Let us see if you relate to this scenario or not:
Piles of documents or files are available on your desk waiting to get signed by multiple parties. All these parties of each file or document are spread across the location, some are even abroad.
Now, the real race begins when you or your subordinate will run to the post office or courier with all the papers in the bag and post them to each party without any error or delay. Each document will take a few days to reach each party, then the party will sign the document, and send them to the rest of the parties to the document via post or courier. This process will take around the same days again each time. And then the last party to sign the document will send it to you and it will reach you in a few more days.
Here, to complete the process of documentation, each party will have to sign it, no party can make any error or any changes in the content of the document before, during or after the signature.
This whole process will take a few weeks if not a month. Another way of signing a document is to call each party to each document at a particular place and wait for all of them to sign it together.
In both the scenarios, you have not only wasted your staff's time and efforts and money but also forced customers to do the same. Do you think this type of transaction can survive in today's world where time is money; rather time is everything.
You need a cost-effective, faster, safer and error-free way of conducting the process of documentation and signatures.
These are a few of the reasons why businesses and even government offices are adapting to esignature solutions. Electronic signatures are an efficient and effective way of managing paper problems and signing issues. Though there are multiple benefits of deploying an electronic signature for insurance or other businesses, one must understand that not all the esignature solutions are developed equally. It is important for you as a business to evaluate and examine all the best esignature service options available to you in the market at every possible level before you finalize the final vendor or software.
You must choose a technology that will add value to your business by automating the signing process and cutting human intervention and hence reducing or eliminating errors completely.
Here are a few factors that you must consider before finalising any product for your business:
Are electronically signed documents legally valid?
If you are operating in a highly regulated sector or dealing with high-value data or transactions, then you need a system that offers a high-end security environment and robust legal protection. Yes, electronic signatures are backed by some strong laws like ESIGN or UETA, it is important to check there are any other regulations that need to be followed for complete legal support. However, across the world, electronic signatures have legal backing and it is stated that one cannot deny the validity of any electronic signature purely because it is in electronic form. As a business, it is your job to choose an e signature for insurance or other sectors that offers process evidence to trail every step the customer takes to electronically sign a document. The software must offer audit trail features too.
Are e-signatures secure?
The esignature software features of the software you choose must secure documents and electronic signatures with the help of robust security measures or technology that digital a unique, digital mark of the document. Such documents can be used as a reference in the future to authenticity the integrity and intactness of the signed electronic record. Such solutions will save the content and signature from unwanted fraudulent acts or attempts to tamper with the document. If even a minute change is made on the document at any stage of the signing process, the document will be considered invalid and alerts will be sent to the concerned parties.
Are electronic documents safe in the cloud?
Usually, electronic signatures are used as SaaS solutions. When it comes to the safety of electronic documents in the cloud, you better deploy the best esignature service that will offer you a reliable cloud environment and infrastructure that will secure the accessibility, confidentiality, and integrity of the data. Make sure the vendor also holds an SSL certificate for extra security. Security will offer you and your customer a sound sleep at night as you are assured of the data and it's protection.
Are electronic signatures or esignature solutions easy to use?
Your staff, customers or other stakeholders will be able to shift to the electronic signature only if they realize that the solution is easy to use. User-friendly interface and smooth installation of the software plays an important role in convincing customers to use the solution. Go for a solution that ensures a simple e-signature process for you, the stakeholders and customers.
Does the solution accept various signature capture methods?
Electronic signatures can be performed in multiple ways as stated under many acts. These different ways include checking the right box, initialling a document, using a stylus or finger to make a signature on the device screen, etc. When the solution accepts different ways of electronic signatures it offers signatories a convenience and comfort which they like. Choose the software that accepts all the types of signatures that you prefer or want to use.
Can the e-signature solution be customized?
As a smart business organization, you must grab every possible opportunity to brand your business and build a distinct image in the eyes of your customers. Branding is an important way of engaging your customers and making them feel special. While you choose the e signature for insurance or digital signature in banking or any other sector including real estate, make sure the solution lets you customize the documentation process. This integration of the software with your branding image has to be smooth in order to offer a seamless customer or user experience. This way, customers will trust your brand more.
Read the blog- E-Signature For the Enterprise: The Four Requirements
Is the solution mobile-friendly?
In today's world, most of the people are living on the go. They are heavily using smartphones and other mobile devices and they perform small or crucial things like shopping or enrolling in a college or applying for a loan, etc. through their smartphones only. You must also offer them the same ease through your signing services. Hence, choose a vendor whose solution will offer an optimized signing experience to the users.
Is the e-signature solution flexible?
You deserve esignature solutions that complement your existing business system and workflows. Go for solutions that are integratable.
Does the vendor understand your business needs?
You don't want any other digital signature solution, you need the one which is perfect for your business. Choose a vendor that understands your business, business goals, business expectations from the software, etc. A vendor that is an expert of his business, understands the laws regulating electronic signatures and laws of your sector too.
Does the vendor have a good reputation in the industry?
It is always a good decision to do some research before finalizing any e-signature solution. Do some market research, find out what the customers, market players or market reviewers are talking about the vendor and his/her offerings. Go for company review sites or product review sites and see what people are talking about the service and software.
However, all said and done, there are organisations that are yet hesitant to leverage esignature software features. This might be due to lack of knowledge, lack of exposure, lack of planning or management. The reason can be anything. Let us see some of the instances where esignatures can be implemented.
Intellectual property licensing
Filing tax returns
Some legal documents, etc.
What we can conclude from this is that every business, especially those businesses which have to deal with lots of paperwork and signature processes can find an electronic signature for insurance beneficial. We have also discussed the factors one must consider before finalizing the vendor or the best esignature service for the business. If you are a banking or insurance sector business then you can immensely get benefitted from deploying electronic signature for insurance or digital signature in banking.