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Why Insurers Must Adopt Digital Signatures and a Frictionless Document Management System

Importance of Digital signature applications to Insurers 

The regulations impacting the climate of today's insurance sector assist in understanding why the companies should adopt digital signatures and document management.

Insurance companies should have one goal in mind for their operations; to create an efficient customer experience for their prospects. 

Direct sales and telephones have been the most common and ideal means to get prospects in the insurance industry.

However, in the digital era, no company, including insurance companies, lack an online means to reach for their digital customers.
Using digital signature applications and ensuring seamless doc management is the best way to gain a competitive edge against your competitors.

The process of signing policies and contracts through digital platforms is a great way to digitize operations. E-signature has become a common trend in companies that are looking to go paperless and adapt digital means of running office operations.

It is critical for insurance companies to adopt the E-signature system since it enhances the efficiency of document management operations such as validating legal documents. By enhancing the digital experience for your insurance clients, you can gain their trust and loyalty.

Implementing the technology 

Insurance companies need document management and electronic signature systems to help them bring the insurance industry into the modern era of technology, such as digital hosting and cloud computing.

It can be easily done by simply availing forms on your company's domain to ensure that insurance applicants and organizations get access to these forms.

The next step is to implement the electronic signature technology in the final phases of the document management system.
Digital signing ensures that insurance agents and clients keep the entire application process quick and time-saving as opposed to paper use, which slows down transactions.

Digital Signature Benefits: Why Insurance Companies Should Use e-Signatures

Speed and ease of signing insurance policies from anywhere 

An electronic signature system ensures exceptional user experience by streamlining the way your customers sign their insurance policies.

When a prospect decides to buy an insurance policy, they can use the electronic signature to validate the process from the comfort of his/her home whenever and wherever they choose to use a tablet, computer or mobile phone.

A Signing process with no error

Manual signatures can be time-consuming when there are several errors involved that delay the process of selling the insurance policy.

Problems in manual signing can include: the insured may overlook some required fields, forget to sign a copy of the policy or omit signatures in some pages.

The electronic signature system ensures this doesn't happen because of reasons that delay the signing process like the signer had not filled all fields or not signed on all pages specified by the insurance company.

Once the policy is digitally signed, a copy is forwarded to the insured and the insurance company.

Cutting spending on casualties 

Casualty departments are essential in enhancing the customer experience since they communicate directly with policyholders during critical moments of business and help to minimize threats by providing excellent services.

The casualty department should, therefore, be one of the first departments to implement the e-signature system in an insurance company since this tool can help the department in most of its operations.

Not only does it simplify and facilitate the processing of digital documents that need signatures but also maintains a balance between, efficiency, quality and cost in the casualty department

Increases the productivity of commercial agents and employees

By using electronic signatures, processes such as signing are made easier for prospects. This has a significant positive effect on the productivity of your commercial agents and team members by:

Saving time because digitizing policies makes it easy to store and archive files, thus saving time for filing. Digital storage also facilitates easy retrieval of the documents.

Tracking customers is easy because a document can be traced back to its source. It is more convenient for commercial agents to get signatures straight from their client's offices.

An advantage over your competitors

Electronic signatures create a seamless online shopping experience for customers, which makes it an edge over your competitors.

Also, the speedy nature of completing a policy signing reduces their chances of a customer opting for your competitor's services as they wait to sign.

Less paper and an impeccable Eco-friendly lifestyle

Opting for digital signature benefits will reduce the amount of paper you use in transactions. Therefore, significant savings on ink, Tuner cartridges, maintenance of printers, and scanners as well as paper.

Moreover, companies create an Eco-friendly lifestyle that goes a long way in showing digital consumers that you are sensitive to the environment when they come to seek your insurance policies

What's Factors into the Implementation of E-signatures

Electronic signatures are seen as a way to manage documents better.

A smooth document management system is essential for firms, more so if your company handles multiple documents during transactions.

When you are looking to implement the
E-signature system and a frictionless document management platform, you should be aware that several factors are in play.

Here are some of the factors you should look out for:

Authentication process: It is essential to include a challenge question on the doc that ensures only the authorized party signs the document and validates their authenticity.

Automation of form filling: Many insurance companies have adopted new methods of automating the form filling process for their clientele and other doc related actions.

Verification of IP address: verifying IP addresses is essential for insurance companies in tracking document sources.

E-signatures and document management: IP address verification provides a foundation for applying digital signatures in doc management. It gives more legitimacy on the authenticity of a document in case an issue arises.

Bar code authentication: Though bar code authentication is not an ideal standalone backup security protocol, you can use it as an additional layer to facilitate legitimacy.

A bar code holds a unique signature of individuality that clearly shows purpose and origin. If bar codes were not available, threats of forgery would be high and imminent.

Final note

Insurance companies are under pressure to digitize the way they handle signatures.

Electronic signatures are more efficient when combined with document management systems where they ensure that docs remain untampered with, thus saving the privacy of contracts.

Moreover, a smooth-flowing document management system can be able to audit all locations a document has gone through and determine what data has been compromised thus ensuring perpetrators of data breaches are traced and held accountable for their deeds.

Contributor: admin
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