Insurance companies have grown to be one of the most competitive industries out there. They are always in a search of finding and adding new customers to their panel. Besides, nearly everybody has insurance. But, with years it has become a bit difficult to sell any product in person or on call. It's relatively easier to sell something online, but this hasn't been the case with the insurance companies. It is difficult to get people to sign insurance papers online.
Some of the major challenges that the insurance companies face nowadays are profitability issues, reducing costs, and increasing turnaround. In the quest for conquering these difficulties and staying pertinent in their market, insurance companies have attempted to implement eSignatures as a proven, secure and trusted solution. From shopping to cooking to paying bills, most of the consumers nowadays, prefer convenience over quality. However, this is not the case with insurance. People do want convenience but not at the cost of security and compliance. To battle this, esignature solution comes to the rescue.
Esignatures solutions capture a signature immediately and digitally without having to waste time printing and scanning documents. It helps you eliminate the hassles of paperwork along with providing security to all the documents digitally signed. They can minimize errors in the signing process, increase the productivity level, cost optimization, and mobility.
Integration of eSignatures into the insurance industries can ensure a successful customer experience. There are several benefits of esignature in the insurance industry. However, before you learn about the benefits of esignature in the insurance industry you should have a look at the benefits of esignatures that lie in the interest of all the industries in general.
Benefits of electronic signatures:
- Increase productivity: Electronic signatures helps in automating the document flow and minimizing repetitive tasks.
- Reduce costs: Adapting the paperless process can yield a lot of indirect savings from not having to use printers and fax machines.
- Reduced time: Esignatures saves your time consumed in filing documents, rekeying data, or tracking down a contract that’s been lost in the mail.
- Enhance client relationship: eSignatures provide you with the benefit to signing documents from anywhere and anytime making it faster and more convenient to do business, building trust and relationship.
- Get paid faster: ESignatures speed up sales cycles by quickly executing contracts with multiple signers.
- Supports document integrity: Esignature solutions verify, track and record signatures for avoiding Discrepancies and delays.
- Track your progress: Allows you to track your documents in your online dashboard.
- Upgraded security: Esignatures help in securing your documents by putting them in a locked file cabinet.
- Legally binding- Documents and contracts that are signed electronically are legally and binding and can be treated as a form of evidence as per The European Union’s eIDAS.
- Highly secure- Besides legality, security is a feature that esignature solutions provide you with.
Benefits of eSignatures in the insurance company
The insurance industry is a document-heavy area with lengthy policies, rigorous rules and regulations. The expansion of consumer technology and the growing need to stay current with industry changes are two of the main reasons behind adopting eSignatures. It makes things easier for Insurance brokers to deal with their customers by eliminating the hassle of scanning and faxing contracts for signatures and making the signing process significantly faster. eSignatures are compliant with the guidelines set by the ESIGN Act, UETA, and eIDAS which aids in keeping all sensitive information stored safely. Let's learn more about what are the benefits of esignatures in the insurance industry.
Mobility and speed in the signing of insurance policies
We all have learned by now that customers can sign any documents anywhere anytime with the help of esignature solutions. After purchasing a policy, customers can quickly use an electronic signature to finish the entire process as quickly as possible. One of the major benefits of esignatures in the insurance industry is that these tasks can be completed from home or anywhere around the world almost immediately, using a computer, tablet, or smart device. Signing insurance policies online boosts the confidence in customers for using eSignatures on the go. All the customer has to do is to decide to purchase a policy, which will be followed by the insurance company allowing them to sign the forms from any time and from anywhere, with just a click on their smart devices.
Quicker decision implementation
It's not easy to enforce decisions, especially in an organization setting. There are various documents that are to be signed and approved by multiple stakeholders. As we already know that the more time we take in signing and agreeing on the process, the time it takes for decisions to be effected. This in return makes even sound businesses lose their momentum over time. Esignatures in insurance industries helps to lessen the gap between a decision and its execution in order to hasten the formalities associated with the approval process. Stakeholders can now quickly sign off the vital documents with e-signature, giving the decision a mark of approval to implement the decisions faster.
Legal certainty
One of the Benefits of esignature in the insurance industry is that it helps identify the signer. The process of signing is usually encompassed with a couple of encryption processes that enables the right person only to impede the signature on the document guaranteeing legal certainty through the signing process.
Cost optimization in the casualty department
For insurance industries casualty departments are usually the ones that are concerned with the improvement of the customer experience. Esignature solutions help the department to provide excellent services by minimizing the consequences of any accidents. Esignature is an important tool that helps departments to facilitate and streamlines the digital process of documents that are to be signed, helping in keeping the right balance between quality, cost and efficiency of the department.
It is a differentiating factor from competitors
Another great benefit of esignature in the insurance industry is that esignatures helps in enhancing the online shopping experience for customers. In addition to this, esignatures also serves as a differentiating factor from competitors. It increases the speed and efficiency of policyholders to complete a policy signing process, reducing the risks of choosing another alternative carrier before the signature.
Insurance documents look more professional
You can also make your insurance look professional by customizing your document page branding and creating fillable insurance forms and setting specific requirements. There are different kinds of fields where you can specify what fields your client should fill in to get accurate insurance details. In addition to this, esignatures solutions will allow you to add your company logo to the documents where people can see when they sign your documents.
Reduced costs related to paper processing and scanning
Insurance companies going completely paperless helps with improving the customer experience from a socially responsible point of view. It can help in keeping the right balance between quality, cost, and efficiency and being environmentally-friendly at the same time. In addition to this, implementing eSignatures in the insurance industry requires less paperwork and saves on other related materials too, like ink, maintenance of scanners and printers.
Improved productivity of commercial agents
It is essential for online insurance policies to offer quality service for online insurance policies is essential for increasing employees’ productivity. esignatures in the insurance industry facilitates the tracking of customers to make it a perfect tool for commercial agents which was not possible with the traditional pen-on-paper method. Esignature solution assures that that no document is misplaced or delivered to a wrong address. With the esignature solution, all policies are well classified and archived in a digital form that are accessible from anywhere anyplace. The automation of the procedures aids in increasing productivity and faster closings all through the efficiency created by the processes.
Convenient for clients
The rise of non-traditional digital insurance alternatives is getting more prominent with digital transformation becoming essential for attracting new clients. It has been noticed that customers have started to trust these benefits of esignatures in the insurance industry. They can quickly sign and retain copies of their important insurance documents at the comfort of their chair, without having to wait for papers to be delivered, or spend time in the post office line to return the signed documents.
Convey confidence to policyholders
The digital environment brings uncertainty for online transactions for inaccurately identifying individuals. With eSignatures it is easier for signers to uniquely identify and link their signature for the audit trails to collect specific data for verification. Any false identity can be significantly mitigated when proving an identity online. This ensures the clients to trust that their transactions are taking place in secure environments where there is no threat of identity theft.
Increased revenue
Adopting an esignature solution in insurance companies can prompt these companies to save paper, ink, postage costs, and other associated materials, like ink or maintenance of scanners and printers. Along with this, we see improved productivity and faster workarounds that can inevitably bolster annual profits and revenue.
Enhanced eco-friendly Image
This benefit can be explained as cost-friendly. Even from how the name sounds, you can be sure the electronic signature process requires less paperwork. Through this, you can be sure to save more of paper cost and other related materials such as ink, maintenance of scanners and printers. More to this, this technological step for insurance companies is considered eco-friendly and also makes the industry look more organized.
The electronic signature means significant savings in paper costs and other associated materials, such as ink or maintenance of scanners and printers. In addition, companies that avoid paperwork project an innovative and eco-friendly image, characteristics that digital consumers are very sensitive to when it comes to choosing any service providers.
Significantly reducing errors and risk secure your document flow
It is tricky for the insurance industry to deliver a faster and more efficient process without having to compromise on security and compliance, only because it is heavily regulated. It is the agent's responsibility to reliably retain the important customer records. When a dispute arises, it is the risk for both the insurance company and the agent to process the discovery involving sifting through paper files in multiple locations. Traditional paper documents are fragile and fall under the risk of damage while relocating.
Paper documents are somewhat fragile and subject to damage. Besides, you may send out an urgent document, wait for it to be sent back, only to realize that some signatures are missing. Electronic signatures get rid of these risks. What’s more, an electronic signature system adds up to your document’s security, thanks to its robust encryption algorithms. Meaning, no third parties can access the documents without your consent. A reliable e-signature tool also guarantees maximum control over your workflow. For instance, it lets the user track all adjustments made to the document. Thus, they are sure it was not interfered with and is 100% secure.
Saving office space
eSignatures help you to save the office space you will be able to save for the paper archive. You don't need to keep a heap of archives in all corners of your office anymore. The document management feature that is incorporated in e-signs helps you to never have to waste your valuable time searching for your documents manually.
Return on investment
While customer experience may be the top driver for insurance companies and agents to adopt e-signatures, an added bonus is that eliminating paper from your processes provides an almost immediate ROI. It can save you upto $800,000 within the first year of implementation due to reduced mailing costs and associated back-office processing. Although this ROI is tangible, insurers can pass those savings on to customers which adds significant value to the relationship by increasing retention.
Use cases of eSignatures in the insurance company:
- Quotation Request
- Quotation
- Policy Request
- Policy Issuance
- Claim Submission
- Claim Settlement
- Reinsurance
- Policy fraud prevention
- Policy Agreements and Notifications
- Claim Processing Documents
- Policy/Service Renewals
- Insurance application
- Claims first notice of loss
- Non-disclosure agreements
- Premium payments
- Account change forms
- New policy applications
- Recurring payment authorization
- Policy cancellation authorization
- New policy applications
- New employee paperwork
- Premium payments
- Account change forms
- IT asset tracking
- Part 1 forms
- Purchase orders
- Expense reporting
Conclusion:
Adopting esignatures have led companies to avoid paperwork and establish as environmentally friendly. This approach makes digital consumers susceptible, when it comes to choosing any service providers. Hence we have learned how esignatures can aid in any insurance industry aid in streamline business processes, deliver better customer service, save time and resources, and book more business. Looking at all the benefits it is hard to see downhill in business. If you want to help customers reduce their exposure to risk, take time to thoroughly research every eSignature solution before considering one.
