The focus on how to better serve the modern digital consumer is an issue that is top of mind for many insurance executives and agents alike. Of course, offering the right product at the right price is essential for making customers happy, but improving the customer experience requires a more holistic approach—one that balances personalized service with speed and convenience. That is far easier said than done.

One way in which best-of-breed insurance companies are improving the customer experience is by going digital. E-signature technology, at first glance, may seem to be a small part of a larger equation, but in reality it's often the critical piece that can truly transform the insurance buying experience and deliver impressive return on investment (ROI) almost immediately. According to Mark Breading, a Partner at strategic advisory firm Strategy Meets Action, insurance customers expect simple, real-time buying experiences, just like their interactions with other industries. "That is impossible to accomplish using paper documents, wet signatures, and mail/fax, even if the rest of the process is digital," he said.

[Related: Closing the loop in a modern insurance document strategy]