eSignature Applications for the Insurance Industry

Alexandra Veneck

In reality, buying or altering your insurance plan is not something customers are jumping for joy about. The process requires time-consuming meetings with an insurance broker to discuss personal topics such as health, disaster, or death alongside endless paperwork. All of this can become overwhelming very quickly, pressuring customers to make rash decisions and purchases.

However, with eSignatures in the insurance industry, digital forms and documents become available to ease the process. As a result, time to settle a claim is reduced, turnaround times are reduced, and customer satisfaction rises.

Why Insurers Need to Use eSignatures

Many insurance companies tend to stick to traditional ways of physical paperwork because they think it works and is necessary. Unfortunately, relying on such outdated ways tend to alter customer experiences in a negative way.

From a quick glance, eSignatures are beneficial because they are quick and easy. However, there is much more to it than that. Insurance companies that implement eSignature solutions have experienced meaningful benefits that help them improve their customer experience and bottom line. Here are some downsides of using paperwork and traditional signatures as opposed to eSignature solutions:

  1. Lack of customer centricity

Although it is generally an unspoken norm that having insurance is in fact necessary, customers still are not willing to go the extra mile to obtain it. If customers have to go to a physical location to hear about multiple insurance packages, read paperwork about each package, and sign every page, it is simply not an enjoyable experience. In fact, since it is extremely inconvenient, customers would do anything they can to just avoid it altogether. And even if all a customer needs to do is make some modifications to an existing plan, they would rather not go to a physical location to do so.

2. Time-consuming for agents

Unfortunately, when it comes to physical paperwork and necessary signatures, agents often find themselves hunting down customers to complete documents. All of this wasted time could have been spent selling to more customers or providing better services and assistance.

3. Less compliant

Physical paperwork and signatures can easily be lost, forged, or have mistakes from manual processing. When insurance companies are more dependent on physical copies, there are more risks involved.

New call-to-action

Benefits of eSignatures in the Insurance Industry

In the age of digital transformation, companies are always looking for new and innovative ways. Tools like mobile eForms, eSignatures, and digital ID and Verification all play a role in better insurance companies. Customers are able to upload all supporting documentation and information necessary to process their application or claim, agree to Terms and Condition, and make mobile payments, all in real-time. All of these tools, eSignatures specifically, eliminate customer frustration and tedious paperwork for all parties involved.

Some benefits of Lightico’s solution for insurance companies include:

  • Reduce cost of claims by cutting time to settle: Lightico users have seen an 85% decrease in average time to settle a claim
  • Accelerate document and evidence collection
  • Remove unnecessary touchpoints: Lightico users have experienced a 60% decrease in touchpoints per policy
  • Speed-up claims payments
  • Improve customer experience: Lightico users have witnessed a 15% increase in customer satisfaction
  • Simplify compliance processes & remove legal risk

In fact, Lightico has become the fastest-growing eSignature solution in the insurance industry. Insurance agents are continuing to switch to Lightico for real-time eSignature experiences, to better both themselves and their customers.

How eSignatures Work for Insurance Companies

More often than not, insurance brokers and customers face many overcomplications. It is difficult for brokers and customers to work together when processes suddenly become overwhelming, causing the customer to be unsatisfied. When meetings result in frustrated customers, there are lost sales, added costs, and less customer loyalty. So, insurance companies have adopted eSignature solutions to simplify processes and retain customers.

Communication between brokers and customers is key to keeping customers engaged, while also simplifying things as much as possible.

Here’s how it works with Lightico:

  1. Customer receives a text message with a Lightico link that contains an eForm regarding insurance policy, claims, etc.
  2. Customer instantly types their information into the fields on their cell phone.
  3. Customer reviews, signs, and submits the completed form back to the agent in real-time.
  4. Updated information is synced with the CRM and the eForms are stored securely with a time-stamped audit trail.

All of the customer’s information and documents are automatically synced into the insurance company’s system with a full audit trail. Customers can also review PDFs of their documents later on.

The bottom line

Overall, some of the largest insurance companies in the world rely on Lightico to provide digital eSignature solutions to expedite sales and claims processes. It’s time to eliminate heavy paperwork and time-consuming purchasing processes. eSignature solutions can help companies digitally transform their customer transactions. Learn more at Lightico.com.

New call-to-action

New call-to-action