The insurance industry has always faced tedious manual processes and considerable paperwork. From the beginning of policy applications and renewals to any claim, they are all processes that require a significant volume of documentation and the signature of multiple parties. 

Electronic signatures in the insurance sector are crucial to automating and accelerating all these processes, guaranteeing that documents are signed correctly and on time. Not only does it shorten the time in the signing process, but it also limits the opportunity for errors and improves the signing experience.

Main benefits of using electronic signatures in the Insurance Sector

• Cost reduction

By digitizing the signing of documents, insurance companies can reduce the costs associated with the use of paper, physical storage, and postal shipments. Also reduces operational load, allowing staff to focus on much more productive tasks.

• Improvement in customer experience

It is more convenient for the client to be able to sign the documents in any place, time, and device. The ease of use of the electronic signature reduces friction in key interactions, such as policy underwriting and renewal.

• Improve agility and efficiency

By eliminating printed matter, scanning documents, or sending physical documents, speed up procedures such as contracting policies and/or claims management. Furthermore, with the implementation of the electronic signature, automated workflows can be created that reduce waiting times and claims management.

• Greater security and risk reduction

Registered electronic signatures guarantee the authenticity of the signer and the integrity of the document, reducing the risk of fraud. Provides a verifiable and auditable record of each transaction, facilitating regulatory compliance.

• Legal compliance

In many countries, the electronic signature has the same legal value as the handwritten signature, complying with regulations such as eIDAS in Europe or ESIGN in the USA

Main uses of the electronic signature in the Insurance Sector

There are various uses of the electronic signature that allow you to optimize processes, improve the customer experience, and comply with regulations. 

1. Contracting policies 

Customers can complete and sign insurance applications electronically, eliminating the need for physical paperwork. This allows insurers to issue policies more quickly and efficiently.

The terms and conditions of insurance policies can be accepted and signed electronically, facilitating the contracting process and ensuring the legal validity of the documents.

2. Policy renewals

Instead of forwarding physical documents, insurers can offer policy renewals through digital platforms, where customers sign electronically, saving time and costs administrative.

When a policy requires changes or updates, insurers can send the new terms for customers to sign electronically.

3. Claims processing

Policyholders can electronically sign the documents necessary to begin the claim process, which expedites the review and payment of claims.

Once the claim is approved, insurers can use electronic signatures to have both parties sign agreements on payments or compensation quickly and safely.

4. Consents and authorizations

Insurers often require customers’ consent to access their medical records or other relevant data. These consents can be signed electronically, accelerating the evaluation process.

In situations where third parties need to be involved (for example, lawyers or family members), authorizations can be managed electronically, reducing delays.

5. Notifications and communications

Insurers can send important notifications, such as cancellation of policies or changes in conditions, requesting an electronic signature to confirm receipt and acceptance by the client.

Policyholders can update their personal or banking information by electronically signing the forms, which avoids mistakes and streamlines management.

6. Integration into digital platforms

Insurers can integrate electronic signatures into their mobile applications and web portals, allowing customers to sign documents directly from their mobile devices or computers.

Electronic signatures can be part of automated workflows in customer management systems (CRM) and other processes, reducing the risk of manual errors and ensuring operational efficiency.

In conclusion, the adoption of an electronic signature solution such as eEvidSign, represents a transformation opportunity for insurance companies. Improve customer experience while ensuring regulatory compliance and reducing costs. Take advantage of the advantages of our electronic signature service with full legal validity. 

Learn how one of our clients in the Sector has managed to automate and digitalize its transport policy issuance process while complying with legal regulations: Peris case

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