How the Insurance Industry may benefit from eSignature Solutions?

24 May

ESignature solutions have been with us for a long time, but many of us have little understanding of the benefits it brings at the productivity level.

We cannot ignore questions that come up on the viability of electronic signatures insurance applications without explaining how they work.

Insurance companies are now fully implanting eSignatures on the various processes and functions to reduce costs, increase turnaround, and improve the services to partners and customers. The rapid adoption of electronic signature solutions for the insurance industry is due to the explosion of consumer technology. Explaining the technologies behind the eSignature application is as important as knowing the most common eSignature solutions for the insurance industry.

Deployment Options

Deployment of eSignatures is the description of the service delivery model of the eSignature system. Some of these options include:

1. On-Premise

This deployment takes place behind the company’s firewall, which is also the most common method of implementing enterprise applications. The insurance company installs the electronic insurance signature applications on their servers and hosted in its own data center.

The deployment allows for flexibility and control of the system as it is configured to reflect the insurance company brand and business processes. The downside could lower the staff costs who should manage the data center.

2. SaaS (Software as a Service)

The eSignature system is deployed on the site of the vendor or a third party. Maintenance of the service is the responsibility of the vendors. The deployment of the software can either be a dedicated instance or on demand. The different models offer different pricing options for pricing. Insurance firms can use it as a subscription or transactional basis.

Since service deployment is in the hands of the vendor, the insurance company saves a lot of money in costs.

The Best Possible eSignature Solutions for the Insurance Industry

To avoid the time consuming and tedious process, insurance firms are giving up on the pen and picking one of these electronic signature solutions.

1. Adobe Sign

Probably the most used eSignature software that is compatible with Microsoft Office application. Adobe sign has plenty of features and functions that are accessible on web and mobile, allowing insurance firms to share documents for signing with clients who cannot make it to the office. This is one of the electronic signatures insurance applications with an authentication service to ensure that only authorized people can sign important documents.

Recent updates allow for use in life science and in pharmaceuticals that want to integrate with SAP applications.

2. eSignly

eSignly is great for signing, sharing, and managing documents online. It facilitates utmost ease, reliability, and security. Employing advanced technology and adhering to global standards, eSignly makes it easy to transition from paper documents to online document signing and management. This e-signature tool is perfect for businesses of any size, from small and medium ones to large scale enterprises. It provides real-time status of the document, as it moves along the signing process and easily supports collaboration between different business stakeholders. 

3. DocuSign

DocuSign is a dedicated provider of eSignature solutions that give firms a straightforward and quick way of signing documents. The software allows for many integrations that could favor insurance firms using Google, Windows, SalesForce, and Apple.

Suitable for insurance firms keen on security and reliable encryption technologies to protect client data.

4. Secured Signing

Secured Signing is a cost saving application that can be applicable in insurance industry eSignature solutions as quick of signing documents. It is cloud-based and easy to access from the desktop, mobile device, or laptop.

There are extra services like a video confirming the identity of the other person to get rid of document tampering. Another feature is the document negotiation session where the insurance and the client can negotiate and agree on the rate while still on the video.

The support of PDF files and the capacity to include multiple signing fields for the signer and several pages can be added if necessary.

5. OneSpan Sign

Large insurance companies that need to maintain their high levels of customer satisfaction should try the OneSpan sign. The organizations using this eSignature are corporate giants like BMW, US Army, and IBM, etc. use solution.

OneSpan Sign is a solution that allows for smooth and seamless workflow across devices and company staff. Insurance companies that use private or public cloud can integrate this application to the existing computing infrastructure.

6. SignEasy

SignEasy allows for more flexibility and uses from the office or through the mobile application. Firms seeking insurance industry eSignature solutions can try the cloud-based application, which offers accessibility on the go because of the attractive interface of the mobile experience.

It gives the firms the capacity to specify which signature boxes to sign and the person to sign. Clients can receive several templates at once to enable signing simultaneously.

7. KeepSolid Sign

The KeepSolid Sign enables Signing of documents anywhere and even offline. This is an electronic signature solution for the insurance industry seeking secure encryption and security protocols. Employees at the firm can access signed documents even when they are offline.

The collaboration and annotation tools work together with the document tracking to enable document editing. These signed documents are accessible on any cloud services and email repositories. Companies that seek to use electronic signatures insurance applications may notice that the AES-256 encryption protocol protects the security and privacy tools on this app.

How to choose an eSignature Solution

eSignatures have grown in popularity over the past few, and the insurance industry is not left behind. When it comes to choosing the right e-Signature solutions for the insurance industry, here are some crucial aspects of the various applications.

Integration Concerns

Businesses are expanding. Therefore, companies have to run online applications such as Google Docs, Dropbox, Zoho, OneDrive, Evernote, and SalesForce. Insurance firms that use any of these cloud application need eSignature software that integrates well.

Company Expansion

Most programs should give the firm the flexibility to scale the business as far as necessary. Deploying an eSignature means confirming if the vendor can grow with future firms expansion program.

Meet Security and Conforms to Regulations

There is no point of running an eSignature solution if the recipient is not sure of the integrity of the documents. Make sure the provider complies with the following bodies:

  • ESIGN (U.S. Electronic Signature in Global and National Commerce)
  • UETA (Uniform Electronic Transactions Act)
  • EIDAS (European Union Directive 910/2014)

Conclusion

E-signature solutions for insurance industry are now a strong and growing feature in the business. Driven by the fact that both state and industry regulators have approved the use of eSignatures, the trend of signing documents through eSignature solutions is not reducing anytime soon.

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