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Building a Truly Customer-Centric Insurance Model with E-Signatures


e-signatures in insurance

Background


Gone are the days when customers simply viewed insurers as providers of risk coverage. Modern customers are value-seekers, expecting more than just a financial safety net. They want a partner in building a secure and fulfilling life.


This change in customer expectations can be attributed to a confluence of factors: the pandemic, intensifying climate events, global uncertainty, work/tech revolutions, and inflation. It is pushing customers to demand better risk-protection services and frictionless security from their insurers.


According to a recent survey, 80% of consumers want insurers to embed environmental, social, and corporate governance (ESG) initiatives into their proposition. Not only does this confirm that customers see a greater role for insurers than merely delivering on the basics of coverage, but it also highlights the need for a more customer-centric operating model to cater to the changing customer needs.


Becoming a customer-centric insurer


Capgemini states that adopting consumer focused technology is the first step to shifting to a customer-first model that allows insurers to seamlessly meet customers where they are with the experience that they’re looking for.


But that’s easier said than done because it mainly hinges on creating a streamlined digital experience, something that has proven stubbornly difficult for the insurance industry to achieve.


Traditional and cumbersome, paperwork remains a major roadblock for most insurers. It is error-prone, time-consuming, inflexible, and in complete contrast with the fast, efficient, and digital interactions that customers expect.


And even for insurers who took the leap to digitalize during the COVID lockdown, the results haven’t been entirely as expected. A Bain study reveals that though customers are having fewer in-person interactions with their insurers, they aren’t necessarily migrating to self-serve channels.


However, there’s a solution.


Electronic signatures (or e-signatures) can be the key to unlocking frictionless end-to-end digital experiences and satisfied customers in insurance.


The e-signature advantage


Let’s take a look at some of the ways in which e-signatures help insurers be more customer-centric:  


  • Increased operational efficiency: E-signatures eliminate paper-based workflows, cutting printing, storage, and mailing costs and boosting profitability for insurance companies. It also ensures faster claim processing, optimal resource utilization, and greater employee efficiency.

  • Improved convenience and accessibility: E-signatures empower customers to access and manage their insurance anytime, anywhere. This convenience enhances customer loyalty and drives higher adoption due to a more flexible, inclusive customer experience.

  • Personalized services: E-signatures allow insurers to easily create dynamic forms and electronic documents that can be tailored to individual customer needs. Personalized prompts and pre-filled information make policy issuance quick, enabling insurance providers to respond quickly to evolving customer demands.

  • Intuitive user experience: E-signatures pave the way for user-friendly self-service platforms. With forms simplified and signing effortless, customers feel comfortable navigating through processes independently, reducing dependency on call centers and agents.

  • Real-time insights and data analytics: E-signatures generate digital audit trails and capture valuable data points. This helps insurance companies gain real-time insights into customer behavior, optimize core processes, and make data-driven decisions.

  • Environmental sustainability: By ditching paper, e-signatures contribute to a greener insurance sector with a smaller carbon footprint, aligning with customer and societal values. It also helps insurers achieve their ESG goals and reinforces their commitment to responsible business practices.

  • Effortless integrations: Most e-signature solutions can easily integrate with existing platforms and legacy systems. This facilitates a unified customer experience where data flows seamlessly between platforms. Meaning, customers don’t need to re-enter information or jump through hoops.

Yet, despite these benefits, concerns about the trustworthiness and security of e-signatures loom large, posing a huge threat to their widespread adoption.


A recent US court ruling serves as a stark reminder of the need for robust e-signature verification measures. The court found that an electronically typed name on a document doesn’t establish that the individual electronically signed it.  


Instead, compelling evidence was demanded from the insurer to establish that the e-signature is that of the insured, underscoring the importance of having watertight safeguards in place to ensure the integrity and reliability of your electronic signatures. 

 

The insurance industry needs a solution that addresses these concerns head-on and allows insurers to confidently embrace e-signatures without compromising security or exposing themselves to increased risk.


This is where SelfieSign comes in.


How does SelfieSign help?


SelfieSign is an innovative e-signature solution that goes beyond basic digital ink.


By capturing your image, video, voice, and electronic signature during the signing process, SelfieSign offers four times the security of traditional e-signatures, effectively reducing fraud and disputes.


Insurers also get video recordings of each signer in every electronic document signed on top of audit trails to guarantee the validity and authenticity of every signature.


SelfieSign’s patented SVS (Selfie Video Signature) file is, hence, embedded with the video recording, electronic signature, location, timestamp, and hash code, ensuring non-repudiation and immutability of the document signed.


Moreover, the .SVS file is compiled in an XAdES format according to the latest industry standards, making it compliant with elDAS regulations and suitable for advanced electronic signatures.


It is just the solution the insurance industry needs to make trusted e-signatures a reality.


Key use cases of SelfieSign's e-signatures in Insurance 

 

Some of the main applications of SelfieSign in insurance include,


  • Policy Issuance and Onboarding: Simplify the customer journey with virtual policy signing and onboarding while verifying the customer’s identity and preventing fraudulent applications with SelfieSign. Issue new policies in hours, not weeks, enhancing customer satisfaction and expediting your internal workflows.

  • Claims Processing: Capture video-based e-signatures from claimants and third parties, reducing in-person meetings and speeding up the process. Verify claimant identity with SelfieSign, making sure only legitimate claims are processed and prevent fraud. Offer a convenient and contactless claims journey for policyholders.

  • Policy Renewals and Updates: Speed up the insurance policy renewal process with SelfieSign’s e-signatures and biometric verification, encouraging customer retention and reducing churn. Securely capture customer consent for policy updates and modifications with clear communication and traceability.

  • Internal Collaboration and Compliance: Safely store and manage internal documents with SelfieSign’s embedded video recordings and signatures, ensuring better accountability and regulatory compliance. Streamline approval processes and contract workflows that require signatures from multiple stakeholders with our reliable e-signatures and tamper-proof audit trails.

  • Agent and Broker Relationships: Efficiently onboard insurance agents and brokers while managing their contracts electronically with SelfieSign. Provide agents with more time to focus on policy sales and strategic customer service initiatives by reducing repeated follow-ups and increasing agent productivity.


So, what are you waiting for?


Switch to SelfieSign today and accelerate your digital transformation efforts with e-signatures to deliver exceptional customer experiences.


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