Most large life insurers that sell through direct marketing programs have electronic signature tools in place or plan to introduce them within the next 12 months.
The Life Insurance Direct Marketing Association, Atlanta, has published that finding in a summary of results from a survey of 14 large insurers.
Half of the participating insurers told LIDMA they already offer eSignature tools to direct marketers. Of the carriers that do not yet offer eSignature tools, 43% plan to add eSignature tools in the next 6 months, and 57% plan to add eSignature tools between 6 months and 12 months from now.
About 85% of the insurers that offer eSignature tools use the “Clickwrap” method. A Clickwrap user can sign an application by clicking an “I Agree” box next to the displayed document, LIDMA says.
About 46% of the insurers with eSignature capabilities let a recording of a voice agreement be bound to the agreement.
Other survey findings:
- 40% of the participating insurers offer electronic policy delivery.
- 80% let customers use credit cards to pay their premiums.