EasySend is on track to save 50,000 trees (and counting) by the end of 2020
Insurance and banking are two of the most paper-intensive industries out there. Financial services revolve around paperwork – but the digital 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 are required to fill, sign, and submit in order to open a bank account, initiate a policy change, or submit a claim.
On average, in banking, there are no fewer than 10 pages of forms generated for each new account opened in a branch. 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 these transactions are supported by paper forms, 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 a total of about 740 kg of oxygen per year per person. Which is, very 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, it is also great for our planet.
Automated and fully digital data collection methods that are fully integrated into internal systems and that 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 the unique needs of financial institutions, banks, and insurance companies. 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 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 will have saved nearly 50,000 trees. As our customer base grows, we are projecting that this number will reach 100,000 trees by the end of 2021.