When reaching a total loss settlement, a customer typically must wait for documents to arrive in the mail to then sign and return to the insurer for processing and the subsequent rendering of payment. With the advent of an electronic signature system from Farmers Insurance, the chain of necessary events may look a little different.
Farmers Insurance Group of Companies has introduced eZsign, a settlement option for its customers with total loss claims. The option is currently approved only in select states, but Farmers anticipates more widespread adoption in the future.
"With the agreement of the Washington, Oklahoma, and Illinois Departments of Motor Vehicles, [we] can give customers the option to receive the documents via email, sign them online using their mouse, and return them instantly to expedite payment," explained Odom Wu, director of Farmers Strategic Initiatives.
Wu explained that the new process will replace the current system whereby the insured receives an overnight package, endorses the documents, and sends them back by a return overnight package. "The usual turnaround time can be greater than a week," Wu said.
In addition to simplifying the settlement process and enhancing customer service, Wu added that eZsign may yield potential environmental benefits.
"[This method] reduces a company's carbon footprint by cutting the use of paper and ink toner, as well as reducing the use of overnight postage and packaging," he said. "As we gain approval from individual states to deliver signed documents to them electronically, we'll move the entire process to a paperless system, making it even greener than it is today."
For more information about eZsign, visit Farmers' website.
