by Jim Lundy and Adam Pease
On August 3, Sapiens International Corporation announced a partnership with digital transaction management provider AssureSign to integrate its electronic signature capabilities into the Sapiens insurance platform's workers' compensation offering. Aragon initially covered the digital transaction management (DTM) market in 2014, since then, the market has grown rapidly, with large players like DocuSign multiplying their valuation. It is a natural play for DTM providers like AssureSign to expand their use cases when the solution is more needed than ever due to the rise of remote work. In this blog, we review the partnership and discuss its implications for the associated markets.
AssureSign makes a play for new markets and use cases as trends in insurance shift to demand new digital solutions.
Remote Work and the Insurance Industry
Faced with the current pandemic, more people work remotely than ever before. In addition to those working remote jobs from home, many are stuck inside due to quarantine policies around the globe. As a result, digital transaction management is in higher demand. Now that it is impossible for many to sign documents in-person, industries that previously did not have as much of a need for e-signature capabilities are realizing they need to adopt new technology to meet the challenges of working remotely.
In the case of Sapiens, the insurance software provider has leveraged the AssureSign DTM solution to make its sign-in process accessible across any device, anywhere. We expect that more providers in other industries will seek similar solutions in the coming months, as enterprises adjust to this new normal of virtual work. For digital transaction management providers, the pandemic economy is an opportunity to branch out into new use cases and enter into new markets. This is exactly what AssureSign is doing.
AssureSign Expands Its Use Cases for Digital Transaction Management
The Sapiens/AssureSign partnership expands AssureSign’s sizable footprint within the insurance industry. In the process, AssureSign has expanded the use cases for its solution and demonstrated that DTM is a versatile offering with value for a variety of markets.
AssureSign will make it easier for insurance industry customers to validate their identity on documents in a way that is device-agnostic and amenable to remote work situations. In 2020, customers expect a unified customer experience that is accessible across devices and that responds to their own contextual needs. Legacy document methods are not suited to providing this experience, and the DTM market is stepping up to meet the new demand.
Bottom Line
AssureSign's integration into Sapiens is a tactical move by both parties, which responds to the growing reality of remote work worldwide. We expect the digital transaction management market size to grow as more software providers and organizations realize they need a digital solution that can support work from home jobs anywhere.