Nowadays, convenience reigns supreme when it comes to purchasing insurance. To avoid printing, scanning, faxing, or emailing back signed papers, insurance companies can use free electronic signature software. You don’t have to waste time filling out paper paperwork because transactions may be accomplished at any time from any location.
In today’s market, there are a plethora of eSignature choices. Cost-savings and time-savings benefits are provided by all of them to varying degrees. With so many different e-signature products, it is important to choose wisely.
A wide range of features, utility, and cost can be found among different systems. What to look for when choosing software for electronic signatures in the world of insurance.
A Suitable System for Agency Management
Consider the electronic signature possibilities used by insurance agents when you’re looking into your own options. In some circumstances, integrating electronic signature solutions with agency management systems may save time and money.
Your organisation’s back-end system and the electronic signature software should be integrated, so that documents signed digitally can be stored in both places. For example, Vertafore and QQSolutions’ GBS platforms can be accessed via the QQSolutions technology offered by Vertafore.
How Long Are Setup and Training?
ESignature software training and setup should take no more than a minute to complete. User experience is one of the first indicators of inadequate online signature services.
Many of the other features offered by eSignature companies are unnecessary for insurance professionals. Select software that can be easily understood and installed by your less tech-savvy workers.
What Kind of Protection is Offered?
Insurance companies’ eSignature systems should employ the same AES 256-bit SSL encryption technology that banks do.
Another level of security to consider is the use of password protection and eSignature systems encrypted with an RSA key.
Ask about the company’s data servers, as well as the availability of backup power and the internet.
Is it Simple to Use?
The best document signing software should be simple to use for the people who will be using it. For electronic signatures, you should be able to utilise the same straightforward approach to sign all of your signatures, regardless of the type of document you’re signing.
With a reliable electronic signature system, you should be able to save all of your papers in a single spot. By doing this, you can eliminate the need to store documents in many locations and instead have them readily available from any location, at any time. Don’t use technologies that necessitate scanning, downloading, and editing documents if at all possible.
Does It Meet Industry Standards?
The E-SIGN Act and the Uniform Electronic Transaction Act (UETA) govern electronic signatures in the United States. Both of these laws had a substantial impact on the acceptance of electronic signatures.
Electronic signatures in the insurance sector are governed by ACORD’s standards, which include criteria for verification, record-keeping, consumer disclosures, and recording the signer’s purpose. Electronic signatures must meet certain standards and requirements in order to be legally enforceable and to have the same level of enforceability as paper transactions.
Can You Sign on the Road and at Work?
Among the many advantages of electronic signature software is the opportunity to tailor the process to your needs. However, the degree to which a solution is adaptable depends heavily on the nature of the solution itself. A system that allows mobile and in-office signing is ideal for getting the most out of your electronic signature software and offering as many signing alternatives as possible to you and your customers.
Once you have this power, you and your clients can work out a system for signing. Customers should be able to sign any document, regardless of location or device, at any time. It’s important to make it easy for your customers to sign documents through a tablet or PC. This means that you won’t have to deal with a ton of paper or waste time flipping through it.
Conclusion
Using an electronic signature for insurance could benefit your company in a number of ways, including improved customer service and higher revenue. With so many advantages, it’s hard to think of anything that could go wrong.
To help clients limit their risk exposure, you can do the same for your agency by conducting extensive research on each and every electronic signature solution you investigate. Gather data on the historical performance of each insurance company. Before making a decision, consult with your coworkers and do some research to ensure that the e-signature providers you select will only benefit your own firm.
