For an industry that is neck-deep in paperwork, the potential risks and vulnerabilities associated with many aspects of the workflow directly impact how they operate and distribute their services. When we take this point into consideration, the time spent in managing paperwork takes a toll on the core functionalities, productivity and profit margins. When we look at claims and sales processes alone, the sheer volume of documents that flows through the company’s intake funnel is overwhelming to manage, let alone optimize. In such cases modernizing the workflow is the key to unlocking the true operating potential of the organization.

The big hiccup in the traditional process

Getting personal insurance has become easy over time as people are comparing plans, filling out forms online, getting quotes, and tracking their claim status over the phone. However, the same cannot be said when it comes to selling commercial policies. Looking at how customer needs are constantly evolving, insurance companies are struggling to keep up. One of the drastic changes in a buyer’s purchase journey, which has left its mark on virtually every domain, is the rise in the DIY approach. This has impacted brand loyalty, as well. The customer’s focus seems to be shifting from price and brand to the service – a transition that companies find difficult to keep pace with.

It may seem like a leap of faith to invest in digital transformation, but considering the long run, the ROI and its impact on the business far outweigh the tiresome bureaucracy that runs in the backend. This is why a sane conclusion of adopting digital transformation is required.

Also read: Guide to Going Paperless with DrySign

Resultant paradigm shift

The insurance companies that had the foresight to see past the implications of the Covid-19 pandemic have switched to cloud-based technology to get rid of their inefficiencies and operational hurdles. Not only is it paying off, but it is also helping them strengthen their relationship with customers. With such a drastic change in the business ecosystem almost overnight, businesses had to make sure that people were out selling and not getting further entangled in paperwork, in times like these.

As a result, intelligent solutions like digital signatures, CRM, and other cloud-based business applications became the norm. 

This transition has resulted in companies paying more attention to client needs, coming up with the best solutions, and worrying less about errors. With insurance firms trying their level best to push the Direct 2 Customer (D2C) model, smart solutions like electronic signatures have come a long way in enabling them to do so. In this process, the process of insurance distribution is more likely to go across various channels to provide buyers and sellers with a more holistic and convenient way to do what they do best.

Conclusion

Leveraging cutting-edge technology like digital signatures enables insurance firms to restructure their customer interaction framework, claims processing, and their back-office data flow management. It also helps in bringing together different departments, making them work seamlessly in tandem. We can look at digital transformation as an exoskeleton that helps employees lift heavier weights and run faster while not forgetting the fact that it is still being operated by a human being. By doing this, we are simply making a super-agent out of an ordinary agent. 

Sources:

https://packhelp.com/d2c-direct-to-consumer

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Picture this; it’s one of those weekends after a long, tiresome week. Maybe you are looking forward to reading a good book or spend some quality time with your dear ones. But instead, you end up in a long queue holding a Manila envelope full of documents that are either signed or need a signature from some authority. This is especially true when there’s a visit to a government office or a bank lingering near the weekend. Wish there was a simpler way to deal with these signatures instead? With digital signature solutions like DrySign, you can forget about paper-clogged processes and move towards a smarter, greener tomorrow.

Paperless government offices

Government offices being riddled with paperwork have the most to gain by going paperless. With this in mind, federal offices are moving in the right direction with the paperless initiative. As of now, the federal government spends hundreds of millions of taxpayer dollars to print, scan, and store paperwork. An equal amount of effort and investment goes into the manpower and resources required to maintain the paperwork. As per the initiative, the government plans to go paperless by the end of 2022.
This means that the queues will be shorter and so will be the duration of the visits, if at all necessary. The eternal struggle to look for the right folder amidst a labyrinth of document cabinets will come to an end thanks to digital storage. Not to mention, the probability of your folder being mislabeled is also high. With digital signature solutions, your information will be protected by state-of-the-art cybersecurity measures. 

Paperless banking

The banking sector has welcomed every ounce of digital transformative tech coming their way. With mobile and internet banking, most of the banking can be done online. However, when it comes to KYC (Know Your Customer) documents, opening a new account, or any other documentation bit, there still exists plenty of room for modernization.
We can now fill that gap and cover the entire spectrum of paperless banking using digital signatures. According to research by Forrester, we can open a new bank account in just 8 minutes! With digital signatures, banks can get rid of inefficiencies in preparing and reviewing documents, and also speed up processes like tracking and archiving. 

Also read: Evolution of Digital Signature

Paperless insurance

The recent pandemic has pointed out the significance of health insurance. That covers the demand part of the supply & demand chain, which makes us address the main point of concern – endless signatures. The notion of signing a bunch of documents and filling forms seems overwhelming. This is where DrySign comes into the picture. Signing documents online not only saves you a great deal of effort but also reduces the processing time. As a consumer, you don’t have to go to the office and wait for an eternity for your turn to come. As an insurance provider, you save a lot of time and money by avoiding paper processing and manually collecting documents. All in all, it’s a win-win situation for paperless insurance.

Grass is always greener on the paperless side

Implementing a digital signature solution can help save around 2.5 million trees in less than 20 years! Looking at the current landscape of business operations, it is apparent that digital transformation is inevitable. With DrySign, let’s go paperless and head towards a greener tomorrow while saving our precious time on Earth.

Sources:

https://www.globalgovernmentforum.com/us-federal-agencies-to-go-paperless-by-2022

https://financesonline.com/25-essential-e-signature-statistics-analysis-of-trends-data-and-market-share

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Picture this; you are caught up in the midweek hustle. You could be a working professional on the run, a student who needs to sign an application on priority, or a freelancer who has to sign an urgent document. Either way, you are going to need a smart, legal, easy, and quick way to sign documents online. Here’s how you can get started.

Getting started with online E signatures

To get you up and signing in no time, DrySign gives you an option to sign in through your Google account. If you prefer filling the form, you can do that as well. Either way, it is a simple process that shouldn’t take much time.
 
How to create your digital signature?

Once you have successfully signed in, you will be greeted by an informative dashboard and a menu bar on the left side of the screen that will help you navigate through the application. You will see a lot of options and tabs that will make your life much easier. But to get started, you must first create your signature. You can either draw, type, or upload an image.

Inserting signatures to a word document or a PDF has never been easier

Now that your e-signature is ready to go, you just have to follow three simple steps – upload, sign, and send. The best thing about DrySign is that it doesn’t stop at basic functionalities like adding a signature block to your PDF or word document. It does way more than just ticking the right boxes. DrySign supports numerous file formats, making it easier and convenient for you to add digital signatures to PDF, word documents, or even images.

DrySign realizes that you can never be too careful and that’s why it gives you an option to protect your signed document with a password when you send it.

Also read: DrySign Freemium has Arrived – Here’s Everything You Need to Know

A side of electronic signatures you have never known

DrySign as a holistic digital signature platform is packed with an array of features. You can invite multiple signing parties online and get their signatures in one go. What’s more, you can even create pre-defined templates of signed documents that you are likely to send out frequently.

The data-driven side of electronic signatures

When it comes to having detailed records of your digital signature usage history, it’s best to have it and not need it rather than needing it and not having it. With DrySign, you get detailed logs that keep track of rejected, signed, and pending documents. Based on this information, you can even choose to send reminders.

The most important feature

This feature helps DrySign evolve to best suit your digital signing needs.

Your invaluable feedback is the ultimate catalyst that fuels the growth of digital transformation worldwide. Do share your feedback and follow our social media handles for more such helpful guides and insightful content.

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The year 2020 has set in motion an irreversible change that will continue to persist in many years to come. Remote working has proven to be resilient to changing business dynamics. Looking at the market's current landscape, companies that have been hesitant towards adopting digital alternatives to manual processes are more likely to switch to smarter online equivalents. Signing documents and contracts digitally sends out ripples in almost every aspect of the business, allowing for a smoother remote working experience.

Streamlining sales, HR, and collaboration with external vendors from the comfort of your home

The cloud of the recent pandemic has dramatically altered every aspect of business operations. Be it sales, talent acquisition, or supply chain management. But we have overcome worse adversities using technology. Using digital signatures like DrySign, HR professionals working remotely can onboard newly hired candidates within minutes by executing documentation online. When it comes to insurance sale executives, the increasing volume in medical insurances has left a mountain paperwork in the wake of this outbreak. Having a smart digital signature solution like DrySign will help reduce the TAT and clock more numbers with greater accuracy.

With the right tech and right people to harness its capabilities, companies can cut down one entire day of administrative tasks. In this day & age, companies tend to work in tandem seamlessly. And the thin line separating a successful partnership and the chances of a multimillion-dollar scam or lawsuit is a legally secure solution that can enforce the contract or agreement. The contract management lifecycle runs in multiple iterations. In each repetition, the most time-consuming part is getting signatures on the agreement. 

Remotely signing property leasing and rent agreements.
The recent pandemic has made us realize just how important it is to have a home office. With the rising need for home offices, the need to move to bigger spaces has resulted in an exponential rise in paper-processing and document signing. Real estate agents working remotely can make the most out of technology by signing leasing and rent agreements online using digital signatures. This way, real estate agents can deliver a better customer experience. In such situations where the market is in favor of the buyer, sales professionals and realtors need to be on their top game. It is in such times, transformative digital tech like e-signatures make a marginal difference. 

When it comes to finances, the show must always go on.
The tide of remote working has hit virtually every industry vertical. The finance industry being a paper processing powerhouse, benefitted most out of this. With an average of 80% reduction in the turnaround time, sales representatives working remotely for banks can now enable new customers to open bank accounts in just 8 minutes. 

When it comes to remote working, maintaining a work-life balance is the key.
Working from the comfort of your home has its perks. But in some cases, work might consume a major part of the day, and that can increase anxiety levels. In such scenarios, any digital tool like e-signature or any other tech that increases your efficiency or replaces the tediousness of the manual workflow is your best work partner. Not only does it improves your productivity, but it also clears your calendar for some recreational activity to help you enjoy working from home.

Also read:DrySign Freemium has Arrived – Here’s Everything You Need to Know

Conclusion
Irrespective of the constantly changing market landscape, the trend of remote working is going to stay. And with it, remote business operations and the need to replace paper-based workflow will exponentially increase. Needless to say that now is the best time to switch to smart and holistic digital signature solutions like DrySign.

Source:

https://financesonline.com/25-essential-e-signature-statistics-analysis-of-trends-data-and-market-share/

https://www.msbdocs.com/10-surprising-stats-about-esignatures/

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The Covid-19 pandemic has introduced drastic changes in most of the core processes. It was the necessary nudge that pushed us to come up with efficient and contactless countermeasures to the old and obsolete manual paper-based processes. Things are not that different when it comes to hiring. With the remote working & hiring trend taking off, it is now easier to overcome geographical boundaries and seamlessly collaborate. But for every solution statement, there is a high probability that the solution might not be ironclad and might not cover the entire spectrum of the process. The recruitment process is a complex process that is riddled with a flood of paperwork, approvals, and signatures. But with digital signatures like DrySign, it is now possible to address these hidden costs and speed up the process.

Addressing the flood of documents
Be it the signing of NDA’s, declarations, pension nominations, or any such declaration documents, managing the physical paperwork manually is a risky business. DrySign, with its online document storage, makes it easy to store and retrieve documents within seconds, thereby reducing the turnaround time of administrative processes. Apart from this, vital paperwork getting tampered with, mislabeled, or damaged is one of the most commonly reported concerns in HR departments. 

Better hiring experience for the candidate
During the testing times of the pandemic, digital signature solutions like DrySign has made the lives of countless candidates much easier. Onboarding shortlisted candidates and performing documentation remotely has not only reduced the hiring time by a significant margin but has also increased the efficiency of HR processes. E-signature solutions like DrySign allow candidates to join new organizations from the safety and comfort of their homes without having to physically go to the company premises and endanger their safety.

Empowering HR processes with real-time data
Having a data-driven mindset never goes to waste. No matter how perfect you think your HR processes are, there’s always room for improvement. With sophisticated electronic signatures maintaining logs of document uploads, signing, and sending, the user can keep track of the time required to execute the recruitment strategies. DrySign also offers features like real-time notifications, reminders, and signature status tracking that helps HR to stay updated at all times. Digitization and automation of manual HR processes is the key to diverting their efforts from administrative tasks to your employees.

Also read: DrySign Freemium has Arrived – Here’s Everything You Need to Know

Conclusion
In order to contribute to your company’s overall efficiency score and keep up with the trend of technological transformation, you need to equip all the departments with the latest digital transformative tech available out there. When it comes to recruitment, it is important to arm your HR department with equally innovative and effective digital tools to improve the talent acquisition process. Solutions like DrySign go a long way in helping the HR department operate faster, smoother, and with greater accuracy & security while eliminating hidden costs involving infrastructure and office supplies.
 

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How freelancers can benefit from using digital signature solutions

Sometimes, all it takes to crack open a complex problem statement is a fresh set of eyes and an intrepid mind working on its own accord. It may not involve a multimillion-dollar conglomerate or any other big name attached to it. Freelancers and individual contributors do just that. But in this age of digital transformation, falling behind on vital tech advancements might result in freelancers losing projects. The digital signature solution is one such subtle transformative tech that any freelancer or individual contributor should not miss out on.

Why should freelancers choose digital signatures over conventional signatures?

From documentation, and NDA agreements to royalty agreements, tax forms, and other marketing agreements, digital signature solutions not only eliminate the waiting period and streamline the approval process but also ensure accountability and security. In a line of work where the trust factor is one of the fundamental pillars of operation, using e-signatures makes the process more transparent. 

The convenience factor
As a freelancer, when you let your clients sign contracts on the move, you are adding an element of convenience that plays a pivotal role in forging a lasting connection with the client by providing a better experience. 

The legitimacy factor
With laws and regulations like Electronic Signatures in Global and National Commerce Act (ESIGN) and Uniform Electronic Transactions Act (UETA), the barriers between the legality of digital signatures and manual paper-based signatures have been dissolved to facilitate end-to-end electronic transactions.

Faster administration
It doesn’t matter if you are a start-up, a corporate behemoth, or an individual contributor; administrative tasks and processes prove to be just as tedious and time-consuming. But when you are a freelancer, efficiency and time constraints have elevated importance. With digital signatures like DrySign, meeting your deadlines and targets becomes easier as you don’t have to invest your valuable billable hours physically signing documents.

Also read:DrySign Freemium has Arrived – Here’s Everything You Need to Know

Digital Signatures – the missing link in the age of internet
If you are an individual who manages most of the business over the internet, cybersecurity is the topmost priority. Traceability, reminders, and notifications are added advantages that simply make your life easier. With digital signature solutions like DrySign, having timestamps and detailed logs along with online document storage helps freelancers keep track of documents while helping them prepare for tax filing.
In a busy and superfast lifestyle, having as many clients as possible while maintaining an immaculate business relation is the only way to grow as a freelancer. In this scenario, managing your time becomes one of the top priorities. Handling most of your administrative tasks over the internet allows you to bolster your core functionalities and enable you to invest more time in providing something extra in forging such business relations. Digital signature solutions like DrySign allow you to do just that.

Conclusion
When you are looking forward to being your own boss and want financial security & flexibility, digital signature solutions make freelancing easier, faster, and safer. With the trend of remote working growing popular, the need for a secure and legal way to sign documents and forms will also grow. With that in mind, e-signatures prove to be a step in the right direction.
 

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Use of electronic signatures has grown by leaps and bounds in recent years¹, and experts predict by 2023, the e-signature market size is expected to increase to approximately $9 billion.² It's no wonder considering the advantages of e-signatures, which include cost containment, improved workflow efficiency, and enhanced security.

There remains room for growth, however, notes the Electronic Signatures and Records Association³. Not all industries are adopting e-signature technology at the same rate. For example, the U.S. government has been lagging,⁴ while the legal industry has been ahead of the curve. If you are wondering how your particular business can benefit from making use of electronic signatures, you have come to the right place.

Healthcare

The healthcare industry is subject to intense regulation, including with regard to data collection, data privacy, digital storage, and acceptable forms of digital documents. Such regulation, along with all the disparate parties that might be involved in any given healthcare transaction, has proven a challenge to the industry's efforts to adopt digital transformation initiatives. However, e-signatures (DrySign^®, for example) can:

• streamline the process of signing and administering contracts between healthcare payers and providers;
• streamline claims processing;
• provide a head start in pulling together the many moving parts comprising healthcare information management; and
• facilitate record-keeping and compliance.

Finance

The finance industry is not only heavily regulated but also "signature heavy." DrySign can vastly streamline:

• account opening
• account maintenance
• loan applications (including mortgage loans)
• loan administration
• record-keeping

Legal

E-signatures have already been proving themselves to be invaluable in the legal industry. The use of e-signatures has streamlined the closing of transactions, the onboarding of clients, and communications in class action lawsuits and other litigation matters.

Real Estate

If you are selling a property, imagine not having to handwrite your signature in multiple places throughout a brokerage agreement? If you are a broker, imagine not having to drive around to potential clients to obtain those signatures? Imagine a commercial lease that did not require a week of logistical acrobatics to obtain the signatures of all the parties? Electronic signatures hold the promise of turning these imaginings into reality.

Manufacturing and Retail

It is hard to imagine an industry more mired in signatures than manufacturing and retail. Every link in the supply chain, no matter how small, requires some form of contractual agreement (examples include price quotes, orders, invoices, receipts, delivery notes, warranties, user agreements, returns, insurance, and package tracking, just to name a few). E-signing and digitizing manufacturing and retail documents can vastly decrease the time and money cost of doing business. It can also provide a jumping-off point to adopting automated business processes to improve your shipping, receiving, and fulfillment logistics.

DrySign can help improve those logistics

Government

Electronic signatures could be a game-changer for the government sector, which is not known for speed or efficiency. Imagine the speed at which multiple required approvals might be obtained? Imagine the reduction in waste if e-signature platforms can be leveraged for digital storage? Additionally, as with other industries, the government sector could greatly benefit from getting a head start in digitizing documents, which is easy when you upload using DrySign.

In upcoming posts here on the Exela Blog, we will be taking a deep dive into the more specific ways some of the individual industries mentioned here can benefit from using e-signatures.

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Imagine this typical scenario in any office - a particular job request (could be a procurement request or a legal document for Mergers & Acquistions, or a simple dispatch request) has to be sent out urgently within 24 hours for signatures from three people. Now the problem is that out of these three people, only one is readily available. One is traveling for a business meeting locally, and the other is in a different country and time zone altogether. Ideally, it would not be possible to get all three signatures within 24 hours without devoting significant resources. Such as:

1. Sending the physical document to all three locations to obtain their individual signatures; or
2. Getting the first signature and sending scanned copies to the other individuals and scanning their signed versions in turn; or
3. Finding alternate signatories

All of the above are time-consuming and difficult to pull off, given the time restraint in the business environment we work today

With DrySign's electronic signature platform, it is possible to get all three signatures within a few hours. All it would need is an internet-enabled digital device.

Key Features

DrySign lets you create your custom signatures and allows you to sign documents with just a single click of a button. You can keep track of your documents while ensuring the highest security with industry-standard encryption.

You can also set a priority order for signatories; the document is sent for signatures to each person as per the required level of hierarchy using the Group Sign feature.

With its intuitive user interface, you can prepare large documents such as service agreements or policies using a simple drag-and-drop feature that makes it easy to place signature fields in precise locations.

Key Benefits

• DrySign eliminates the need for printing documents for signatures, thus reducing your spend on paper
• Document signatures can be obtained in minutes and require no physical intervention
• All documents are encrypted and cannot be read without proper access credentials

DrySign's electronic signature solution, not only reduces time and effort, but also transforms the way document management processes are managed.

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Technology cannot prevent the onset of a pandemic. However, it can help prevent the spread, educate, and noticeably lessen its impact.

Due to transportation being partially or entirely shut depending on where you live, postal and courier services are impacted, delaying banking, financial, and insurance documents. With DrySign, legally binding documents can be shared, reviewed, and signed from the comfort of your home.

What is it? DrySign is Exela's electronic signature platform. With DrySign, you can send out documents and obtain signatures instantly – sans paper – making sign-off simple, super-fast, and secure. Signed documents are securely stored and searchable.

Why do you need it? The current Covid-19 crisis may be keeping most of us at home, but it has not stopped the business flow. Exela serves many essential businesses around the world, and we are committed to helping you with our electronic signature platform.

DrySign can be used to:

• Upload documents from any device
• Highlight where you need to sign
• Invite signatories in any chosen order
• Track the status of the signatures
• Remind signatories to sign
• Verify signatures using custom authentication
• Store and search documents securely

Driving paperless technology during this Covid-19 pandemic helps businesses eliminate dependencies on redundant paper-based processes while saving costs and gaining more competitive advantages.

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How far have we come in recasting our old school ways from using a quill pen to a fountain pen to a ball pen or a gel pen for writing or signing or scribbling or doodling? Although we are not the generation born in the age of the Quills, we surely are the ones who loved using a fountain pen! Well, that is just about us, the millennials, but what about the big businesses? Are we not in the digital era already? Every business today has been securing digital transformation to every extent that they can. We can say that digital transformation is taking over the world, be it mailrooms or lockers or printing services or human capital management or, for that matter, even signatures.

A signature is a mark of acceptance, authority, approval, or even obligation in some cases. While we live in a generation where globalization has cruized every level, then why not globalize signature workflows? When personnel of an organization can sign and send a document just with a few clicks from one country to another, then why not digitize?

E-signatures have become an integral part of globalization, which is far more cost-effective, efficient, a big time-saver, paper saver, and a modern way of being in the business. Hence, the usage of electronic signatures is reaching the skies and, of course, will the market for e-signatures.

So, what does Exela’s DrySign do?

It is just an uncomplicated and protected electronic signature platform to maneuver your business forward. Send out documents, and obtain signatures instantly, anywhere, anytime with DrySign. Our product will help users to access and sign documents from any device, anytime, anywhere. It will electronically generate multiparty signature requests enabling users to specify a preferred order of signature execution. With DrySign, you can obtain online signatures in a snap, set up reminders, and receive email notifications. It has the capability of storing documents with a complete audit trail, facilitating every user to search and download executed documents.

So, why just sign? When you can DrySign.

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