Benefits of eSignatures for the Insurance Industry
The challenges insurance companies face nowadays include profitability issues, reducing costs, and increasing turnaround. In the pursuit of overcoming these challenges and remaining relevant in their market, insurance agencies started implementing eSignatures as a proven, secure and trusted solution.
The expansion of consumer technology and the need to stay current with industry changes are the main reasons for adopting eSignatures. Firstly, they can minimize errors in the signing process. Secondly, they can bring many benefits at the productivity level, improve cost optimization, and increase mobility.
Read on for more benefits of implementing eSignatures for the insurance industry.
Convey Confidence to Policyholders
The risk of inaccurately identifying individuals in the digital environment brings uncertainty for online transactions.
With eSignatures, signers are uniquely identified and linked to their signature since the audit trial collects specific data for verification. In other words, issues related to using false identity can be significantly mitigated when proving identity online. Therefore, your clients can rest assured that their transactions are taking place in secure environments in which there is no threat of identity theft.
Speed in the Signing Process of Insurance Policies
The advantage of signing insurance policies online gives consumers confidence in using eSignatures on the go. All that is required is the client to decide to purchase a policy. After that, the insurance company allows signing the forms from any time and from anywhere, with just a click on their phone or tablet.
Documents that brokerage customers could sign with advanced eSignatures:
- Health questionnaires
- Insurance policies
- Legal Protection of Personal Data Agreements
- Medical reports
- SEPA mandates
- Welcome Letters
eSignatures Are Legally Binding
The concern of whether an electronic signature would be valid at court is not put into question. The online signing process is usually encompassed with a couple of encryption procedures. Additionally, these procedures ensure that only the involved parties can access the document.
Improved Productivity of Commercial Agents
Offering quality service for online insurance policies is essential for increasing employees’ productivity.
Unlike the traditional pen-on-paper method, electronic signature software facilitates the tracking of customers, making it the perfect tool for commercial agents. Similarly, all policies are well classified, archived in a digital form, and accessible in no time.
As a result, productivity is increased all through the efficiency created by the processes.
Reduced Costs Related to Paper Processing, Scanning, and Storing
Insurance companies should be concerned with improving the customer experience from a socially responsible point of view. Thus, going completely paperless can keep the right balance between quality, cost, and efficiency while being environmentally-friendly.
Finally, implementing an eSignatures requires less paperwork, but you can be sure to save on other related materials too. These include ink, maintenance of scanners, and printers.