If you’re like most insurance agents, you’re always looking for ways to save time and streamline your workflow. One reliable way to improve efficiency is to start using electronic signatures. Electronic signatures are legal and binding and can save you significant time and hassle. Instead of printing out forms for clients to sign in person, you can send a link to sign a document online. This can be done anywhere, anytime, and doesn’t require special equipment. Plus, digital signatures are just as legally binding as traditional signatures, so you can rest assured that your clients’ agreements will be honored.
This article will cover how the right electronic signature solution can enhance insurance operations and improve business processes.
8 Reasons to Use an Electronic Signature for Insurance
The insurance industry is complex. Various moving parts and documents must be signed to run smoothly. That’s why an electronic signature tool is so important. Not only does it make the process of signing documentation faster, but it’s also convenient for clients and helps track and automate workflows. From managing insurance policies to improving the customer experience, a digital signature can enhance how your agency does business.
Let’s take a closer look at the benefits of eSignature software:
Sign Documents Faster
An electronic signature tool allows you to sign documents quickly and easily. This is especially crucial in the insurance industry because time-sensitive business documents often need to be signed before the process can move forward. With a digital signature tool, you and your clients can immediately sign important documents, saving time and hassle.
Client Convenience
An electronic signature tool provides maximum convenience for clients. It can be challenging for clients to sign documents in person in the office. An electronic signature tool allows them to sign documents from wherever they are without traveling or taking time out of their busy schedules.
Track the Process
An electronic signature tool also tracks a document’s progress throughout the signing process. This is especially useful in the insurance industry; you’ll be able to see where a document is at any given time and ensure that the process is moving along. Document tracking is especially helpful when managing complex workflows.
Automate Workflows
You can also automate workflows with a contract management tool. This is important in the insurance industry because it helps streamline your business processes and ensures that all necessary steps are completed promptly. Automating workflows also reduces the chance of human error, which can lead to delays and additional costs.
Speed Up Transactions
One of the biggest advantages of using eSignatures: they can significantly speed up transactions. With physical signatures, documents must be mailed back and forth or signed in person, which can take weeks. However, with eSignatures, you can send the document electronically for the other party to sign. The process can be completed in hours instead of days, saving a great deal of time.
Sign on the Go
With eSignatures, you can sign contracts online from anywhere—you don’t need to be in the same room (or country) as the person who initiates the request. This is incredibly convenient if you and your clients are always on the go and don’t have time to sign a contract at a physical location.
Reduce Error
When dealing with physical documents, there’s always a risk of human error—consider the damage that a misplaced decimal point or incorrect date could do. Any mistake, no matter how small, can have major implications down the line, especially for an insurance broker. With eSignatures, you can type in the correct information once. Unlike physically writing dates, signatures, and initials on contracts, signing electronically helps reduce errors by walking you through each field on the form.
Cut Business Costs
Consider the costs of printing insurance documents and mailing them back and forth to collect physical signatures. These expenses can quickly add up. eSignatures don’t require a printer since everything is done electronically. This can save your business a significant amount of money over time.
How to Choose an Electronic Signature Tool for Insurance
eSignatures are a secure and compliant way to collect signatures for your insurance documents. They eliminate the need for paper copies, which can be lost or stolen, and they’re much more efficient than traditional wet signatures. When selecting an electronic signature solution for your insurance agency, it’s important to consider a few key user experience components. Several eSignature software providers are on the market, so it’s important to be informed when searching for the right tool.
Security Features
It‘s vital to choose a tool with robust security features when handling sensitive documents. Signaturely meets top security standards with features like 256-bit SSL encryption, two-factor authentication, and an audit trail. Plus, Signaturely has 27001 and FISMA-certified data centers managed by Amazon. With these top-of-the-line security features, you can rest assured that your documents are safe and secure.
Compliance
Another important consideration is compliance. Ensure that your eSigning tool complies with industry standards like GDPR and eIDAS. Signaturely meets these compliance requirements, giving you peace of mind that your software adheres to the highest global standards.
Ease of Use
It’s important to choose an eSignature tool that’s easy to use, both for you and your customers. Signaturely’s platform is designed to be intuitive and user-friendly, so you can get started quickly without any hassle. Signing documents takes just a few clicks, thanks to the platform’s streamlined interface.
Mobility Options
In the internet age, people want to access their important documents from anywhere at any time. Many eSignature tools, including Signaturely, offer mobile apps for iOS and Android that make signing documents easy.
FAQs About eSignature for Insurance
Here are a few essential questions regarding eSignatures for insurance agencies:
Acceptable electronic signatures include a typed or digitally created signature and a scanned image of a handwritten signature. It is legally binding as long as the image is linked to a specific document and can be used to verify the signer’s identity. In almost all cases, eSignatures are just as valid as their handwritten counterparts.
With the right online signature software, you can securely sign documents electronically using various methods, including typing your name, drawing your signature, or using a signature stamp. Simply typing your name on a document without a dedicated tool isn’t ideal, as it doesn’t include security and verification measures, and the image can be easily copied and reproduced.
The easiest and most secure way to create a digital signature is with an electronic signature solution like Signaturely. Once you’ve created your signature by typing, drawing, or uploading an image, you can save it and use it to sign documents anytime, anywhere.
What You Need to Remember About Electronic Signatures for Insurance
In the fast-paced world of managing insurance policies and servicing customers, working quickly and efficiently’s more important than ever. Adopting eSignatures for your insurance agency is an easy win for you and your clients. eSignature tools can help you get documents signed and returned in a fraction of the time it would take with traditional methods. Adopting the right eSignature platform for your insurance practice will help you work smarter, not harder.
