Private Equity upgrade their customer application form to save $36,000 per year
Cerulean is a Private Equity firm that offers accredited Canadian investors access to the world’s highest-quality private equity asset managers.
Jared Klow, Partner of Cerulean sought out the expertise of Solusign to refine the signing process of Subscription Agreements between the advisors and clients, making it more accurate and time-saving for both parties.
The Problem with the old process
- Long, complex legal documents
- Number of signatories varied based on the situation
- Slow, time-consuming, manual and paper-based process
- Documents were often incorrectly filled out
- Same information requested multiple times throughout the document
Use Case:Subscription Agreement
Implementation time:3 days
Service Related:Template Design
Related Platforms:DocuSign, MS Excel
Savings:$36,000 per year
There are multiple conditional ways to complete the documents depending on the situation.
Whether the client is a Trust, Individual, Individual Joint Account or a Managed Account, the flow will be different. In some cases, some information isn’t required, while in other situations, the same information is crucial and can invalidate the legality of the document.
On top of this, the complexity of the document often caused errors to creep-in. The back and forth communication between Advisors and Clients — and even other parties — was very time-consuming.
In order to grow, Cerulean had to rethink the entire process and engaged with Solusign to upgrade their workflow with electronic signature capabilities.
To help users enter correct information and make the right selection, we had to find a way to make it easier for signers to navigate the document.
During a Workflow Design Workshop with Cerulean, we identified the below requirements:
- 3 DocuSign templates needed for each of the 3 ‘scenarios’.
- 73 DocuSign text fields mapped to a CSV Template.
- Conditional logic rules to trigger fields based on certain values or selection.
- We created a DocuSign template for each scenario and gave labels to each text fields so that they could be filled out using a CSV.
- The second step was to add all conditional logic to help users navigate through the document.
- Finally, we reorganised the CSV template, grouping fields by categories and adding validation rules to cells.
Cerulean’s managers can now send error-free Subscription Agreements to dozens of clients with just a few clicks. Cerulean’s Advisors can no longer send incorrect information to clients, thanks to the CSV template – also called ‘Data Loader’ which automatically rejects information that is incorrect.