E-Signatures to transform Insurance Sector

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The new normal has forced everyone to become digital for all the basic models of business transformation, so the use of electronic signatures will create an easy, convenient, personal, and accessible experience for the customers.

COVID-19 is changing the world in all possible ways. Enterprises across different sectors and different levels of digital maturity are doubling and fast adopting the medium as the primary channel for communicating with the post-pandemic consumer. As technology grows accessibility becomes the basic medium for addressing the evolving customer expectations, the insurance industry in India is fast growing to become more customer-obsessed and experience-driven.

The government is enabling this step towards digital with key policy changes as well. Recently, the Insurance Regulatory and Development Authority of India has brought in various steps to make sure insurers and policyholders can sell, purchase, or claim insurance online. As digital has become the new normal, security and efficiency of engagement stand to play a consistent role in ensuring optimal customer adoption and continued engagement. E-signatures plays a big role in this for the success of business in the insurance sector in the new normal.

Security Prioritization

As insurance providers take digitization to different territories, there is a need to ensure there are enough checks and balances to regulate new norms in the insurance industry. E-signatures offer more security for verification and gives permanent storage with accessibility. Nowadays security integrations are further upping this when it comes to making e-signatures more trusted for individuals and enterprises.

Enhancing Efficiency

When policy agreements are shared with a customer on paper, it can be very difficult to know where customers are in the signing process. This has become even more uncertain in this pandemic as delivery mechanisms and supply chains have been affected across different parts of the country. Tracking the location of paper documents is very difficult in such a situation, and the unexpected absence of a stakeholder can obstruct the entire process. E-signatures helps with greater efficiency and transparency, giving customers the ability to take action to move along the process by adopting reminder mechanisms or sending it to a different signing authority.

Accelerating Engagement

E-Signatures help to cut document workflow cycles from weeks to days or even from days to minutes. With the help of the internet or mobile, workflows can be completed even faster without compromising security or compliance. E-signatures allow customers to sign the policy immediately anytime and anywhere. Once the customer decides to purchase a policy, he/she can sign the policy agreement at his/ her convenience and without the difficulty of paper works and big approval cycles.

Minimizing Oversights

The manual signature process has always been a prolonged process of policy closure. For instance, it is common for the signing authority to look into some of the fields that require signatures, or look into fill in some required fields therefore, making the application unsuccessful. E-signature solves this problem for both parties, as with e-signatures, the process can only be validated once the signing authority has filled in all the fields as required.

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