How Safe Is the Virtual Signing Process for Insurance Industry

24 Jan

Insurance companies traditionally acquired and communicated to its clients through telephone and direct sales.

This practice is now changing and the industry is open to better ways of communication.

Insurance companies and insurers are adopting the digital way of communication and this allows them to pass on information securely, efficiently, while also maintaining a good relationship with their clients. Customers are embracing the digital age and it is no doubt that they will also appreciate their services providers to do so too.

Traditional lines of communication are no longer as effective. For example, the use of fax machines has been taken over by direct emails and other digital ways, thus rendering them useless. eSignature solutions insurance industry introduces better, faster, safer, and more simple.

This means insurance companies that offer a digital experience to their clients live up to their clients' expectations. For a complete digital experience, insurance companies should also incorporate the use of electronic signatures.

In this article, we will take a look at some of the benefits of using electronic signatures on an insurance company's process and how safe this system is.

Advantages of Using Virtual Signing For an Insurance Company

Here are some of the benefits that insurance companies will reap from electronic signatures

1. Avoiding Errors In The Signing Process

The pen to paper the traditional document signing method is prone to errors. Such errors only make the process of selling a policy much longer than it should. For example, if the client forgets to sign on some pages, the documents have to be sent back to them. This can cause huge delays.

By using virtual signing, the client, the insurance company will not have to worry about any of this. This is simply because a document signed using electronic signing cannot be set until all the required fields are fully filled ad signed. This method ensures that the documents are error-free and once the policy is signed y all relevant parties, the insured and the company receives a copy of it.

2. Mobility And Speed In The Process

With virtual signatures, customers can sig policy documents almost immediately they are set regardless of where they are. Once the client has decided to but a certain policy, the electronic signature solutions insurance industry allows them to complete the process from their current location.

This negates the need for meeting up with the insurance agent or visiting the company to sign the policy. Virtual signing makes the process faster and the client can sign using a computer, mobile phone or tablet.

3. Cost Optimization In The Casualty Department

The casualty department in any organization is the key to improving customer experience. Staff, in this department, are always in direct contact with the new customers and existing policyholders. They should, at all times provide excellent customer service to achieve customer satisfaction and maintain the customers. This means, minimizing the consequences of an accident.

Virtual signing is a tool that can come in handy I achieving these departments' main mission. Electronic signatures facilitate and streamline the digital system of processing documents that the customers should sign. This digital system also maintains a healthy balance between cost, quality, and efficiency in this department.

When customers experience a fast and efficient service delivery that also gives them the freedom of signing documents from wherever they are, they will be happy and that is one step toward customer satisfaction.

Read the blog: How the Insurance Industry may benefit from eSignature Solutions?

4. Increased Productivity Of Employees And Commercial Brokers

Electronic signatures not only facilitate and ease the process of signing policy documents but also have some positive effects on the productivity of the employees and the insurance agents as well. Some of these include:

  • Tracking customers is made easier since the state of the documents sent can easily be seen and this makes following up of the documents very easy and fast.
  • Keeping documents in the digital format facilitates easy access to them. Since there is no physical paperwork to deal with, policies can be properly classified and archived digitally.
  • Insurance brokers have the best tool that they can use to get the signature of the policies at the clients’’ office directly.

5. Reduced costs

Paperwork is not only tedious and bulky but expensive too. Electronic signatures mean cutting down all costs related to the traditional method of signing such as the cost of repairing and maintaining printing machines, courier chargers, paper, ink, etc.

In addition to this, insurance companies that avoid using paper also promote the green initiative. Your company will have an eco-friendly image which is one of the characteristics that digital and eco-conscious clients tend to look for when choosing a company to do business with.

6. It Will Make Your Company Stand Out From The Competitors

The whole world is gearing towards a fully digital era. Using electronic signatures enhances the shopping expertise for online customers. Most of your target customer’s ad existing customers have already embraced the digital era and prefer using their smartphones to shop.

The virtual signing will give you a competitive advantage. Your customers will prefer working with you if your system offers a fast, efficient, safe, and secure policy buying process. They will o twat to go anywhere else ad I fact they can bring in new business.

Is the virtual Signing process safe and legal?

In this era, there is no place for typewriters and fax machines. The growth of technology has given rise to more cutting edge digital systems that have streamlined a good number of otherwise redundant processes.

One such cutting edge technology is electronic signatures. These signatures make it easy for companies to transact business and offer better services to their clients. Because of the many advantages that this system offers, and the fact that several organizations were taking a liking to it, there was a need to have a law that governs its use.

The ESIGN Act in the United States of America and similar legislation in the European Union and India, support the legality of virtual signing. There are several more countries that have today embraced electronic signatures and using e-signatures in such countries is legal and binding.

This has paved the way for paperless transactions in several industries like the health, financial, legal, and insurance industries. May insurance companies are already using virtual signing processes and with these signatures, once you understand them you will ever look back.

Let us think of it this way, insurance companies accept signed and scanned applications as legal. If you can accept a faxed or scanned document then you should not have a problem accepting electronic signatures.

The software used in creating virtual signatures offers a security feature that will track the document in real-time. This tool can generate a summary showing when a document was signed, where it was signed, ad who signed it. Other software can reveal the IP address of the singer. This, together with the ardent security features makes these signatures safe.

Electronic signature solutions also feature encryption and pre-authorization. The documents will remain safe in the cloud and will provide a legally binding audit trail.

Why Insurance Companies Should Embrace Electronic Signatures Soon

Investing In digital signatures is worth it. eSignatures insurance industry will reduce the process of selling and signing policies and streamline several operations within the company. The current process of closing a deal is tedious, slow, and the company can risk losing customers.

Closing deals faster increases sales, customer satisfaction, ad save you a great deal of money. Implementing digital transactions will improve workflow and save everybody time. Furthermore, the industry is already moving towards virtual signing process, do not be left behind.

Read the blog: How An Electronic Signature Saves Time and Generates Revenue for Insurance Sector Companies

Basically, being that it is the digital age, the only field that companies can gain tangible competitive advantage, maintain their current business, ad create long term relationships is the digital experience.

Customers should be able to know all about your services and products, request a quote, receive a proposal, hire a preferred policy, and perform all the necessary procedures without walking into your company or even talking to you.

To offer a complete digital experience, allow your customers to choose and buy policies in a digital way. Integrate electronic signatures for the insurance industry and serve your customers digitally.

Finally

In confirming the authenticity of electronic signatures and showing why insurance companies should use virtual signing processes and digital document management, it is obvious that electronic signatures are very useful when applied. Through technologies like document management, this system ensures that no document is tampered with. This means the safety ad legality of policy documents cannot be affected.

Because the software used require user permissions, the document management will be able to trace ay changes made within the system. Everything concerning the policy documents will be handled within the system making traceability easy. This means anybody who alters a document without prior authorization can be held accountable because they will be tapering with the signed contracts.

Therefore, since the virtual signing process is safe and legal, insurance companies should not have a problem embracing it.

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