Very many industries have so far embraced electronic signatures in their daily transactions with their clients and partners.
One such industry is the insurance sector. Electronic signature solution for insurance is benefiting various insurance companies in so many ways.
Using electronic signatures in insurance means reduced costs, improved service delivery, increase turnaround and not to forget increase revenue.
Here are some of the ways that an insurance company can generate revenue and save time using electronic signatures.
1. Speeds Up The Signing Process
There is a lot of paperwork involved when creating insurance policies for a customer, and having them sign all the documents well can be time-consuming if handled the traditional way. With electronic signatures, a client can sign a policy immediately from wherever they are.
This immensely cuts down on the time that could have been used to send the documents back and forth via email. It is impossible to meet all the clients requires at a go when using e-signatures.
2. Reduces Paper expenses
E-signatures are digital and this means all transactions will be conducted digitally. This makes it very cost-friendly. Paper costs money, and if you do not have to keep printing and re-printing a document, you will save on the money you use to buy paper. This is also a good way of going green.
Insurance companies will not only save on the cost of buying paper, but also other related materials like printing ink, and the cost of maintaining and repairing scanners and printers.
3. Minimizes Errors In the Signing Process
The traditional way of signing documents had its fair share of setbacks. A client could forget to sign a page or two, forget to sign a copy of the policy document, or sign the wrong dotted line. An agent, on the other hand, could forget to mark all fields that required signing or forget to send a page.
This caused a lot of delays and errors which in turn translated to wasted time and money. With electronic signatures, all these errors are minimized and should they occur, it can be easily fixed in no time at all because the documents cannot be validated if they are not signed well.
Once documents are signed and validated, both the policyholder and the company receive a copy of the signed policy. This ensures an error-free process.
4. Increased Productivity Of Both The Employees And Commercial Agents
Electronic signatures have eased the signing process for the clients and it is also benefiting the company in ensuring that the employees and agents remain productive. Because there is no need to physically file documents and other paperwork since everything is stored in a digital form, the employees will save a lot of time and can use this time to handle some other important work in the office.
Insurance agents, on the other hand, will not have to come down to the office to bring back the paperwork and can also focus on their next clients. This will translate into more revenue at the end of the day.
With the e-signature solution insurance industry, the agents can also easily access all the policies, documents, and any paperwork they need to present to a customer at hand. This is a perfect tool that will not only help them in landing a client but will also ensure that they look professional and this will reflect positively on the company’s image.
5. Cost Optimization Especially in the Casualty Department
The casualty department in insurance companies is mainly concerned with ensuring that their customers are happy and satisfied. This is because they are constantly in direct contact with customers.
Using electronic methods, the casualty department can be sure of proving excellent services to the customers by reducing the costs of any accidents. Electronic signatures will help in this department’s mission because it will streamline the digital process of documents that the customer should sign.
They will be able to keep a good balance between efficiency, quality, and cost.
6. It Sets The Company Apart From Its Competitors
This is yet another great benefit of electronic signature solutions insurance business. Consumers today, look for everything they need to buy online. This means for the business to stand out, it should have an enhanced online shopping experience for its customers. It is what will make a company different from its competitors.
When a policyholder can quickly and efficiently complete the signing process, they will not have the time to change their mind and choose another company, and if they are happy they will also refer their friends and family and this means more business.
7. It is Legal
It is impossible to lose money if a company can easily prove that a policyholder indeed signed the documents in case of a dispute. Electronic signatures can help identify the signer and with the process equipped with some encryption process, it ensures that the right person signs the documents. This makes the documents legal and binding.
No one loves paperwork, especially in today's digital age. This means that insurance companies that offer their consumers digital experience, live up to the expectations of their consumers and this is an added advantage. Therefore, for an insurance company to have a competitive advantage, they need to incorporate electronic signatures in their system.
Electronic Signature in the insurance industry is slowly growing and becoming stronger every day. Because several countries have approved the use of eSignatures, it is safe to say that, this trend is not going away and might be the new way of transacting business in a few years to come.
The electronic signature for insurance industry can also trace any person who tries to change it within the same system. This means that a company can narrow down on anybody who alters any data without proper authorization and hold them accountable. If insurance companies and several other companies are benefiting from the use of eSignatures, so can your company.