3 Decisions to Make When Deploying Electronic Signatures in Life Insurance
The life insurance sector faces complex sales processes and complicated contracts that leave clients feeling overwhelmed. Empowering field agents to quickly and efficiently communicate policy details, gather client signatures and file documents pertaining to the deal can simplify the sales process for everybody involved. Insurers are increasingly deploying electronic signature software to achieve this end, and the life insurance sector is no exception.
The benefits of e-signature use in the life insurance sector are evident, but some agencies may be concerned about dealing with a new technology solution. When deployed, electronic signatures are fairly simple and easy to use. Good e-signature software will solve many of your concerns prior to implementation, but there are three key decisions you will need to make when rolling out the technology:
1. To integrate or not to integrate
There are two potential ways to deploy e-signature solutions - integrated into existing case management or field services portals or as a standalone software option. Either model can work well, but you need to consider your current field technologies and evaluate whether it will be easier and more cost effective to find a solution that has built-in e-signatures, customize a proprietary app to include e-signature functionality or roll electronic signatures out as a standalone app.
2. Choosing how to use e-signatures
In general, you can either use e-signatures in the field, or by sending electronic documents to clients, or in the office. The first option gives your more flexibility in how you engage customers, while the second lets you control the signing process in a variety of ways while still eliminating paperwork. You can also mix and match these two policies depending on your operational needs. Understanding how you can use e-signatures is a key component of maximizing the technology over time.
3. Decide how to focus the solution
This is another situation that is not an either/or scenario, but instead a balancing act based on where you want to pour resources. You can use e-signature functionality to create a better customer experience and empower your employees for internal and customer-facing operations. If you have the resources to focus both on customers and employees, the choice is simple. However, if your resources are limited, you will need to decide whether the improved customer experience will drive enough revenue creation to spur further innovation or if enhancing employee technology capabilities will empower your workers to support customers more effectively. Life insurers have plenty to think about when choosing e-signature technology, but the potential gains are great. Take a look at our guide to using e-signatures in the life insurance sector to get all the details you need.