Let’s face it, historically, insurance has been a terribly dull (yet incredibly essential) product for customers. And painstakingly filling insurance paperwork isn’t usually high on people’s list of ways to spend a day—whether it’s for a policy application or claim settlement. 

Like someone once said, less paperwork equals more customer satisfaction. Therefore, digitizing everything from brochures to customized quotes is the best way to put an end to this documentation drudgery.

In the ultra-competitive insurance ecosystem, where companies are struggling to add innovation into their mix, your biggest and most sustainable differentiator would be a superior and frictionless customer experience. Fortunately, there are so many advancements in technology that can turn customer struggles with insurance paperwork into delightful experiences. Here is how several insurance dealers are using technology to respond to customer expectations:

1. 1. Data-backed and personalized website experience with product recommendations based on particular interests, location, and browsing history
   2. Online application process and claim filing with eSignature tools
   3. Virtual assistants to help fill forms and answer queries
   4. Instant quote generators
   5. Automated underwriting
   6. Regular online updates and tracking of insurance status
   7. Digital assessments to settle claims

Is your insurance company ready to digitally transform your documentation workflow? In this article, we focus on how eSignatures improve insurance paperwork processing efficiency, lower not-take rates, and offer greater customer loyalty.

Why choose eSignatures for application and claim filing?

To resonate better with customers, you need to make insurance easier to buy and convenient to own. The most cost-effective and easiest way to do so is with eSignature solutions, such as Signeasy. Here is how revamping existing documentation workflows boost customer experience:

• Sustain customers through the insurance sale journey: Insurance paperwork tends to be 20-50 papers long. Phew! Tiresome just to think about it, leave filling it in! It is commonly seen that customers lose interest in your product when forced to plow through cumbersome paperwork for days at a stretch. Buyers will have to print, manually fill-in, scan and courier these insurance documents, or visit your office to drop them off. This is not an acceptable process anymore. Instead, insurance companies use eSignature solutions to fast-track the documentation and signing. Ultimately, the deal can be closed in minutes, as you chat up customers. 
• Speed up claim processing: The real litmus test of customer experience is how quickly insurance companies can process claims. Before the payment is processed, the insurance documents need to move swiftly between the claimant, agent, and assessors. An easy claim processing takes at least 2 weeks to process, with manual systems in place. It is seen that by using eSignatures, which automates signing reminders and workflows, you can shave off 5+ days on claim payouts.
• Reduce paperwork errors: When mistakes creep into insurance forms, getting them corrected is not only a waste of time but also lends itself to a frustrating customer experience. Preconfigured eForms and guided eSignatures can ensure that customers need to fill-in only essential fields, thereby reducing errors.  
• Make insurance documents remote-friendly: Insurance customers can be empowered to sign policies via Signeasy’s mobile phone apps, from anywhere and at any time! No more visiting insurance offices, or having agents visit your home, to fill out the paperwork.

Integrate Signeasy with insurance apps for a seamless experience

Today’s customers expect transactions and purchases to happen at lightning speed, from any location. This is why most insurance companies now have mobile apps to aid with everything from insurance purchase to claim management. While that’s great, it’s not enough. Every time a document needs to be signed, customers wouldn’t appreciate having to exit the insurance app and open a separate eSignature app. Afterall, user experience is king.

What you need to do is choose an eSignature solution with a flexible API (read: Signeasy) that allows for signing in the flow of work. Ergo, users get to sign insurance documents without ever moving out of the insurance app. This can be especially useful in cases of emergencies where you cannot expect users to open multiple apps or print, scan, and courier documents.

Still on the fence? Time to bust some eSignature myths 

It’s normal to experience some concerns around adopting eSignatures, as with any new technology. To dispel these worries, in this section we highlight some of the top myths surrounding eSignature solutions:

1. False: eSignature solutions are difficult to integrate with legacy systems or applications.
   • Truth: Whether it’s Gmail, Zapier, or your own mobile application, Signeasy API can be used to integrate eSignatures into your existing workflows in a matter of just days! 
2. False: You will need to invest in qualified personnel to deploy and maintain eSignature solutions.
   • Truth: Signeasy is easy to use and intuitive, so you don’t need any special tech skills to use the solution. In fact, onboarding new users and familiarizing them with Signeasy’s interface also takes less than a few minutes. 
3. False: There are added costs for equipment and services associated with using eSignatures
   • Truth: Signeasy is incredibly affordable and flexible, with plans starting at $8 per month. No hidden or extra costs. What’s more, it eliminates costs related to manual document processing such as printing, couriering, etc. 
4. False: eSignatures are not admissible in court
   • Truth: Compliant with ESIGN and eIDAS regulations, Signeasy empowers your agents to secure binding policies from customers. It’s just as legally secure as wet signatures. And electronically signed insurance documents also help you avoid disputes related to the policy in the future.

What’s more, electronic signature solutions are not just a boon for insurance customers. They can also help improve the productivity of your employees, reduce their admin work and keep them safe from the pandemic. 

See the allure of this technology? If your insurance business needs a personalized solution that syncs seamlessly with your mobile or web app, simply get in touch with our team. Meanwhile, test Signeasy’s many unique features with our free 14-day trial here!