Esignature solutions are a perfect and reliable replacement for the traditional, wet signatures. When you use Electronic Signature software you overcome all the drawbacks and limitations of traditional forms of signatures where the process takes days or weeks to get completed.
Electronic signature software allows users to give consent to the concerned document (to which he/she is a party) traditional forms of signature.
Electronic signature software allows signatories ( who are party to the contract) to give consent to the contract and it's content in different types. In short, electronic signatures can be performed using different types. One can make electronic signatures using a stylus or a finger and sign on the smartphone screen; one can click on the 'I Agree' checkbox and give the consent to the content; one can paste the photograph taken of the actual handwritten signature and give the consent, etc. Depending upon the law of the hand and electronic signature free solution you are using, you will get the preferences and features.
As far as the popularity and use of esignature solutions is concerned, there is no doubt that organizations (business and non-profit), along with educational institutions and government offices across the world see leveraging this solution. The present pandemic has boosted the use of electronic signature and the trend is going to continue in the future too.
Organization and individuals are loving esignature solutions for the convenience, ease, speed and safety it offers. The solution respects human efforts and time too.
Now that we are talking about the use of an Electronic Signature software, how can we forget how the insurance sector is benefitting hugely from the use of the best esignature for insurance.
Digital advancement and automation in the insurance sector is not just limited to the transformed IT systems. Insurance sector is taking it as a perfect opportunity to build a brand and market name. The sector is trying to build a distinct identity which is different from the rest of the market and the competitors. The sector is modernising the internal process and enhancing the customer experience by allowing customers to perform all the activities from the comfort of their home simply by using a smartphone.
In the insurance sector, customers perform a few tasks which are crucial to them such as when they buy the policy, when they renew it, and then when they claim the policy benefits. All these three tasks or activities need to be performed and completed through a thorough documentation process which demands signatures of many parties including the insurance buyer.
As part of the automation and digitization of the insurance sector, the digitization are switching to the use of e signature for insurance. They are using the solution to give policy approvals, and permitting changes during the services. The ultimate motto is to meet customer expectations and engage the techno savvy generation who believes in performing even the smallest of tasks using smartphones.
Insurance sector is leveraging the best electronic signature solution to provide fast, secure, and simple solutions to the customers. If the customer has to wait or stand in a queue for a long time to get the task done, he/she will return satisfied. On the other hand, if the customers know that the process will take hardly a few minutes or hours to get completed and he/she does not have to wait or stand in long lines to get one application submitted, they are going to stick to the organizations and recommend it to others.
As far as the advantages to the insurance providers are concerned, they no longer have to spend time and money on printing, faxing and mailing the document to every concerned party and then wait for days or weeks until each party makes the signature and sends it back. The process of storing these documents safely for years is hard. Physical handling of the documents and their storage exposes the content of the document to many unwanted risks like loss, misuse, theft, forgery, etc.
On the other hand, best esignature for insurance ensures the safety and easy storage of the electronic data. Every party and the departments get notified when the signature process is completed and the documents are stored in the cloud. If and when the customers make a claim, they want rapid action on it, this can be done quickly when the process is visible to all, transparent, and smooth. In such scenarios, customers expect insurance providers to efficiently complete the claim process. Every person at every stage must be notified when his/her attention is needed. Real-time alerts are important.
Apart from the benefits that come from using the rich features of the solution, the legality of the solution is another advantage.
If you are using a reliable Electronic Signature software, it is valid and approved by the law of the land. A reliable solution will be in compliance with Health Insurance Portability and Accountability Act (HIPAA), and other international and domestic laws that provide data privacy and security to the data shared through these solutions and every act performed using the software.
Here are the reasons why using an advanced e signature for insurance and insurance brokers is a good idea:
Build Confidence in the Minds of Policyholders.
When it comes to the insurance policies, if such activities are successful it will cost a person his/her all savings. To mitigate this risk, insurance providers use advanced electronic signature solutions which are built in a way that they can uniquely identify the signers and connect them to their signature. Here, every progress on the document is tracked and monitored and hence nothing goes unnoticed.
This builds confidence in the minds of customers and they are ensured that their identity and personal information is safe. Customers can sign insurance-related documents such as:
Health questionnaires, etc.
Reducing Lead Times
Esignature solutions provide your customers with the required comfort and ease through a smooth documentation process. All the parties of the document will have to do is download the concerned document, make the signatures using the solution, and upload it and send back the document to the drafter.
Guarantying Legal Security
Any reliable electronic signature solution would not store private data and signature permanently. This means each document has to be signed originally.
As the businesses are expanding, the insurance broker has to take the help of many tools and software to automate the workflow. In such a scenario, all the software must be able to integrate with each other and work as one. Easy integration offers smooth operations and a hassle-free flow of data.
Advanced electronic signatures made using the best esignature for insurance help in multiple dimensions. Right from streaming the internal operations of the insurance organization to building positive customer relations, everything can be done smoothly using esignature solutions.
The insurance sector is booming and the post-COVID world expects it to be more digital, more contactless, safer, and faster. Deploying a reliable digital signature solution can help in this.