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Create digital journeys and integrate eSignatures, insurance companies can reduce errors and remove bottlenecks

esignly profile image paula Williams ・4 min read

Digital transformation is not new to us. We are habitual to technology and digital products. Digital signature and electronic signature is one such an innovation which most of us are using in our personal and professional life. Be it signing a document, making an agreement, accepting a courier package or making payments, generating purchase orders, etc. We have either seen or used the best esignature service. One such area where we have started using such best e signature service is the banking area or the insurance sector.

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During the pandemic, many banking businesses and insurance companies boosted their digital platform and started offering online sell of insurance and banking products. For this, they started using the most reliable and easy to use digital signature in banking. Even insurance buyers are now comfortable making investment or performing banking tasks online rather than visiting the nearest branch every time.

If you are a banking or insurance business, there is an array of solutions in the market that can improve your online services, but not every solution is perfect for you. And you must not make these decisions in a hurry, because what you choose for you is what you will offer to the clients too. If your customer has to go through a complex process to perform any task, he/she would rather prefer not to proceed with you at all because what they need is something easy, fast, smooth and secure.

Installing the right technology impacts your brand value and customer retention rate too. Here’s how digital signature and electronic signature meets your and your clients’ expectations without costing you any loss.

1.Cost reduction and productivity improvement

Have you ever wondered how much time and money you would spend on buying a paper, ink, printing, faxing and sending it through a mail service, and then storing it forever as a proof if you are using a traditional way of documentation or signatures? Additionally, all this process takes days, sometimes weeks to get completed? Do you think your customers are ready to compromise this much time just because you are not digitally transforming?

This is the time to get rid of paperwork and adapt to digital signature and electronic signature. Digital signature in banking will make the signing and documentation process faster and easier and more cost-effective. When accuracy and speed are present, productivity is bound to be positive too.

2. Reduce Errors & Omissions

When your insurance agents send contracts, onboarding papers, coverage election documents, policy purchase paperwork, etc using a reliable Digital signature and electronic signature, they are choosing client satisfaction, faster closure of the purchase, easy documentation and most of all data protection. Digital signature in banking and insurance are used to bring flexibility and security to the process.

No customer or insurance agency wants a claim to fail just because of the unchecked box or missing data. e signature for insurance reduces or eliminates these E&O by sending automatic alerts to the user and reminding him/her of all the fields that are needed to be filled or asking before submitting if the data is correct. Even if you need to send Insurance claim paperwork or insurance purchase documents to the client for their photographs signatures or other important attachment you do not have to send it through postal service and wait for days to get the process completed.

You can easily send it through digital signature and electronic signature solution to the client and even they can attach all the required documents and make the spinning process within a few minutes. All this data and the document will be stored safely on the cloud with limited access ability to ensure your safety.

3. Competitive Edge
When you offer exceptional customer service, your customer retention rate is high. Happy customers stay loyal to you and this helps you in building market value. Things like faster onboarding and improved closure rate, accurate documentation, leads to better revenue and increased cash inflow. The insurance sector is highly competitive and these small things will help you build a strong business base.

4. Secure and legal signature procedure
Here is a digital alternative to the traditional signature process. If you choose a professional digital signature and electronic signature solution, the service provided by the solution has legal backing and validity in the court of law. Every process performed in the esignature solution is tracked and monitored by every concerned party to maintain complete transparency.

Apart from the above benefits, installing digital signature and electronic signature solution offers you:

Improved Productivity
Improved Speed Of Transactions.
Reduction Of Errors

Insurance and banking sector is leveraging this technology to offer sustainable and user-friendly services.

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