If the insurance business is about anything, it’s about providing peace of mind. Life insurance companies in particular give their clients the comfort of knowing that their loved ones will be cared for should the worst happen. With this in mind, the industry is right to embrace the use of electronic signatures. E-signatures combine the ease-of-use of modern electronic commerce with the level of security and confidence the life insurance industry had traditionally represented.
Online automation for life insurance is essential as policies often have to integrate data to a single account and have the information approved by the client. Allowing customers to approve a deal online can increase the ease and comfort of policy holders and ultimately bring increased new business to insurance companies. There’s no better, nor more deserving, vehicle for this move than e-signatures.
Electronic signatures are safe, legally binding, and enable users to do business in a way they’ve shown they like: online and protected. The technology has been proven, tested, legally sanctioned and has been used safely and effectively for years.
The reluctance to accept e-signatures has been getting in the way of seamless business between insurer and insured. When clients want their coverage to start as soon as possible, why hamper them with a back-and-forth paper trail?
We can’t get electronic signatures into the mix soon enough. Other important financial players, such as broker dealers, are already using e-signatures for their own proprietary and clearing form paperwork.