E-Sign Capabilities Bring Efficiencies and More to Your Agency, Brokerage
Electronic signatures, or e-signatures, are a fast and legally binding way to approve electronic documents without having to print, scan, or mail (via post) anything. An electronic signature is essentially a process in which computers authenticate the signatory and certify the document’s integrity. It is secure, trusted, and verifiable and can be used in lieu of a handwritten signature in almost any process.
Both the United States Electronic Signatures in Global and National Commerce (ESIGN) Act and the Uniform Electronic Transactions Act (UETA) provide legitimacy for electronic signatures, e-delivery, and electronic documents. ESIGN and UETA also “allow companies to store electronic records in place of paper to satisfy their legal requirements to retain records in writing, provided the electronic records are stored accurately and are accessible on a timely basis to all persons who are legally entitled to access such records,” according to a report by the Big I.
Benefits of Using E-Signatures
The insurance industry by the very nature of its work is document-heavy, with lengthy policies governed by strict rules and regulations. E-signatures have helped to transform and streamline the way in which the insurance industry can collaborate with insureds. Clients can sign documents, add files, and share data at any time, from any location, and on any computer, tablet, or smart device. This includes documents such as insurance quotes, applications, policy requests, policy issuance, policy endorsements, claim submissions and settlements, policy/service renewals, non-disclosure agreements, premium payments, policy cancellation authorization, and many others.
You’ll improve operational efficiencies, decrease the sales cycle, reduce errors, increase productivity, abbreviate bottlenecks, get paid faster, help differentiate your agency from the competition, and more. For example, with an e-signature solution, you’ll be able to get faster approvals on quotes and reduce the time to get applications signed to bind coverage and issue a policy. This all leads to a reduced sales cycle, improved employee productivity, and an enhanced client experience.
E-signatures also help reduce errors. You can be assured a document won’t inadvertently be sent to an incorrect address, get misplaced, or be lost in a mountain of paperwork on an employee’s desk. In addition, an insured may forget to sign some sections of an insurance document or overlook several important fields that require completion. With an e-signature solution, the process is automated, taking the insured directly to the fields that require attention. Once the document is signed, all parties receive a digital copy.
The use of e-signatures is also an eco-friendly solution that can help communicate your organization’s commitment to go paperless and reduce your consumption of ink and maintenance of printers and scanners – increasingly more important to today’s consumers.
There are several e-signature service providers from which to choose to help streamline business processes, deliver better customer service, save time and resources, and close more businesses.
When appointed with ISC, brokers can take advantage of an integrated E-Sign feature, powered by DocuSign, on their online platform and get policies bound in minutes. This free feature has many benefits, including:
- Free Signing Portal
- Agency Branded Forms
- Mobile Friendly
- Expedited Binding
- Email Status Notifications
- Auto Document Upload
- Reminder Notifications
- Email History Tracking
- E-Sign Management Portal
Keep track of all your signed commercial insurance policy documents in one convenient place. Experience faster policy binding times when you use our secure, branded E-Sign feature, powered by DocuSign.