How to Speed Up Insurance Transactions with Electronic Signatures

Mary Ellen Power, November 29, 2013
Thumbnail

If you're looking for an industry that has seen huge gains from electronic signature adoption, the insurance sector would certainly be one to point to. E-signatures have allowed insurers as well as both captive and independent agents to speed up transactions while keeping business efficient, connect directly with their customer base, while providing a range of options and services that would have previously been the remit of an experienced intermediary.

Insurance has always been, and will likely continue to be, a business sector that relies on application forms and documentation including terms and conditions. Irrespective of what a customer is looking to purchase coverage for, the insurance industry requires that a risk be assessed through a series of questions that provide the answers that an underwriter requires in order for limits of liability to be established. Insurer transactions, by their very nature, rely on capturing the intent of requested coverage, ensuring that the purchaser is fully aware of what - and what is not - covered under an insurance policy.

Electronic Signature

The Beginner's Guide to Electronic Signatures

Comprehensive guide to getting started with e-signatures

Download Now

Efficient Risk Assessment

To most people, insurance exists as a comfort blanket, an idea that has been populated over decades of shared risk. However, in recent years, the consumer has been faced with a dizzying array of options, especially within the property and casualty market, with hundreds of insurance carriers all vying for the attention of a fiscally-conscious user base. Naturally, the companies that can provide the easiest route to coverage are the most popular, with the average person always eager to spend as little time as possible filling out insurance proposal forms.

According to recent studies and analyst reports, this has led to a desire for mobility within both P&C and Life insurance markets. Some high-profile carriers have been able to tap into a desire for quick quotes and easy claims resolution, while independent agents are now able to provide their clients with piece of mind at a moment's notice. This has meant that e-signature have become the preferred option for many, especially when considering that insurance has always relied entirely on the aforementioned capture of intent as part of an initial risk assessment.

At the same time, insurers have been able to provide purchasers with the documents that they need to demonstrate coverage, although it is worth noting that most clients allegedly only read the terms and conditions when they have a claim. Despite that, personal insurance through the Internet continues to be extremely popular with both parties, ensuring that insurer transactions need to be processed quickly and efficiently - either for providing confirmation of coverage or reimbursement after a demonstrated loss.

For more information as to how insurers or agents can incorporate e-signatures into transactions and speed up business, please download the Electronic Signatures in P&C Insurance ebook or the Electronic Signatures for Life Brokers paper.