Traditionally, the main channels through which insurance companies have acquired and responded to its clients have been, and in many cases still are, direct sales and telephone. But today it is inconceivable that any companies, including insurers, do not include an online sales channel through which it can provide a complete service to new digital customers.
To approach this new type of customer, known as Millennials, the traditional lines of communication don't work, because their ways of consuming products and services are different from previous generations. They are digital consumer and therefore the approximation to them must take place across platforms that allow for 100% online procedures.
Therefore, it is essential that insurance companies offer digital experiences live up to the expectations of these consumers, expectations that have been shaped by experts in user experience like Apple or Facebook. And to offer a completely digital shopping experience insurance companies need to incorporate electronic signatures.
In this post we explain the reasons and the advantages of using electronic signatures on any insurance companies online processes.
This post is also available in Spanish.
In this blog we've already talked about the importance for insurance companies to improve their customer experience. Basically, because in the digital age there is only one field in which any companies can gain a sustainable competitive advantage in the long term: the digital experience.
And not only is that customers can learn through a web page about the types of insurance policies available, but must also be able to request a quote, receive an insurance proposal, hire the selected policy and perform the necessary procedures after a loss without stepping into an insurance office or calling the company.
To offer a fully digital shopping experience, insurers can not miss a solution that allows clients to sign their contracts and policies in a digital way. That is, it is essential to integrate an electronic signature solution into the sales processes.
What are the main advantages of using electronic signatures for an insurance company?
1. Mobility, immediacy and speed in the signing of insurance policies
With an electronic signature solution, customers can sign insurance policies almost immediately, anytime, anywhere. When a client is already decided to purchase a policy, the electronic signature allows him/her to end the process from home or from anywhere else, and in the moment he/she decides, using a computer, tablet or mobile phone.
2. Errors are avoided in the signing process
The manual signature on paper and pen may involve failures that lengthen the process of selling a policy. For example, the insured can forgot to sign on some pages, may forget to sign the copy of the policy or may overlook to fill some required fields.
By using an electronic signature solution like the one we at Signaturit offer, none of this happens. Simply because the signing process can not be finished if the signer has not filled in all the fields defined and if he/she has not signed on all pages specified by the insurance company.
Besides, once the policy is signed, both the insured and the company receive a copy: the insured receives it in his email, and the company on Signaturit's dashboard.
3. Increased productivity of employees and commercial agents
An electronic signature tool facilitates and eases the process of signing for customers, but it also has a positive effect on the productivity of employees and insurance agents:
- Saving time on paperwork and filing documents, as policies can be properly classified and archived in digital format. An advantage of keeping the documents in digital format is that this facilitates accessing to them.
- Tracking customers it is facilitated since the state of documents sent - open, read, signed - can be performed directly from the Signaturit's dashboard.
- Commercial agents have a perfect tool to get the signature of the policies directly at the clients' offices.
4.Cost optimization in the casualty department
Casualty departments are key to improving the customer experience, as they are those who have direct contact with policyholders in critical times and should be able to provide excellent service, minimizing the consequences of any accidents. The electronic signature is a tool that can certainly help this department in its mission: not only because it facilitates and streamlines the digital processing of documents that need to be signed, but also because it helps to maintain a good balance between quality, cost and efficiency in the department.
5. Differentiating factor from competitors
Using electronic signatures enhances the online shopping experience for customers and it is also a differentiating factor from competitors. Moreover, the speed with which policyholders can complete a policy signing process reduces the risk of him/her choosing another product by another carrier before the signature.
6. Reduced spending on paper and enhanced ecofriendly image
The electronic signature means significant savings in paper costs and other associated materials, such as ink or maintenance of scanners and printers. In addition, companies that avoid paperwork project an innovative and ecofriendly image, characteristics that digital consumers are very sensitive to when it comes to choosing any service providers.
Without any doubts, the electronic signature tool offered by Signaturit is key to improving the digital experience of policyholders. Without it, no insurer can be considered a fully digital company. If you want to test how Signaturit works for free, click here. If you prefer, you can contact us using the form at the end of this post or call us at (+34) 935 511 480.
This post is also available in Spanish.
- The digitization of an insurance policy buying process.
- What are the innovation areas for insurance companies to adapt to the digital age?
- Interview with Jordi Rivera, CEO of DAS Spain.