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Closing the Customer-Centricity Loop in Insurance with E-Signatures


insurance agent with customer depicting e-signatures in insurance

Background


The insurance industry, once paper-laden and slow-moving, has finally shrugged off its complacency and caught up with the times.


While the pandemic undoubtedly served as a catalyst, it wasn't the sole force. Changing customer demands, nimble insurtech rivals, and economic pressures have all fueled the digital transformation of the insurance industry.


But let's face it: compared to retail's instant gratification, banking's frictionless transactions, healthcare’s life-changing impact, and media's on-demand accessibility, insurance still feels like well, insurance.


Despite the strides of progress, the end-to-end insurance journey remains riddled with paper trails and wet signatures, delaying decisions by weeks, especially in processes like underwriting.


Pockets of resistance remain, and transformation continues to be a work in progress while insurers strive to deliver the level of service that modern consumers expect.


The missing piece


Now, improving agent channels and digital distribution are two of the main obstacles standing between the industry and a truly customer-centric insurance experience.


McKinsey reveals that agents are still navigating legacy products that sometimes require offline execution, such as physical signatures and medical underwriting.


Almost 50 percent of agents were dissatisfied with the level and function of signature capabilities at their primary carrier, according to the firm's US agent survey.


Likewise, a Bain study found that though customers are having fewer in-person interactions with their insurers, they aren’t necessarily migrating to self-serve channels.


A survey shows that while 84% of customers use digital channels during their journey, 55% simply cannot imagine buying an insurance product online.


This suggests that while digitalization is important, it might not be the magic bullet that insurers seek to achieve five-star customer experiences.

Agents continue to remain a cornerstone of the insurance ecosystem.


So, offering a variety of support options, including well-equipped agents, is key to providing a positive customer experience in the insurance industry. To achieve this, insurance companies can invest in tools and technologies to support agents.


This approach will address the dissatisfaction expressed in surveys and empower agents to leverage their expertise to bridge the gap between traditional and digital channels.


But what exactly are the right tools and technologies?

It's secure e-signatures and digital agreements.


Signatures, application and submission forms, and client onboarding are processes that agents most want to see digitized.


Adopting e-signatures: the challenge


The widespread adoption of e-signatures in the insurance sector faces a significant hurdle: concerns about their trustworthiness and legal validity.


These concerns stem from challenges in capturing both the signer's identity and intent with e-signatures, which often leads to legal risks and disputes.


A recent US court ruling on a policy renewal dispute between the insurer and the policyholder only exemplifies these concerns.


The court ruled that an electronically typed name on a document doesn't establish that the individual electronically signed it. Instead, compelling evidence of the signer’s intent to sign was demanded from the insurer to establish that the insured understood that they had agreed to the reduced coverage.


This underscores the need for more robust e-signatures that are not only legally binding but also tamper-proof and court-admissible. In other words, for insurers to truly benefit from e-signatures, they need a solution that addresses their concerns head-on and allows them to confidently integrate the technology without exposing themselves to legal risk.


This is where SelfieSign’s video-based e-signature solution 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.


SelfieSign's e-signature solution


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 for SelfieSign's e-signatures in Insurance 

 

Some of the main applications of SelfieSign in insurance include,


  • Policy issuance and onboarding: Prevent fraud by capturing customer identities instantly, issuing new policies in hours, not weeks with our real-time video-based e-signatures.

  • Claims Processing: Verify claimant identity with SelfieSign, ensuring only legitimate claims get processed to eliminate disputes and save time.

  • Policy Renewals and Updates: Securely record customer consent for policy changes and renewals with transparent, traceable digital agreements.

  • Enhanced Compliance: Safely store and share documents with our AES 256-bit encryption and comply with eIDAS, GDPR, as well as ISO 27001 standards with ease.

  • Agent and broker relationships: Manage agent and broker contracts electronically with clear audit trails and tamper-proof video evidence, fostering trust and collaboration.


So, switch to SelfieSign today and accelerate your digital transformation efforts with our video-based e-signatures to deliver exceptional customer experiences. SelfieSign easily integrates with your existing platforms and legacy systems with the SelfieSign API library.


This facilitates a unified interface where customers don’t need to re-enter information or jump through hoops.

Sign up for free trial or contact us for more details on our API integration services!


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