Modern technology affects business undertakings positively and pushes the limits of many industries. This shift from traditional manners to modern technologies have been observed across industries. Now electronic signatures are here for a while, and they have been the means to the automation of many businesses.
Insurance companies are also not left out of going digital. Around 75% of insurers are adopting digital signatures. It’s a big leap in just five years, from about 47%. For a straightforward reason that it makes it very convenient for the insurers as well as their customers.
The multiple signatures required on paperwork make this a lengthy process. This is hectic for both the insurer and the policyholders. This issue can easily be removed with the usage of digital signatures. More and more insurers are turning towards signature makers for the plethora of benefits that it provides in this digital age.
Let us read about some of the benefits that electronic signatures provide to insurance companies and their customers.
Convenience to policyholders
Customer satisfaction is the priority of every business regardless of the industry, and every business strives to achieve it. It is the most celebrated and valued aspect of every business. And electronic signatures do precisely that. It eliminates the paperwork, and your customers don’t necessarily have to meet you in person.
The documents can be sent directly to the customers. They can access them on any device and sign them online. There is no need for physical transmission of the documents. The use of modern technology removes the challenges of traditional dealings and allows you to provide more convenience to your policyholders.
Speedy signing process
One of the significant advantages of utilizing online signatures technologies in insurance companies is that it speeds up the signing process. Electronic signature solutions allow customers to receive and sign the insurance policy papers almost immediately.
The mobility is also not an issue as the documents can be accessed anytime, anywhere, through a computer, tablet, or phone. Once they decide to purchase the policy, the client can complete the process as per their convenience. With a speedy process, the overall efficiency increases and is convenient for the insurers and the customers.
Minimal errors in the signing process
The manual signing process is always hectic and lengthy. It relies heavily on paperwork, which means mistakes are going to be made. Moreover, there are multiple places that need a signature, and a customer may forget to sign some of the required fields.
Errors and missing essential fields can lengthen the process even more. Using electronic signatures ensures none of this happens, and the process is completed without any errors. It ensures there are no errors, delays, or other complications because of the manual signing process.
Electronic signatures increase the overall productivity of your employees and ensure that your customers feel convenient whenever they need to sign.
Before the electronic method, insurers put a lot of time and effort into the paperwork and filing documents. After going paperless, policy papers can be stored online, which reduces the time taken. Tracking customers is also made very easy as electronic signatures stores the information of the signatories.
The state of all the documents, being opened, read, and signed, can directly be performed from the signature dashboard. Electronic signature facilitates the commercial agents to get signatures of the client directly from their offices. These features increase the insurer’s productivity.
Cost optimization in the casualty department
The casualty departments are in direct contact with the policyholder at the time of any critical incident. The department aims to improve customer experience and reduce the number of accidents by taking decisive measures.
Digital signature software and signatures help to find the right balance between cost, quality, and efficiency. Similarly, they help in the reduction of the cost of maintenance of paper records.
The concern of whether the electronic signature can be legally held as a proof is natural. Many people have the same concern with online signatures dealings. The government identifies electronic signatures as legal tools to sign documents online. There are specific rules and regulations that need to be followed.
Electronic signatures have this property that helps to identify the signer. Online signatures undergo a couple of encryption procedures and are secure. These procedures ensure that the documents can be accessed only by the parties involved, and there is no tampering of the documents.
Unique factor from your competitors
You need to have some unique features and services so that the customers choose you and not your direct competitors. Electronic signature gives you an edge over your competitors as it enhances the customer experience and makes it easier for them to sign.
Using electronic signatures will make you stand out from the competition and attract new customers. Clients will same time and effort, which is vital for anyone in today’s world.
Electronic signatures can help you lead a sustainable business, as it encourages you to go paperless. By utilizing online signatures, you can take a step towards being eco-friendly. Traditional companies are working at the cost of degradation of nature, and that’s not good for the environment and their reputation.
Going paperless may sound difficult, but it is not the case. You can easily start with electronic signature solutions. The digital revolution of your business undertakings will help create an eco-friendly image.
Most customers will prefer dealing with you because of paperless and fast work. You are getting plenty of benefits with the use of electronic signatures, and an opportunity to do something for nature.
Reduced spending on paper
With the use of electronic methods, you will reduce the use of paperwork and ink. So the spending on paper will naturally be diminished. You will reduce the cost of buying paper and other things like printers, scanners, ink, pens, etc.
Insurance companies need to keep the record of past policies and customers. A lot of resources are needed to record and store this record. But once you go digital, you no longer need to maintain paper records and can save a lot of money. The data is easy to store and very safe this way. Moreover, going paperless has a very positive influence on nature and preserves trees.
Growth and expansion
The traditional ink and paper method often limits your service to the places you can physically go and is not effective. This does not let you expand your business and customer base. Going digital is vital to get the best opportunities and closeout deals.
Earlier it used to be very difficult to finalize or even take up overseas dealings or clients. The physical nature of the procedure does not let you deal appropriately with international clients. Electronic signatures have the right solution for this issue.
The process of physical shipping, signing, and confirmation of policy papers is not required now. You can directly send the documents to the client they can sign and send them back in seconds.
In the article above, we discussed the benefits of using digital signatures and their positive impact. We also listed and pondered over the benefits e-signatures can provide to your insurance company.
Electronic signatures give the policyholders greater security as they can get to know if the documents are tampered with or not. And the automation of procedures has definitely been convenient for them.
It has opened up new avenues for insurers to shoot for better deals and reap higher revenues. You can reach out to overseas clients and expand the horizon of your business. When you take steps towards going paperless, it helps you in numerous ways.
Cost reduction is one of the major benefits of doing paperless transactions and gives you an edge over your competitors. With the discussion above, it is clear that electronic signatures are beneficial for both insurers and their customers. We drew all the possible benefits of e-signature in front of you. Make the switch as soon as possible and avail the many benefits of e-signatures for your insurance company.