Why Insurance Companies Should Use Electronic Signatures?
The conventional mode of correspondence between insurance companies and their clients has been through physical contact and via the telephone. While this has persisted till today, it is virtually impossible for any company not to have an online medium through which it can operate and get access to its clients.
There is a new set of customers known as Millenials. These customers are digital customers and the traditional means of communication does not work for them. As a result, it is necessary for insurance to provide digital options which will be capable of satisfying the desires of these new set of customers. If the insurance companies are going to do this effectively, then it is necessary for them to adopt an electronic signature app.
In this article, we talk about the importance and usefulness of electronic signatures on the digital operations of insurance companies.
It is essential for insurance companies to always keep on improving their customer experience as this will help them gain a competitive edge over other rivals in the industry. Clients should be able to easily obtain information about the types of insurance policies the companies have to offer. In addition, they must also be able to demand for billing, obtain insurance proposal, pick a desired insurance policy and complete all the necessary paperwork without necessarily having to be physically at the company’s office or even calling the office, hence the method which allows insurers to activate deals and policies digitally, that is the electronic signature is highly essential.
What Are the Main Advantages of Using Electronic Signatures for an Insurance Company?
- Mobility, Promptness and Rapid Authorization of Insurance Policies –
electonicSignatures allow clients to immediately authorize the insurance policies they choose at wherever they are and at their own convenient time.
- Mistakes are Eliminated in the Signing Process – The process of signing an insurance policy might become protracted if there are errors during the signing process. The traditional paper-based method of endorsing documents is vulnerable and prone to mistakes.
For example, it is possible that the insured omitted a field when filling the document. An eSignature eradicates this problem by making it impossible for the document to be submitted online if all fields have not been duly signed.
Furthermore, on signing the policy, the two parties involved in the deal – The insurance company and the insured – with each have a copy available to them which can be used for reference purposes.
- Increased Efficiency of Workers and Sales Representatives – eSignature solution eases the process of signing documents, therefore it helps in saving time that would otherwise be spent on paperwork, easily accessing documents saved in digital format, monitoring the state of documents sent to clients – whether it has been received, opened, read and signed. It also provides the sales representative a useful tool to obtain customers’ signatures right from their own place of work.
- Cost Optimization in the Casualty Department – electronic signature apps
fastrackthe processing of documents which should be signed. It also serves as a balance between quality, cost, and productivity in the casualty department.
- Differentiating Factor from Competitor – eSignature definitely improves the digital experience of customers. The insured gets to sign the necessary documents quickly which reduces the chances of him picking another insurance provider before signing.
- Reduced Spending on Paper and Improved Eco-friendly Image – an electronic signature app is an alternative to the old style which will drastically reduce paper usage, saving the firm the cost of procuring paper. in addition, the company can also front an eco-friendly image, which may attract customers to them.