The insurance industry is a document-intensive field. On an everyday basis, there is a need to compile several documents including lengthy policies along with rules and recommendations related to the documentation.
This compilation must be such that the customers find the deal closure simple and that can be with electronic signatures on insurance policies.
The insurance brokers who wish to make so many things simple for their clients begin to use electronic signatures for the insurance industry as a necessity. They begin to understand that the signing process can become quick if the hassle of scanning and faxing documents for signatures is taken out of the question.
Today, many insurance companies have started using the facility of electronic signatures on insurance policies for offering an improved service to customers.
With online signatures, sensitive information is kept safe and secure methods are implemented according to the rules set by ESIGN, and UETA.
Further, this leads to a reduced amount of paperwork and postage that is used in the brokerage which then results in a quick turnaround time.
It can be easily said that insurance companies offer a digital experience that meets the customer’s expectations easily.
One of the best ways to do this is by adopting the best electronic document signing software.
In this blog, we will be talking about the use of electronic signatures on insurance policies.
8 Incredible Uses of Electronic Signature on Insurance Policies
1. Better Employee Productivity
The use of electronic signatures on insurance policies makes sure that no document ever gets misplaced. The insurance companies will always send it to the right address and there will be no question of losing the document on someone’s desk.
One of the best things is that the employees will know just how far they are from closing the deal.
They will be able to see the updates about the deal’s status at all times which can actually help in reducing any human errors.
Hence, process automation will contribute to improving productivity and quick closings.
2. Enhanced Signing Process
The online document signing process enhances a customer’s ability to sign the insurance policies almost instantly.
When a customer has chosen to buy a policy, he/she can use the electronic signature process to complete the process from anywhere and at any time.
The agility in the electronic signing process serves as a boon in the fast-paced world for both insurance companies and customers.
The insurance companies don’t need to wait for the customer to complete the process of signing the documents physically.
Rather, the documents can be sent and signed digitally with electronic signatures on insurance policies.
3. Error-Free Signing Process
The entire process of signing the documents with a pen and paper increases the time taken to close a deal for insurance companies.
There are so many times when a customer forgets to sign the policy copy, signing on important pages and filling out other important details, etc.
The use of an effective electronic signature on insurance policies is to rule out all possible problems. Since almost everything becomes computerized, the process does not get completed until the signer has not filled in all the necessary details required by the insurance companies.
Just when the important details have been entered successfully, the receiver can sign the electronic document and complete the process successfully.
4. Brand Reputation
The main benefit of esignatures on insurance policies comes with the ability to improve the overall online experience for customers. It also offers insurance companies an edge over other competitors.
When there is immediacy and speed with which the process is completed, the risk of customers going to another company is reduced.
In addition, the companies that adopt a digitally backed service are quick on their way to do well in the future as well.
With the world becoming digitally active each passing day, insurance companies must make it a priority to provide electronic signature service to their customers.
5. Sustainable Method
The online document signing signifies that the company will be saving a lot more on paper costs which in turn means that the company is conscious of the environment.
An insurance company that avoids paperwork is considered an eco-friendly, innovative, and professional unit.
These are some of the defining factors that can become very important for a customer when it comes to choosing an insurance policy provider.
The more environmentally conscious a company can be, the better it will have a chance of getting chosen by the customers.
6. Legally Enforceable Solution
The fact is that the electronic signature online solution has actually been there for a very long time. However, as the world continues to become digital with each passing day, people are beginning to understand the use of e-signatures.
Plus, the pandemic accelerated everything.
Adoption of the ESIGN and UETA Acts has empowered the legal landscape for the use of electronic records and electronic signatures in commerce.
These acts state clearly that electronic records and signatures carry a similar weight and legal effect as traditional paper documentation.
Basically, electronic signatures on insurance policies offer great legal coverage in case there are any disagreements in the insurance process.
They also reduce the risk of people outside your company accessing any private data. The digitized information is a lot more secure than the documents that are archived on paper.
7. Professional Documentation
The use of an electronic signature service in the insurance industry makes documentation look a lot more professional.
It is possible to easily customize the document page branding by the formation of insurance forms and setting some requirements.
The insurance companies can add different fields. It is also easy to specify the fields that a customer should fit in for getting accurate insurance details. Creating an online signature will enable you to add your brand logo to the page people see when they sign the documents.
8. Value for Customers
With the rise of modern digital alternatives becoming a lot more prominent, the transformation to digital means becomes even more attractive.
At present, customers can quickly sign and save copies of insurance documents without moving from their chairs.
The customers do not have to wait for the documents to get delivered or they do not have to spend time in the post office line for returning the signed documents.
From beginning to end, it becomes simple to carry out the process within a matter of minutes.
All the reasons that are mentioned above are direct and clear examples of the fact that adding an electronic signature to a word document can effectively improve the digital experience of insurance policyholders.
The insurance companies that are looking to gain an edge must implement the e-signature solution so that they can themselves be digital companies.