Can You Lease and Insure Your New Car from the Driver's Seat?
DocuSign, together with Visa, wants to make it easier for consumers to lease and obtain insurance for a new car. DocuSign plans to create an app that will be imbedded in the dashboard of a Visa-connected car and would make it possible for consumers to buy a car without dealing with a salesperson.
DocuSign debuted the app recently in Las Vegas, and the demo showed how a consumer could securely sign the purchase documents, pay electronically and choose insurance coverage from the driver’s seat.
“We thought about what the best experience could be for a customer,” says Ron Hirson, DocuSign’s head of product. “Currently, every step involved in leasing a car and getting insurance ends up being separate. We started with a persona, named Danielle, who doesn’t want to deal with a salesperson and endless paperwork.”
The idea is you could test-drive a car and then, if you choose to purchase it, you could complete the pre-approval paperwork. Then, the car would be registered on the Bitcoin Blockchain, which is a secure database that would record the transaction.
If approved, you would use a digital console to review the lease options and then sign the contract with DocuSign. You could then choose insurance coverage from options created by car manufacturers, auto retailers and insurers. Every choice would be added to the Blockchain ledger.
After all of the choices had been finalized, you would link a Visa credit card to pay for the lease and insurance. There are also plans to enable the app to pay for tolls, maintenance services, parking and DMV charges.
All of this would take just a few minutes, then you could drive off the lot with your new vehicle.
Currently, the DocuSign/Visa app is still just a prototype. Hirson said that the next step is to get car manufacturers and insurers on board.
As reported on Insurance Networking News, the response at the Money2020 conference was exciting. Hirson believes this is because, “It’s something a customer would really want. People don’t necessarily want to deal with salespeople, they want to execute on the car and drive off the lot.”