5 E-Signature Myths that Canadian Brokers Still Believe, But Shouldn't [Infographic]
Electronic signature software has emerged as a popular technology across a wide range of industries, but many insurance brokers still believe some of the common myths that exist about the technology. Many Canadian brokers still fall prey to these myths for a variety of reasons - ranging from news coverage that uses the term "e-signature" to cover any form of signature completed using a computer to basic misconceptions about how the technology works. Five of the most common e-signature myths that impact Canadian brokers include:
1. The law isn't clear on electronic signature use in Canadian insurance
This myth may come down to e-signatures being used interchangeably with, for example, somebody agreeing to something in an email. Regardless of why people think this way, the reality is that 95 percent of insurance transactions can be completed with e-signatures based on Canadian law. The only exceptions are altering or cancelling policies, designating beneficiaries and appointing trustees.
2. Carriers won't accept e-signed applications
Carriers do have the freedom to refuse e-signed applications if that is their preference, but the vast majority of carriers will accept e-signatures. Silanis has customers that work with some of the largest and most prestigious carriers in Canada.
3. E-signatures are too expensive and complicated
There is an assumption in many organizations that deploying any new technology will be an expensive prospect. However, e-SignLive e-signature solutions cost the same per user on a monthly basis as it would cost to pay courier fees for just two packages. CSIO research estimates that e-signatures save companies approximately $6.50 per signature. All told, e-signatures aren't just accessible from a cost perspective, they are also capable of delivering incredible value over time, leading to a significant return on investment.
4. Clients aren't interested in e-signatures
You may not have clients coming to you asking about being able to sign electronically, but e-signatures create a convenient, accessible and streamlined customer experience. One of our customers was able to compress an application process that took 55 days on average to 15 minutes using e-signatures.
5. E-signatures and online applications create a less personal customer experience
This could be true if you choose to do everything digitally, but the reality in most cases is that moving to e-signatures streamlines clerical processes so that brokers can spend more time providing personalized service to customers. There may be good reasons for many of these e-signature myths to exist, but in the end, the technology has matured to such a degree that all of them have become false.