Beyond the Basics: Get the Most Out of E‑Signatures
We regularly host webcasts on topics such as mobile security, digital identity verification, and authentication best practices. If you missed our recent webcast, “Beyond the Basics: Get the Most Out of E-Signatures”, here is the 4 minute summary. The full presentation is available on-demand.
Change has a large impact. A Boston Consulting Group study found that 70% of digital transformation projects fall short of their objectives, often with profound consequences. Yet, keeping pace with the rapid rate of digitization necessitated by the realities of a pandemic-altered business landscape can be difficult. Having a flexible mindset and fostering an organizational culture open to innovation is key when it comes to building a fully digital, omnichannel signing experience for your customers and employees. As you think about expanding your e-signature project into the future, frontline employees will be essential in the success of your initiative, as the human dimension often plays a crucial role in the successful adoption and evangelization of new digital technologies.
In this blog, we expand on the core elements required to launch a digitization program based on e-signatures. Continuing from part 1 of our E-Signatures and Remote Business series, we will build on the fundamentals and provide tips on more advanced use cases for organizations looking to maximize the value of their e-signature solutions.
You’ve Mastered the Essentials of E-Signature – What’s Next?
Low volume, internal-facing employee use cases are often the gateway to getting started with a digitization initiative. Once successful in operationalizing these simple workflows, address the more complex use cases as the next step. Many B2B scenarios and direct-to-consumer processes consist of higher volume transactions that involve a level of complexity and multiple steps that benefit from more advanced e-signature capabilities. Here are a couple of examples:
Vendor Agreements (B2B)
When dealing with vendors, the agreement signing process is often very time sensitive, yet internal process controls and lengthy negotiations can drag out the process. Furthermore, these agreements need to stand up to high levels of scrutiny from quality control audits as well as compliance monitoring. These reviews acutely assess the entire processes from beginning to end. Complex agreements often consist of multiple internal and external signers necessitating varying levels of approval, which creates a challenge in determining access levels and which documents are visible to which parties.
With all these extraneous parameters to take into consideration, the electronic signing process should not create further friction and complication. The role of electronic signature is to create efficiency and facilitate the overall experience. As an example, if there is uncertainty in who is signing on the vendor side, OneSpan Sign provides the option for the recipient to assign a new signer within their organization to the transaction, without having to re-contact the sender or re-direct the contract. This saves time and eliminates the need for further external communications via email or other channels.
In the case where multiple recipients are assigned to an agreement, a specific signing order can also be set. Pages of the electronic document can be hidden or made viewable only to relevant signers. Internal workflows can benefit from increased signing velocity using Single-Sign-On (SSO) to ensure your end user is authenticated according to your organization’s corporate policy, and the entire process is captured in the audit summary for review. For added security controls, advanced settings also allow the sender to set the authentication method for access to the contract, using email, SMS, or a Q&A format.
Travel Insurance (B2C)
In the current context of the pandemic, travel cancellations due to illness will continue. With trip cancellation claims full of intricacies that are often problematic and unintuitive to the claimant, insurance adjusters need to focus on providing an outstanding customer experience to deliver on the promise of their policy. A more automated and frictionless signing process lifts the burden of stress from your customers. With large volume use cases such as these, signing velocity and time to completion are key.
Advanced e-signature features, like conditional logic flows, can help eliminate the dreaded not-in-good-order (NIGOs) errors, follow-ups, and endless reworks that typically mire down the claims process. For complex signed documents, interactive data-capture elements (e.g., radio buttons, check boxes, and image signature stamps for physician approvals) can be added with conditional logic rules to provide a clear and guided experience for the signer. Pre-programmed reminders also help speed up the process when awaiting a physician’s signature, removing the need for manual follow-up.
Lastly, the ability to white label all documents and communications associated with the transaction keeps your company’s brand front and center throughout the process and maintains the highest levels of trust between you and your customers. The overall result is a more trusted transaction for policyholders and a greatly improved customer experience, leading to higher completion rates for document signing and higher signing velocity for your digital processes.
For more use cases and to learn how esign can help facilitate remote business, watch the recording of our webinar, “Beyond the Basics: Get the Most Out of E-Signatures.” For more on how OneSpan can support your digitization projects, download our whitepaper, “Beyond Business Continuity: The New Normal in Remote Banking and Insurance”.