Electronic Signature to Automate Payment workflows Throughout Insurance Operations

November 29, 2022 | Blog
Our work habits have changed. Modern companies are developing new technology systems that allow employees to work outside traditional office environments. The work-from-anywhere toolkit includes electronic signatures.   A survey of 440 decision-makers in North America's banking, wealth management, and insurance industries revealed that electronic signature significantly impacted customer experience and business efficiency.   The research found that many of these companies relied on manual processes for signing key documents. This led to slow turn-around times, signer errors, and poor data quality and customer service.   The following are the key findings from electronic signature adoption:  
  • 40% Faster average document turnaround time
  • 46% Greater visibility in signing status
  • 71% Increased employee satisfaction
  Insurance companies are one of the most competitive sectors. They are constantly looking for new customers and ways to increase their customer base. Nearly everyone has insurance. It has become quite challenging to sell products in person or over the phone.   Although it is relatively easy to sell something online, this has yet to be true for insurance companies. It can be challenging to convince people to sign online insurance papers.   electronic signature   Insurance companies face significant challenges today, including profitability issues, cost reductions, and a faster turnaround. Insurance companies are trying to overcome these problems and remain relevant in their market by implementing eSignatures.   They have found that electronic signature is a reliable, secure, and trusted solution. Consumers prefer convenience to quality when shopping, cooking, and paying bills. This is different for insurance. However, people want convenience without sacrificing security and compliance. electronic signature is the solution to this problem.   eSignatures solutions instantly capture a signature digitally and without the need to print or scan documents. This helps eliminate paperwork and provides security for all documents digitally signed. They reduce errors during the signing process and increase productivity, cost optimization, and mobility.   Integrating eSignatures in the insurance industry can help ensure a positive customer experience. There are many benefits to eSignatures in the insurance industry. Before you know about the many benefits of electronic signatures in the insurance industry, you should look at the general benefits of electronic signatures that are in the best interests of all sectors.  

Benefits of eSignatures in the Insurance Company

  Insurance is a complex industry that requires extensive documentation. It has long policies and strict rules. Adopting eSignatures results from two factors: the expansion of consumer technology and the need to keep up with industry changes.   Insurance brokers can now deal with customers more efficiently by eSignatures eliminating the need to scan and fax contracts for signatures.   This also speeds up the signing process. electronic signatures comply with all guidelines laid out by the ESIGN Act and UETA. This helps to protect sensitive information. Let's learn more about electronic signatures and their benefits in the insurance industry.  

Speed and Mobility in the Signing of Insurance Policies

  We all know that customers can sign any document anywhere and anytime using electronic signature solutions. Customers can quickly sign a policy by using an electronic signature. These tasks can be done from anywhere, whether at home or on the go, with an electronic signature. Customers feel more confident signing insurance policies online.   The customer only needs to decide to buy a policy. Once they have done that, the insurance company will follow up with them, allowing them to sign the forms anywhere and anytime using their smart devices.  

Faster Decision Implementation

  In an organizational setting, it can be challenging to enforce decisions. Multiple stakeholders must sign and approve various documents. We all know that signing papers and agreeing to them take more time than it takes to make decisions. Even sound businesses can lose momentum as a result.   To speed up the approval process, electronic signatures are used in the insurance industry to reduce the time between a decision being made and executed. With electronic signatures, stakeholders can quickly sign off vital documents and give the decision an approval mark to make it easier to implement.  

Legal Certainty

  The insurance industry has electronic signature as a benefit. It helps to identify the signer. Some encryption processes protect the signer's identity during the signing process.  

Cost Optimization at the Casualty Department

  Insurance companies' casualty departments often focus on improving the customer experience. electronic signature solutions allow the department to deliver excellent services and minimize the effects of accidents. Signing is an essential tool that will enable departments to streamline and facilitate the digital signing of documents. This helps to maintain a balance between cost, quality, and efficiency.  

Differentiating Factor for Competitors

  Another benefit of eSignatures in the insurance industry is that eSignatures help enhances customers' online shopping experience. eSignatures are a distinct advantage over competitors. It speeds up the process of signing a policy and reduces the risk of selecting another carrier.  

Insurance Documents Look Professional

  Your insurance can look professional by customizing the design of your document pages, creating fillable forms, and setting requirements. You can choose from different types of fields to specify which fields your client must fill out to receive accurate insurance information. Esignature for insurance industry allow you to add your company logo on documents so that people can easily see it when signing them.  

Lower Costs for Paper Processing and Scanning

  Going paperless in insurance companies helps improve customer service from a socially responsible perspective. It can help in keeping the right balance between quality, cost, and efficiency and being environmentally friendly at the same time. Additionally, eSignatures can be used in the insurance industry to reduce paperwork and help save on paper and ink.  

Increased Productivity for Commercial Agents

  Online insurance policies must offer high-quality service. This is vital for employees' productivity. Using eSignatures within the insurance industry allows for the easy tracking of customers. This makes it an ideal tool for commercial agents, which is impossible using the pen-on-paper method.   The eSignature solution ensures that documents are recovered and delivered to the correct address. eSignature allows policies to be easily classified and stored in a digital format that can be accessed from any location. Automation of procedures helps increase productivity and speed up closings, thanks to the efficiency gained by them.  

Web Design for Clients

  Digital transformation is becoming more essential to attract new clients. Customers have begun to trust the eSignatures benefits in the insurance industry. Customers can sign and keep copies of essential insurance documents from their chairs. They can return them before paper delivery or waste time at the post office.  

Provide Confidence to Policyholders

  Online transactions can be made in a digital environment, which creates uncertainty about the accuracy of individuals being identified. Signers can use eSignatures to identify themselves and link their signatures to audit trails that collect data to verify. Online identity proofing can significantly reduce the risk of a false identity. Clients can be confident that transactions are being conducted in safe environments and that there is no risk of identity theft.   Higher Revenue   Companies can save money on paper, ink, and postage by adopting an eSignature solution for their insurance companies. We also see higher productivity and quicker workarounds, which can invariably increase annual profits and revenues.  

Enhanced Eco-Friendly Image

  This is a cost-saving benefit. Despite the name, electronic signatures require less paperwork. This will allow you to reduce paper costs and other associated costs such as ink and maintenance of scanners, printers, and printers. This technological innovation for insurance companies is eco-friendly and makes the industry appear more organized.   Electronic signatures can save significant amounts on paper costs and other materials like ink and maintenance of scanners or printers. Companies that do away with paperwork present a more innovative and environmentally-friendly image. These are characteristics digital consumers are sensitive to when choosing service providers.  

Reduce Errors and Risk Significantly

  Because the industry is highly regulated, it can be difficult for insurance companies to provide faster and more efficient processes without compromising security and compliance. The agent is responsible for maintaining customer records.   The insurance company and the agent are responsible for handling any dispute that arises. This may involve sifting through multiple paper files. Paper documents of traditional origin are fragile and can be damaged during relocation.   Paper documents can be fragile and easily damaged. You may also send an urgent document and wait for it to arrive, only to discover some missing signatures. Electronic signatures eliminate these risks. Electronic signatures are secure thanks to their robust encryption algorithms.   This means that no third party can view your documents without your permission. You have complete control over your workflow with e-signature software. It allows the user to track all changes made to the document. They are confident that it has not been altered and is 100% secure.  

Saving Office Space

  eSignatures can help you save space in your office that you won't be able to use for the paper archives. There is no need to have a pile of papers in every corner of your office. You can spend your precious time looking for documents manually with e-signs.  

Improved Return On Investment

  Agents and insurance companies are driven by customer satisfaction. However, e-signatures can also be a great way to reduce paper waste. You can save up to $800,000. This is due to lower mailing costs and back-office processing. This ROI is tangible, but insurers can pass the savings to customers, which adds significant value by increasing customer retention.  

The Key Takeaway

  Companies can avoid the hassle of paperwork by adopting electronic signature. Digital consumers are more open to this approach when choosing service providers. We have seen how eSignatures can help any industry, including the insurance industry, to streamline business processes, provide better customer service, reduce costs, book more business, and save time and money.   Considering all the benefits, it is difficult to see the downsides of eSignatures in the industry. Before you decide to offer an eSignature solution to your customers, make sure to do thorough research.