Ways e-signatures are transforming the insurance industry | DrySign India

 

How e-signatures can benefit the insurance industry

Over the last few years, the insurance industry has demonstrated incredible adaptability and resilience. With digital technologies expanding at the speed of light, carriers have tapped into new competencies to drive transformation and operational efficiency. The past year reflects a mixed bag – rising premiums in the commercial and personal lines of business – challenges due to the COVID-19 crisis – new market entrants facing difficulties revolutionizing insurance when the rubber met the road. From a constructive perspective, continued competition has outgrown innovation.

Above and beyond all the transformations, the industry has realized that there is a need to integrate technology into the system's spine – documentation. The insurance industry heavily relies on paperwork, which is the main reason for sluggish processes, redundant prices, and time-consuming workflows, resulting in dwindling revenues. With ongoing challenges such as talent shortage, inflation rumors, rising interest rates, and many more, it has become imperative to emphasize cost savings. Thankfully for the insurance sector, eSignature technology is here. Electronic signatures will undoubtedly reshape the insurance industry in the years ahead by helping organizations with tedious and lengthy paperwork, streamlining their processes, and significantly reducing costs. Here's how the insurance industry can benefit from the use of electronic signatures and digital documentation:

Also Read: E-Signatures: Here to stay? Or on their way out?

Benefits of eSignatures in the insurance industry

The insurance industry increasingly relies on paper-based processes with lengthy policies, rigorous rules, and regulations. The growing need to stay relevant in the current market and expanding consumer technology are the two main reasons driving eSignature adoption in the insurance industry. Electronic signatures make things easier for insurance professionals by eliminating the hassle of manual document signing, scanning, and faxing contracts to customers.

  1. Mobility and speed in the insurance policy signing
  2. Legal Certainty
  3. Client satisfaction
  4. Elevated revenue
  5. Reduced carbon footprint
  6. Reduced errors and risks

 

  • Mobility and speed in the insurance policy signing

We all know how lengthy the process of buying a policy is. Countless documents, numerous norms, and compliance requirements – it gets overwhelming to sign and complete the process. Moreover, these processes are time-consuming as a lot of reviewing and signing are involved. Integrating online signatures removes the time and location constraints – your clients can sign, share, and store documents in minutes from anywhere and anytime. Moreover, insurance professionals can save a lot of time with the help of eSignatures spent in storing and sharing documents back and forth. In a nutshell, embracing digital signing helps insurance professionals simplify processes, streamline workflows, and provide a better consumer experience.

 

  • Legal Certainty

Any person deciding to purchase an insurance policy is indirectly investing their hard-earned money and expecting a good cover for their future needs. In short, they are trying the secure their future. What if the insurance provider denies any of the deliverables or the insurance paperwork gets into legal disputes? Of course, anyone would feel devastated. But you wouldn't have to worry anymore; electronically signing documents is totally legal these days. You can also use the digitally signed document in a court of law as proof of transaction. In addition, eSignatures are end-to-end encrypted, guaranteeing that only the authorized person can access the document and ensuring legal certainty.

 

  • Client satisfaction

The customer experience (CX) matters the most to almost every organization. The more satisfied and safe your clients feel with your brand, the more likely they will invest their money and trust. For insurance companies, the business primarily runs on recommendation games. So the more your client will feel satisfied, the more they'll recommend you. And nothing pleases clients more than a smooth, straightforward process with secure documentation – which they can sign on the go, store documents efficiently for future reference, and access documents in minutes from the comfort of their homes.

 

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DrySign provides a vast range of features ideal for almost every industry, including insurance. You can significantly simplify your paper-based processes with DrySign features such as real-time mail trails, intelligent dashboards, reminders and notifications, and group signs. Automation is the key in today's ever-evolving business world. So, automate your document workflows. Start DrySigning now! https://bit.ly/3kqUyt3

 

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