Weighing the ROI value of e-signature adoption

Implementing a defensible electronic signature process is less about the actual technical implementation of capturing the signature itself and more about the presentation and workflow leading up to, during, and after the actual signing ceremony. There are complex issues of signer identification, consent capture and compliance validation requirements at play, but it’s my opinion that most of these concerns turn out to be boogey men when you implement a logical and defensible client document presentation and signing preparation process.

What does the industry need?

When Insurance Technologies first looked at the need for electronic signature within the insurance industry, there were no real, non-hardware based, in-person e-signature methods available. With the rapidly expanding multi-device mobile environment, there was a need for supporting multiple methods of capturing electronic signatures and a concern that in-person tablet based signatures would not be enough.  New technology to support email based remote signature capability is the perfect complement to the tablet-based, in-person signature capture functionality.

Additionally, agents are more likely to see value in and adopt new technology solutions if the solution supports current business processes and does not attempt to force behavioral change. This production process, coupled with continued price drops, growing end user adoption of tablet devices, and the advisors’ desire to leverage these within the field force, is enabling advisors to prepare prior to the client meeting, take their tablets with them to make last minute application changes and capture the client signature all in a single meeting, without the requirement for email and complex identity validation challenge questions.

This built-in, default workflow e-signature process is as familiar for clients as what they do when using the signature pad at their local supermarket. By implementing as an opt-out e-signature process, it makes it easy for clients to adapt and understand what they are signing. And clients can even receive a signed PDF copy of their complete documents once signing and submission are complete.

It’s most valuable because it is the actual face-to-face meeting and client relationship that is leveraged for the identity documentation capture and validation. There are also future possibilities of having these devices use facial recognition and capture a picture at the time of signing or use the GPS capabilities to define location as additional, optional, compliance related feature sets.

Tablet devices, with touch screen e-signature capabilities, are seen as the bridge to which carriers can begin to see real technology adoption and return on their STP investments, while jointly presenting a competitive advantage to their field force by providing a user friendly way of completing orders for any line of business.