Is your company digitalizing? Then why still print documents to get them signed? Let’s face it, printing and signing and then scanning or faxing can be a time consuming hassle.
With mobility being at the forefront of innovation priorities for insurers, e-signature can offer a faster and secure way of closing deals on your tablet or phone. And electronic signature is as legal as putting pen to paper. In fact, it can even provide a stronger legal defence as there is a lasting record of the signee’s intent. The U.S. Code defines electronic signature as “an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and execute or adopted by a person with the intent to sign the record.”
When it comes to security, e-signature vendors have a lot of processes in place. Users are authenticated using logins, security questions and third-party authentication. Documents are also authenticated and encrypted, and produce a temper evidence seal to assure the legitimacy of the document that has been signed. Moreover, the process evidence captures record of all webpages, documents, pop-ups being displayed and IP address to ensure there was no tampering during the signing process and that the proper person has signed.
Advantages of e-signature
Shorten sales cycle: By not having to print and sign a contract, companies can avoid delays, as signing takes only a few clicks. No more printing, running around to get the proper person’s signature, and then scanning and emailing the contract or NDA. Furthermore, documents can be more easily changed, eliminating time-consuming errors.
Reduced transaction costs: One e-signature provider has estimated that they save P&C insurers $10 EVERY new business transaction; with so many transactions, those savings can add up quickly, saving companies thousands, if not millions, of dollars each year. Employees also have more time to focus on their work rather than deal with an inefficient signing process.
Improved productivity: E-signature is simply quicker than printing, scanning, emailing, and especially compared to faxing or mailing. Since all these steps are eliminated, employees have more time to spend on other mission critical work, such as getting to new leads!
Increased customer retention: Better customer experience results in higher customer retention. E-signature is simple, fast and worry-free. Customers will feel it is easy to do business with your company, resulting in a higher chance of loyalty and repeat business.
Reduced risk: E-signature has a more robust security system in place than paper and email transactions, protecting your sensitive information and reducing the chances of fraud.
Putting e-signature to use
Online: Having a self-service portal on your website allows customer to complete a document when and where it suits them. Within seconds they can receive a quote and the transaction can be closed immediately online with e-signature.
Remote: While signing remotely is a great value add, e-signature can also be done by voice. For example, if a customer gets into an accident, they can call a rep at the call center, who is able to access their medical records with their verbal permission, saving the customer time and hassle.
Face-to-face: E-signature is not only for when you are not near your client. Agents can use it when they go see a client, and clients can even sign when they are in your office! Most e-signature platforms allow signatures using your finger to sign on a tablet or smartphone.
E-signature is a simple way to save your company money, improve efficiency, and improve customer engagement, both internally and externally.