to 10 sheets of paper per transaction might not sound like a lot, but EasySend serves 40 enterprise customers who process millions of transactions each year. The numbers quickly add up.
The insurance industry is serving billions of people around the world, processing multiple transactions annually per customer. When paper forms support these transactions, it has a tremendous effect on the environment:
- One tree can produce 8,333 pieces of paper.
- One tree provides enough paper for about 1,000 transactions.
- 50,000,000 transactions x 8 sheets of paper = 400,000,000 sheets of paper.
- 40,000,000 / 8,333 = 48,001 trees by the end of 2020 (and counting).
Every tree matters
A tree can absorb as much as 22 kilograms of carbon dioxide per year.
A human breathes about 9.5 tonnes of air in a year. Since oxygen comprises only about 23 percent of that air, that works out to about 740 kg of oxygen per year per person, roughly seven or eight trees’ worth.
When we ran those numbers, we realized that EasySend has created enough oxygen to sustain 6,000 people for a year!
The world is becoming increasingly digital. Worldwide, 39% of insurance customers surveyed by Bain & Company currently use at least one connected device, and about 72% expect to use one in the future. Insurers must prioritize the move to digital channels to eliminate paper from their processes. Not only is it great for customer experience, but it is also great for our planet.
Automated and fully digital data collection methods that are fully integrated into internal systems and allow a 360-degree view into the customer are the only way insurers can compete with fully digital newcomers.
EasySend is a revolutionary smart eForm builder built to answer financial institutions, banks, and insurance companies’ unique needs. Our SaaS, no-code eForm 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!
With smart eForms, insurers can achieve conversion rates five times higher for new policies, improve customer experience, and significantly boost productivity in the back office. And, most important of all, benefit the planet.
By the end of 2020, EasySend’s no-code platform will have saved nearly 50,000 trees. As our customer base grows, we anticipate companies’ unique needs will reach 100,000 trees by the end of 2021.