Ways e-signatures are transforming the insurance industry
Over the last few years, the insurance industry has demonstrated incredible adaptability and resilience. With digital technologies expanding at the speed of light, carriers have tapped into new competencies to drive transformation and operational efficiency. The past year reflects a mixed bag – rising premiums in the commercial and personal lines of business – challenges due to the COVID-19 crisis – new market entrants facing difficulties revolutionizing insurance when the rubber met the road. From a constructive perspective, continued competition has outgrown innovation.
Above and beyond all the transformations, the industry has realized that there is a need to integrate technology into the system's spine – documentation. The insurance industry heavily relies on paperwork, which is the main reason for sluggish processes, redundant prices, and time-consuming workflows, resulting in dwindling revenues. With ongoing challenges such as talent shortage, inflation rumors, rising interest rates, and many more, it has become imperative to emphasize cost savings. Thankfully for the insurance sector, eSignature technology is here. Electronic signatures will undoubtedly reshape the insurance industry in the years ahead by helping organizations with tedious and lengthy paperwork, streamlining their processes, and significantly reducing costs. Here's how the insurance industry can benefit from the use of electronic signatures and digital documentation:
Benefits of eSignatures in the insurance industry
The insurance industry increasingly relies on paper-based processes with lengthy policies, rigorous rules, and regulations. The growing need to stay relevant in the current market and expanding consumer technology are the two main reasons driving eSignature adoption in the insurance industry. Electronic signatures make things easier for insurance professionals by eliminating the hassle of manual document signing, scanning, and faxing contracts to customers.
Mobility and speed in the insurance policy signing
We all know how lengthy the process of buying a policy is. Countless documents, numerous norms, and compliance requirements – it gets overwhelming to sign and complete the process. Moreover, these processes are time-consuming as a lot of reviewing and signing are involved. Integrating online signatures removes the time and location constraints – your clients can sign, share, and store documents in minutes from anywhere and anytime. Moreover, insurance professionals can save a lot of time with the help of eSignatures spent in storing and sharing documents back and forth. In a nutshell, embracing digital signing helps insurance professionals simplify processes, streamline workflows, and provide a better consumer experience.
Any person deciding to purchase an insurance policy is indirectly investing their hard-earned money and expecting a good cover for their future needs. In short, they are trying the secure their future. What if the insurance provider denies any of the deliverables or the insurance paperwork gets into legal disputes? Of course, anyone would feel devastated. But you wouldn't have to worry anymore; electronically signing documents is totally legal these days. You can also use the digitally signed document in a court of law as proof of transaction. In addition, eSignatures are end-to-end encrypted, guaranteeing that only the authorized person can access the document and ensuring legal certainty.
The customer experience (CX) matters the most to almost every organization. The more satisfied and safe your clients feel with your brand, the more likely they will invest their money and trust. For insurance companies, the business primarily runs on recommendation games. So the more your client will feel satisfied, the more they'll recommend you. And nothing pleases clients more than a smooth, straightforward process with secure documentation – which they can sign on the go, store documents efficiently for future reference, and access documents in minutes from the comfort of their homes.
Revenue is the main motive behind any business. However, your business strategies might need to improve if you provide exceptional services or have a good brand reputation and still fall short of your revenue goal. So how do you increase the revenue? Cutting unnecessary costs, reducing process turnaround time, and streamlining workflows can help. For example, adopting an eSignature solution helps insurance professionals to save countless pennies spent on paper, ink, transport, fuel, printer, scanners, and more. Moreover, it reduces document turnaround time and streamlines workflows, increasing team productivity and revenue.
Reduced carbon footprint
The paper and pulp industry is the third largest industrial polluter of soil, water, and air. Paper production industries use chlorine-based bleaches, which result in toxic materials. Moreover, when paper rots, it emits methane gas, 25 times more toxic than CO2. As we know, the vast majority of insurance processing includes paper-based procedures. This means insurance companies are one of the most significant paper users and equal contributors to air, soil, and water pollution. While most organizations adopt eco-friendly workplace cultures, insurance companies can't be left behind. Investing in a superior eSignature solution allows you to automate your paper-based processes, eliminate paper usage, and reduce environmental contamination – helping your organization reduce its carbon footprint and go green.
Reduced errors and risks
After shuffling through countless documents and lengthy manual processes, it becomes incredibly tricky for an insurance professional to deliver an efficient and speedy process without compromising security and compliance. It is solely the insurance professional's responsibility to retain confidential customer records. In case of any disputes, the customer and agent must process the discovery, including sifting through paper files in multiple locations. In addition, traditional paper-based documents are fragile and are at risk of information damage while relocating. Besides, it is infuriating when after waiting for hours, you realize some signatures are missing or the information mentioned is altered or off-beam.
Embracing a stable and secure electronic signature solution eliminates these risks and provides a smooth, efficient signing experience. DrySign, one of the leading e-signature solutions, offers a wide range of features that give you complete control over your documents. You can track your document status anytime and anywhere, set reminders and notifications, and ask for real-time mail trails to know the signing status. Using eSignatures ensures you never miss out on valuable deals with faster processes than ever before. All this without compromising security. E-signatures are end-to-end encrypted that, restrict unauthorized access and help save from data breaches.
The Bottom Line
The benefits mentioned above are reason enough for insurance professionals to take their manual workflows online. Electronic signatures have been changing lives for many, simplifying their business processes. If you are in the insurance industry, you must try out the electronic means of signing. DrySign provides a vast range of features ideal for almost every industry, including insurance. You can significantly simplify your paper-based processes with DrySign features such as real-time mail trails, intelligent dashboards, reminders and notifications, and group signs. Automation is the key in today's ever-evolving business world. So, automate your document workflows. Start DrySigning now!
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area