The Insurance Industry will be transformed by technology over the next few years and those who adapt will capture the lion’s share of business. Being the last person to adopt a technology means forfeiting many of the advantages already enjoyed by your peers. Don’t be the last agent still asking their clients to print, sign, scan and fax their documents.
Here are seven reasons why now is the time to adopt eSignatures.
1. The technology is solid and easy to use
eSignatures are seeing rapid adoption from carriers, agents, producers and solution providers in order to enable fully electronic, straight-through processing (STP) for new business applications. The market is embracing eSignatures in earnest because the underlying technology is reliable and runs smoothly. eSignatures have been in use in banking, healthcare and other industries for over a decade. If anything, insurance is late to see the value of this innovative technology. Don’t get left behind. Getting setup only takes seconds and you could be accepting eSignatures in just minutes.
2. eSignatures are legally compliant and secure
The legality of eSignatures in insurance was established in 2000 with the federal e-sign law and is further supported by state UETA laws. Since then the courts have upheld the validity of eSignatures including cases relating to insurance such as Barwick v. Geico and Long v. Time Insurance Company. The industry standard technology of Audit Trails ensure documents have not been altered in any way. Documents are secured by server infrastructure hosted at a state-of-the-art Tier III, SSAE-16 certified data center with ISO 27001 certification. That’s the same level of security found at banking institutions.
3. Automated eSignature workflows will reduce your cycle times and grow revenue
Every day you don’t have a signature on an application is another opportunity for a customer to look elsewhere. A slow moving traditional signature process puts business at risk. eSignatures have shown to reduce the time it takes for applicants to complete and sign documents from days to minutes. Also, each application is more likely to be error free, which drastically cuts down the number of cycles needed to complete a transaction.
4. You’ll gain efficiency and reduce costs
Time spent shuffling paperwork is time wasted. Modernize your signature process and give yourself more time to do more important tasks. You could spend that time servicing existing clients so well that they will jump at the chance to renew next time around. Or use the reclaimed hours to grow your book of business. Using eSignatures for new business applications, state-mandated disclosure forms, claims submissions and policy servicing will drastically cut the costs for paper, ink, faxing, couriers and overnight shipping as well.
5. Drastically cut NIGO rates and never have an incomplete form
With eSignatures a transaction can’t be returned without the correct data fields completed and the requested signatures in place. The software walks your client through the signing process step by step. The agency or carrier doesn’t receive the final document until all fields and signatures are completed.
6. Provide the highest level of service by streamlining your signing experience
Clients will appreciate the ability to sign documents at home, in the office or on the go. eSignature solutions even offer an in-person signing option which is often preferred in some commercial insurance transactions. Eliminate the hassle of print, sign, scan and fax for your customers and make it convenient to interact with you.
7. Gain new insights into how applications are progressing with notifications
An eSignature solution will alert you to actions related to your documents including when a client has opened a document or completed a transaction. Assign a specific signing order to keep documents flowing through your process. When the process is complete, each party receives a fully executed copy for their records.