The Importance of Electronic Signatures for Insurance Companies

The insurance industry requires the use of various documents from time to time from their customers. Getting each of these documents signed by the insured is mandatory. Each insurance company has to adhere to industry-specific rules and regulations as framed by the insurance regulatory body.

Over the last few years, insurance officials have started simplifying the rules for the insured. Instead of putting their handwritten signatures on forms, many insurance companies now ask clients to sign PDF document online to give their consent for subscribing to a particular insurance policy. 

A client doesn’t need to send a scanned copy of their insurance application form and relevant documents to an insurance company. Instead, they can just put their signatures on a PDF document and relax.

Insurance firms preserve and store all such essential data in their highly-secured online digital libraries and server system. 

No Scope of Manual Error 

The online processing of insurance forms ensures that it can’t be misplaced or transmitted elsewhere. There is no question of getting the file entered into the system from a desk—as it’s already there in a digitized format on the company’s server. 

Boost Up the Process

The facility of e-signature helps clients put on their signatures anywhere. It expedites the entire insurance policy sign-up process. 

Given the recent COVID-19 pandemic, putting electronic signatures is a safer option. At the same time, it also expedites the entire insurance subscribing process, making customers feel happy and relaxed. 

Professional Touch

Insurance companies can customize their online insurance forms by adding all relevant columns if they wish to. Also, an insurance firm can easily specify sections for which they need further details from customers.

An electronic signature-enabled online insurance form also lets you add your company logo on top of the page. It enhances your brand credibility and market reputation. 

Attracts Busy Clients

E-signature-enabled insurance forms attract busy clients. They can fill out the form easily and sign a PDF document to process their requests. The entire process gets completed while sitting in a chair. There’s no stress of visiting an insurance branch office or sending any paper through courier. Customers can now conveniently fill out their insurance forms online while at home or at their offices.

Eco-friendly Solution

A digital signature serves as an eco-friendly solution for the insurance companies to ensure they comply with necessary regulations while doing their bit for the planet. By switching to digital solutions, an insurance company saves a lot of money, which they would’ve otherwise incurred towards paper, postage, ink, and maintenance of heavy office machines like a scanner and a fax. 

With the simple solution of an e-signature and online insurance KYC forms, an insurance company can contribute significantly towards preserving the environment around us. 

In Conclusion

Under American law and respective acts, an e-signature is equivalent to a normal signature signed using a pen. When a customer puts his digital signature in an insurance agreement, it means they have agreed to its terms and conditions while giving their consent to it.

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