Benefits of eSignatures for the Insurance Industry

The insurance companies nowadays face a lot of challenges like increasing turnaround, reducing
costs and profitability issues to name a few. In order to remain relevant in the insurance market
and to overcome the challenges, the insurance companies have started to implement a trusted,
secure and proven system called eSignatures.
There are two main purposes of choosing eSignatures. The first one is to stay current with the
changes in the industry and the second one is to expand the consumer technology. This is
because eSignatures increases mobility, brings a lot of benefits to production and also improves
the cost optimization.
For detailed benefits of implementing eSignatures for the insurance industry read further.

Provide confidence to the Policyholders

Today in the digital environment the online transactions have become uncertain due to the
problem of inaccurate individual identification.
Since specific data is collected by the audit trial, eSignatures links and uniquely identifies the
signers. To explain further, the problem of false identity for online identification can easily be
solved by eSignatures. With the help of eSignatures the clients are assured that their identity is
safe and secure from any kind of theft while they make online transactions.

Speeding up the Insurance policies’ signing process.

The consumers are at an advantage while signing online insurance policies with the help of
eSignatures because it can be done on the go. The only thing that is required is the decision of
the client to purchase a policy and after that, they can easily sign the forms anywhere and
anytime. It can be done both from the tablet or a phone.

Documents that can be signed using eSignatures:

 Insurance policies
 Sepa mandates
 Health questionnaires
 Legal Protection of Personal Data Agreements
 Welcome Letters
 Medical reports

eSignatures are Legally Binding

A question may come in a client’s mind whether the eSignature is accepted in the court or not?
No need to worry about that because all the online signing procedure is secured with encryptions.
This assures the client that the document is only accessible by the concerning parties.
Apart from that, legal certainty of the signing process is also guaranteed by the compliance of all
the major laws of electronic signatures such as eIDAS, ESIGN Act and UETA etc.

Commercial Agents provide well Improved Productivity.

In order to increase the employees’ productivity it is very much important to provide the online
insurance policies with the best quality services.
eSignatures software is the best tool for agents as it provides the clients the facility of tracking
their policy unlike the traditional paper and pen method. The policies are well archived and
classified so that they are easily accessible without consuming much time.
This is how the efficiency of this process helps to increase the productivity.

Cost Reduction as compared to Paper Storing and Scanning

It is a social duty of the Insurance Companies to provide the customer with the best and
improving experience. Therefore, without the use of papers they can create a balance between
efficiency, cost and quality while making the process environment friendly.
At last, the use of eSignatures not only lessens the paperwork but also saves the expenses of
getting other materials related to it like printer and scanner, maintenance of printers and
scanners, ink etc.