Traditionally, the main channels used by insurance companies in dealing with their clients were over the phone or through face-to-face meetings. Luckily, modern technology has shaped even the insurance industry, so much so that many claims and documents can now be done and completed online. E-mail transactions are an everyday affair with correspondence becoming more streamlined and speedier over the Internet.
This transition gave birth to what’s referred to as e-signatures. As its name implies, e-signatures are signed digitally and not manually. For as long as you have access to your e-signature from jSign and other providers, you can easily affix it to digital documents at any time of day and wherever you may be. Insurance companies are among the many industries offering this new-found digital experience to successfully live up to their client’s expectations.
So, how does using e-signatures benefit and streamline the insurance process? Here’s a run-down of some of their benefits.
- They Reduce Operational Overhead
Insurance companies are heavily reliant on documents. And, you’re not just talking about single-page documents, but rather often thick ones consisting of multiple pages per client.
When you handle multiple claims daily, do the math, and you’ll see just how much paper you use to print those. Then, the client has to sign those documents, and you’ll scan them in return before finally printing the document with the signature. That’s even more paper used, with the first batch printed now rendered useless.
This can be avoided by using e-signatures. Your expenses for paper, ink, and other overhead expenses will be significantly reduced when there’s less printing.
- E-Signatures Increase Mobility And Speed Of Getting Documents Signed
By using electronic signatures, whatever needs to be signed within the insurance processes can automatically be done whenever, wherever. No need to go to the office or elsewhere to retrieve printed copies.
This kind of system increases mobility and speeds up the entire movement of the insurance process. In this day and age, where everything seems to be very fast-paced, this is truly an advantage given how it makes processes more efficient.
- Utilizing E-Signatures Make It Easier To Do Audit Trails
One of the hardest processes to ever have to go through is auditing. This fact is especially true for insurance companies that deal with large amounts regularly. E-signature solutions help strengthen compliance for companies now that it’s easier to trace all the transactions made.
This benefit can’t be underscored enough, as it spells the difference between smooth and accurate processes that lead to a lower likelihood of legal disputes. With e-signatures, it’s easier to ensure each insurance document that needs to have a signature affixed does have it.
- They Boost Productivity
Alongside the advantage of saving a lot of time and speeding up the movement of every insurance process comes this one concern: boosting productivity. Because your team members now have extra time on their hands, their productivity levels are positively impacted. They’ll have much more time to do other important tasks, so they’re not slacking on their to-do list for the day.
When the insurance industry is very fast-paced and competitive, your team needs to be able to keep up. Clients don’t want to wait unnecessarily long hours if something can be done more speedily.
Furthermore, more productivity also means more profit for your insurance company. This can help keep your business afloat even during hard times.
- E-Signatures Provide A Better Claim Experience
Clients who spend their hard-earned money to take the extra step of signing up for insurance expect the claims process to be easy and smooth. After all, it’s a given that anyone who makes claims from insurance companies is going through challenging and stressful situations. No one wants to deal with even more stress than they already have.
Henceforth, it’s a must for insurance providers to make the claims process as smooth as possible. This is a matter of good customer service. Enabling the option of using e-signatures is one of those.
For instance, your client can be at the hospital recuperating, and right there from their hospital bed, they can process their claim by affixing their e-signature rather than waiting until they get home for physical printed files to be sent to them.
The premise of using an e-signature is that it’s meant to replace a handwritten signature on any process. While the benefits mentioned above pertain to insurance processes, those aren’t limited only to the insurance sector.
Using e-signatures can positively impact any business, regardless of the industry you belong to. All thanks to this technological advancement, now the process of affixing signatures doesn’t have to be such a tiresome one, as you can cut down printing, physically signing, and then scanning the same document. All you have to do is affix the e-signature and your document is good to go.