Traditionally, insurance companies have relied on telephone and direct sales alone to acquire customers and respond to them, which is still by a great means their prime channel of communication. However, it is inconceivable today for any company, including insurance agencies, to not consider digital medium for the same.
They are digital-savvy consumers today who demand business through online portals and therefore there is a burning need to convert all of the procedures to the digital format or platform for better prospects of the business in any company, including that of insurance.
There are a whole lot of benefits that come with completely digitalizing insurance-related procedures. To realize this ambition, definitely, electronic signatures hold the most percentage, allowing customers to sign all of their contracts, documents, and policies through a high-tech digital platform.
Here are some of those choicest benefits for an insurance firm that comes with the adoption of electronic signatures.
Promptness, convenience, and speed
With electronic signature software, clients can sign their insurance policies almost instantly and at any given time or place. In the event that the client has decided to acquire a policy, an e-signature solution lets him/her complete the process from home or anywhere of their liking using any digital device.
Reduced Possibility of Errors
A traditional signature on paper can involve failures such as forgetting to sign on certain pages etc which can lengthen the process of policy selling. However, by using electronic signatures this can be avoided since the signing process remains incomplete if the signer does not fill all the required fields as defined or if he/she did not sign on all of the specified pages specified.
Increased productivity of insurance agents
An e-sign tool not only facilitates and simplifies the procedure of signing documents for the customers but also has a positive impact on the productivity of insurance agents by:
Saving time spent on paperwork and document filing, since policies can be rightly sorted and archived in electronic format, and so making it easier to access them too. Moreover, it is easier to track the signer since all the document signing process takes place from his/her dashboard. These tools prove perfect for commercial agents as they can get the policy signatures straight to the clients' offices.
Cost optimization for casualty division
Casualty departments help to improve the customer experience, because of their direct contact with the customers holding policies and so should be capable to furnish superior service to them in critical times, decreasing the consequences of any mishaps. The eSignatures is an instrument that can certainly aid this department to fulfill its aim: not only because it assists and streamlines document processing via digital means, but also because it aids to maintain a fair balance between cost, quality, and efficiency in the division.
Differentiating factors from competitors
Utilizing electronic signature software increases clients’ online shopping experience and acts as a differentiating element from its competitors. In addition, since the policyholders are able to complete the process of signing a policy swiftly, it greatly lessens the risk of him/her opting for another solution by another company before the signature.
Reduced Expenditure on Paper
Owing to the electronic nature of e-sign solutions, insurance companies can markedly cut down their costs for paper and other stationery paraphernalia. Moreover, opting for an eco-friendly option of digital signing platforms also gives your company a favorable environmentally friendly, and responsible image.