Digital engagement is quickly becoming a must-have for insurance agencies. Consumers have grown accustomed to conducting business online, particularly since the outbreak of the pandemic, and competition from digitally native Insurtech firms continues to disrupt established distribution channels. To address these trends, traditional agencies must combine their comparative advantages in personal service and expertise with the digital channel's exceptional ease of use and access.

Reasons to Use E-Signature in the Insurance Sector

There is no denying that the insurance industry is notorious for dealing with a plethora of document-related tasks. As a result, tracking and maintaining such vital documents can be a daunting task in most cases. In such a case, the use of the evolving technology of digital signatures comes into play. Whether you are an insurance broker, an insurance carrier, or an insurance customer, you can expect to benefit from e-signature by eSignly in the following ways:

e-signature-insurance-sector-1

1. Increased Productivity

The use of an e-signature solution ensures that no document is sent to the wrong address, is misplaced, or piles up on someone's desk. It is ensured that sending updates regarding the respective status of the given insurance deal helps in reducing the chances of human error with such a cutting-edge document handling solution in the insurance industry. As a result, the overall automation of the respective procedures leads to faster closings and increased employee productivity.

2. Increased Transaction Speed

Customers in the insurance industry can look forward to signing relevant documents anytime and anywhere – in record time – thanks to eSignly's advanced esign solution. When a customer has decided to purchase a specific insurance policy, e-signature can be quickly deployed to expedite the transaction.

3. Embracing Best-in-Class E-Signature Practices

As an insurance service provider, you must process agent and customer forms and documents on a regular basis. This necessitates arduous paper work as well as a massive amount of tracking, reporting, and release operations to keep everything running smoothly on and off the desk. With Sign.cc, you can electronically sign documents, conduct online contract signing, and process insurance files for verification and approval, reducing your efforts to the bare minimum. As you phase out all antiquated methods and practises that made it difficult to request, process, and validate documents.

From contracts and offer letters to invoicing and waivers, there is a growing demand for a more efficient signing process.

5 Things to Think About Before Purchasing E-signature Software

There can be significant differences in features, functionality, and pricing between systems. If you're looking for eSignature software, here are a few things to think about before deciding which solution is best for your insurance company.

1. Is the solution compatible with your agency management system?

When researching electronic signature solutions, consider those commonly used by insurance professionals. Some eSignature solutions can integrate with agency management systems, resulting in a more streamlined and user-friendly workflow.

Additionally, look for solutions that can provide two-way integration, which means that signed documents are stored in both the eSignature software and your agency management system. You should be able to send signed quotes, proposals, policies, claims, and other documents to systems in a secure manner.

2. How much time and effort goes into training and implementation?

Implementation and training for eSignature software should take minutes rather than hours, days, or weeks. Be wary of any electronic document signing that requires a significant time investment to get started, as this indicates a poor user experience.

Furthermore, many eSignature providers provide unnecessary "bells and whistles" for insurance professionals. Look for simple software that is simple to implement and that even your less tech-savvy employees can quickly learn.

3. What level of security is provided?

To meet an insurance agency's security requirements, all communications housed within and sent from an eSignature system should be fully encrypted with AES 256-bit SSL security, the same technology used in banking transactions.

Another important security feature is password protection, so look for eSignature solutions that password protect your account and documents while also encrypting passwords with RSA keys. Inquire about the location of the company's data servers, as well as whether their data centres have redundant power and internet connectivity.

3. Is the solution simple to implement?

The simpler the eSignature software, the more likely it will be adopted by those who use it. Rather than using different processes for different documents, all of your electronically signed documents should be able to be signed in the same way using the same simple method.

All of your documents should be stored in one location if you use an eSignature product. This allows you to retrieve documents from any location at any time, rather than having to store them in multiple locations or rely on a local copy. Look for systems that eliminate the need for document scanning, uploading, and manipulation.

4. Is it in accordance with industry standards?

eSignatures are primarily governed in the United States by the Uniform Electronic Transaction Act (UETA) and the E-SIGN Act, both of which paved the way for the widespread adoption of electronic signatures.

ACORD has also established guidelines for electronic signatures in the insurance industry, which include authentication, record retention requirements, special consumer disclosures, and capturing the signer's intent. Any electronic signature maker you consider should comply with these regulations and guidelines to ensure that electronically signed documents are legally binding and have the same enforceability as manual signatures and paper-based transactions.

5. What are the Advantages of eSignature in Business?

Because of the widespread adoption of eSignature maker, the pains associated with wet-ink signatures and the issues that once surrounded the process of signing PDF and/or Word documents are now a thing of the past. Adopters of eSignature benefit from an efficient method of requesting signatures, which significantly improves internal compliance in business processes.

Modern eSignature solutions' faster document turnaround and Audit Trails improve security and deliver ROI in the form of work hours and money saved. Not to mention the amount of physical storage that has been freed up.

e-signature-insurance-sector-2

Using eSignature online became mandatory throughout the pandemic. From contracts and offer letters to invoicing and waivers, there is a growing demand for a more efficient signing process. It is fair to say that eSignatures have transformed how US businesses operate by assisting businesses that have transitioned to a remote/hybrid mode of operations in maintaining resilience and continuity.

Conclusion

Adopting an electronic signature solution for insurance companies can result in significant savings in paper, ink, postage, and other related materials, such as ink or scanner and printer maintenance. This, combined with increased productivity and shorter closing times, will inevitably increase annual profits and revenue. Finally, businesses that avoid paperwork position themselves as environmentally conscious. When it comes to selecting service providers, digital consumers are susceptible to this.

Discover Why Sign.cc Stands Out
Join the SaaS Revolution
ribbon
  • All-in-One Suite of 50 apps

  • Unbelievable pricing - ₹999/user

  • 24/5 Chat, Phone and Email Support

Tags

Email Finder Author Finder Email Validator Email List Email Hunter Email Checker Email Lookup Email Extractor Email Address Finder Email Scraper Find Emails CRM Software CRM Sales CRM CRM Software Enterprise CRM Software Cloud CRM Software Sales Enablement Workflow Automation Retail CRM Call Center CRM Real Estate CRM Sales Engagement Software SDR Software Sales Engagement Platform Sales Qualified Leads Lead Management Tool Sales Tracking Sales Automation Outbound Sales Sales Prospecting Follow Up Leads Lead Management Call Center Software Call Center Software Outbound Call Center Auto Dialer Software Dialer Call Monitoring Automatic Call Distributor Answering Machine Detection Cloud Contact Center Software Virtual Call Center Call Management Time Tracking Software Time Tracking Employee Monitoring Time Tracker Time Tracking Software Timesheet Employee Time Clock Employee Tracking App Timekeeping Tracking App Time Clock App Applicant Tracking Systems ATS Applicant Tracking System Application Tracking System Applicant Software Recruiting Software ATS System Applicant Tracking Applicant Tracker Recruitment Software Candidate Relationship Management Systems Interview Assessment Tool Assessment Management Recruitment Software Video Interview Virtual Interview Coding Interview Interview Tool Online Assessment Employment Assessment Test Position Management Hiring App HRMS Software Human Resource Management HRMS Software HR Software Payroll Software Human Resource Software Employee Onboarding HRMS HR System Employee Management Document Management AI Outreach Service Lead Enrichment AI Email Writer Sales Pitch Writer AI LinkedIn Outreach SEO Email writer Backlink Email Writer LinkedIn Based Personalization LinkedIn Chrome Extension LinkedIn Leads Opening Line Writer Lead Generation Tool Linkedin Search Email Finder Prospect Lead Generation Sales Generation Data Enrichment CRM Integrations Technology Search Search with Email Integrations Website Search OKR Management Software KPI OKR Task Management Performance Review Employee Performance Evaluation Employee Review Performance Management System OKR Goals MBO Email Notifications Learning Management System LMS Elearning Enterprise Learning Management Professional Development Employee Training Learning Management System Learning Platform Asynchronous Learning Training Management Knowledge Management Chatbot Chatbot AI Chatbot Customer Service Chatbot Online Chatbot Create Chatbot Messenger Chatbot Chatbot Software Website Chatbot Software Survey Bot Bot Builder Help Desk Software Ticketing Tool User Experience Help Desk Software Ticketing System Helpdesk Ticketing System Feedback Management Service Desk Software Support Ticketing Software Helpdesk Support Software Customer Service Ticketing System Live Chat Software Customer Service Software Live Chat Software Live Chat App Live Chat System Website Live Chat Live Chat Tool Web Chat Software Live Chat Support Software Customer Service Tool Live Chat Service Customer Feedback Software Customer Feedback Survey Customer Feedback Management Software Feedback Management Tool Customer Satisfaction Survey Software Customer Feedback Management System Client Feedback Software Survey Analysis Feedback Survey Software Feedback Management System User Feedback Software Onboarding Process Customer Success Management Onboarding Process Workflows Customer Retention Customer Journey Onboarding Checklist User Segmentation Personalization Customized Templates Popup Builder Unified API Platform End To End API Management Unified API Control REST API Management Web API Gateway API Documentation API Management API Integration API Development Unlimited Projects API Gateway Single Sign on Solution Authentication Software Application Management Password Management SSO Configuration SSO Single Sign-On Access Management Easy Set-Up Single Login Secure Login Low Code App Builder App Builder Platform Low Code Application Platforms Low Code Development Build Your Own App Low Code App Software Drag And Drop Builder Custom Application Low Code Platform Low Code No Code Bespoke Software Third Party Widgets Custom Widget File Picker Playground OAuth Keys File Manager Website Monitoring Software Reporting Web Application Monitoring Website Monitoring App Monitoring Performance Monitor App Baseline Analysis Location Insights Alerting System Reporting Multi-Channel Notifications Wireframe Tool Design UI UX Project Management Mock Designer Wireframe Designer Website Mockup UI Prototyping Image Library Project Management Real-Time Updates Design UI UX Website Builder Website Builder Webpage Builder Website Creator Landing Page Creator Website Maker Blog Builder Ecommerce Website Builder Website Analytics Website Development Landing Page Builder Email Marketing Email Marketing Software Bulk Email Sender Automated Email Email Campaign Systems Email Automation Software Autoresponders Email Blast Service Email Marketing Email Marketing Automation Drip Campaigns Social Media Management Instagram Post Scheduler Social Media Analytics Social Media Management Social Media Planner Social Media Calendar Social Media Scheduling Social Media Listening Social Media Monitoring Social Listening Social Analytics SEO Software Keyword Tool Link Building Tool SEO Tool SEO Optimizer Website Audit On-Page SEO Broken Link Checker Rank Tracker Website Grader SEO Competitor Analysis Website Recording Website Analytics Click Tracking Usability Testing Website Monitoring Mouse Tracking Visitor Recording Session Replay Conversion Funnels Website Recording Website Visitor Tracker Website Personalization Tool Lead Generation Tool Popup Maker Lead Generation Software Popup Builder Website Personalization Software Lead Capture Software Popup Builder Lead Capture Tool Lead Generation App Website Personalization App Content Planning Software Content Planner AI Writer Social Media Content Planner Ai Content Writer Social Media Content Calendar Content Generator AI Blog Writer Content Marketing Software Social Media Calendar Social Media Planner Push Notification Push Notification Push Messages Push Notification Service Push Service Push Notification App Custom Notifications Mobile Push Notifications Push Notification For Website Push Notification Tool Push Notification Providers Hyper Personalization Email Marketing Template Countdown Clock Personalization Software Personalized Software Countdown Clock Countdown Timer In Email Personalization Tool Personalized Images Personalized Videos Conversational Chatbot PPC Management Software Keyword Research PPC Management PPC Marketing Keyword Finder Keyword Generator Shopping Ads Adwords Reports Keyword Research Tool Keyword Suggestion Tool Teamwork Collaboration Methods Team Chat Team Chat Software Collaboration Software Team Collaboration Team Communication Online Collaboration Collaboration Tool Teamwork Collaboration Virtual Communication Team Collaboration Software Virtual Phone System Virtual Phone Numbers Virtual PBX Toll Free Numbers Business Phone System IVR PBX Small Business Phone System PBX System VoIP Phone Cloud Phone Video Conferencing Video Conferencing Video Call Recording Virtual Conferencing Software Virtual Meetings Virtual Meeting Platforms Virtual Conference Platforms Online Conference Platforms Video Calling Software Cloud Meetings Video Conferencing Software Email Software Email Software Email Provider Software For Emails Hosted Emails Email With Domain Custom Email Address Email Hosting Business Email Address Email Encrypted Custom Domain Email Project Management Software Project Management Task Management Project Planner Project Management Tool Task Management Software Project Planning Software Project Management App Task Management App Project Management System Project Management Software Form Builder Form Builder Survey Builder Order Forms Web Forms Form Maker Form Creator Form Designer Survey Maker Survey Creator Custom Form Appointment Scheduling Software Appointment Scheduling Software Appointment Scheduling System Meetings Scheduler Appointment Scheduling App Online Appointment Scheduling Online Scheduling App Appointment Scheduler Appointment Booking App Calendar Scheduler Online Scheduler Robotic Process Automation Software RPA Tools RPA RPA Automation Robotic Automation Software Data Scraper Web Scraper Robotic Automation Website Scraper Business Process Automation Robotic Process Automation Business Process Management Workflow Management Business Process Modelling Business Process Automation BPMN BPM Software BPM Tool Business Process Management Workflow Software Workflow Automation Business Process Mapping App Integration Software Workflow Software Workflow App Workflow Automation Process Automation Application Integration Data Integration Tool Workflow Management Software Data Integration Software Workflow Tool Marketing Automation Electronic Signature Signature Maker Digital Signature Software Digital Signature Pdf Signer Esign Online Signature Signature Creator Sign Documents Online Electronic Sign E Signature

Get Started with 500apps Today

Sign.cc is a part of 500apps Infinity Suite

Please enter a valid email address
Sign Up 14-day Trial