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Why insurance companies need to digitize paperwork

by stacy

The insurance business was historically characterised by a strong adherence to time-honored practises and practises that had been in place for many years. It took a pandemic to convince insurers to speed up their digital transformation efforts, but the transition is now in full flow after it was prompted by the epidemic.

The insurance industry is increasingly adopting innovative technological solutions in order to ensure the continuity of business operations, improve the sense of safety felt by stakeholders, and expand the flexibility of operations.

One of the first things that your company needs to do in order to get on board with this shift is to digitise your manual documentation, and solutions that are cloud-based and use electronic signatures are your best chance for doing so.

Whether you are a consumer, an insurance broker, or a carrier, using electronic signatures is a simple approach to speed up the signing process. When you submit your documents online, you give yourself the ability to obtain approvals from anybody, at any time, from any location in the globe.

You will also be able to close contracts considerably more rapidly and boost employee productivity if you remove a significant number of the limits that were previously in place.

In addition, you can rely on electronic signatures to expedite the following aspects of your document workflows:

Do you want further information? This essay delves into the numerous compelling arguments that support the purchase of electronic signature software by insurance companies in the year 2022.

How eSignatures help insurance customers

doesn’t matter if it’s a claim form or an application for a new client; the paperwork associated with insurance may be a real nuisance. After all, there is absolutely no joy to be had in the process of printing, filling out, scanning, and couriering back and forth complex paperwork.

It’s true that you can’t entirely do away with paperwork because maintaining compliance with laws and regulations is required. However, even a slight decrease in the total amount of time spent on it can relieve a significant amount of stress for clients.

Customers are able to approve insurance plans anytime they want, regardless of where they are, and in a matter of minutes thanks to the digitization of manual purchase and claim documentation operations.

Electronic signatures are a time-saving option, but they also make the life of your customers easier in other ways, including the following:

Why employees and agents love online signature solutions

Because lengthy policy documents that contain a large number of terms and conditions can be challenging to read and comprehend, it is preferable to avoid springing them on customers during the signing meeting itself. This will provide you with additional convenience. Give your customers the freedom to peruse the documents at their own pace and in their own time, since they will not appreciate feeling rushed when making such an important choice.
Enhanced protection against infections: In today’s world, consumers are more concerned about the transmission of infections through high-touch surfaces such as paper, scanners, and printers. Consequently, companies must provide enhanced protection against infections.
By moving the signing process online, an electronic signature solution removes the need for any physical touchpoints in the workflow. This eliminates the requirement that documents be physically passed from one person to another.

Common insurance documents processed with eSignatures

Because insurance forms are so complicated, clients may periodically fail to fill in essential parts, which will lead to increased accuracy. In the event that there is an omission on the form, the insurer will have to send it back to the applicant so that any necessary repairs can be made. This will greatly lengthen the amount of time it takes to process the application.
Some electronic signature software has a guided signing workflow, which directs users through each step of the signing process step-by-step. This function guides signers through a document, checking their work as they go to verify that they have completed all of the necessary fields before the document is saved.

Enhanced document security: Insurance applications and claim forms typically demand a significant amount of sensitive information from clients. When information is stored on physical documents, there is always the possibility that it could get into the wrong hands. On the other hand, when using an eSignature solution, each and every one of the contracts is kept in a safe location in the cloud, where they are only accessible to users who have been granted the appropriate permissions.
In addition to all of these advantages, using electronic signatures helps you lessen your environmental impact because they eliminate the need for physical paper and delivery services. This feature will add to the attraction of your insurance firm if clients place a greater importance on environmental issues in their purchasing decisions.

Why should you choose Signeasy?

Why workers and representatives adore using digital signature solutions
Employees, insurance brokers, and intermediaries have had a difficult time getting physical papers authorised ever since governments began issuing stay-at-home orders. This has unavoidably led to delays in the cycle of underwriting and clearing.

An electronic signature system can ensure the following things, which can help prevent declines in productivity:

Customers sign documents electronically, swiftly, and from a distance, and then the signed documents are forwarded to any additional signers who are involved in the approval workflow.
By utilising pre-made web templates, insurers are able to reduce the amount of time spent on the creation of individual policies and application forms.
There are no instances of documents being misplaced or forwarded to the incorrect address.
Employees are constantly updated on the status of a document and have the ability to easily send automatic reminders to signers in order to maintain forward momentum.
Your document processing will have a far higher degree of scalability if you use an online signature system. Your insurance company is able to successfully complete the processing of any number of papers, regardless of the number of additional administrative staff members it would require.

Electronic signatures are used for the processing of common insurance paperwork.
Forms to make claims
Applications for brand new client policies
Premium payments documents
Forms for changing accounts
Purchase orders
Expense reports
Why should you pick Signeasy above the other options?
Electronic signatures have quickly become one of the most often used administration tools; nevertheless, not all solutions are made equal.

If you are looking for electronic signature software, Signeasy is a straightforward and user-friendly platform that is designed to make the process of filling out documentation as easy as possible.

We provide insurers and their clients with a streamlined signing experience on desktop computers as well as mobile devices, regardless of where in the world they may be located. Our interface is refreshingly straightforward.

User adoption is a snap, especially for those collaborators who do not possess a high level of technical expertise, because our platform can be set up in a matter of minutes and has almost no learning curve.

It’s never been easier to go digital

Here are some of the reasons why insurance companies choose Signeasy as their preferred electronic signature solution:

Numerous integrations: Signeasy makes it possible for your staff members and agents to sign documents without ever having to leave their preferred productivity applications, such as Google Drive, Microsoft Teams, or Salesforce. Getting started with Signeasy is as simple as downloading their app on one of your already-used platforms.
Legal validity: Because of the audit trail that is provided, any and all quotes, proposals, policies, and claims as well as other documents that are accepted using Signeasy are verifiable and legally binding. Documents generated with Signeasy are capable of serving as admissible evidence in a court of law since they are compliant with international eSignature legislation such as the ESIGN Act and eIDAS.
storing data in the cloud: No more should paperwork be stacked up so high on workstations. Due to the fact that Signeasy is an online signature solution that is hosted in the cloud, it will save all of the papers that you have signed there automatically. Users can quickly retrieve any of these files anytime they are required to, eliminating the need to search through an infinite number of physical copies.
Documents that have been encrypted Signeasy safeguards all of your data using SSL encryption, which is the same technology that is utilised in the processing of financial transactions. Both a passcode and fingerprint authentication are available to users as additional login security options for the app.
Guided signing: By explicitly clarifying the fields each customer or employee needs to fill out, you can eliminate the possibility of errors and omissions.
You will not need to spend money on paper, ink, postage, or maintenance for your scanners and printers if you use Signeasy. This will result in cost savings as well as an increase in productivity. In addition, the boost in production and reduction in the amount of time it takes to close will be beneficial to your bottom line.
It’s never been easier to go digital
Do you work in the insurance industry or run a business and want to enhance the experience for your clients, employees, and other stakeholders?

You will have the capacity to process claims and new application files swiftly and automatically with the help of an electronic signature solution, which can bridge the gap.

If you’re going to make the transition, you may as well do it correctly. Pick a platform like Signeasy that enables mobile signing and provides additional flexibility if you want to get the most out of the experience.

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