Insurance eSignatures and eForms are a core pillar of insurance businesses. The requirements to document policies are more stringent then ever, but clients are more difficult to catch than before. Thanks to innovations in electronic signatures (eSignatures) and electronic forms (eForms), insurance providers, careers, brokers, agents and their associates are able to grow their business. This blog explores 9 core ways eSignatures and eForms are helping insurance professionals.
Uncover 9 secrets of insurance esignatures and eForms driving Insurance Growth
TRADE PAPERWORK & BUREAUCRACY FOR POLICY SALES
Insurance agents and brokers must overcome the bureaucratic challenge of working with many customers, on countless forms, through several providers. The multitude of paperwork requires significant agency – and client efforts – efforts that preoccupy agencies and constrain their growth. Insurance eSignatures and eForms go a long way to drive efficiency and refocus teams on customers and sales.
When agencies go digital, they can have customers instantly sign and complete forms directly from their mobile phones. This paper explores 9 reasons why Mega Agents have adopted mobile insurance eSignatures, instant form completion, simple customer identification collection and integrated electronic workflows to delight clients and accelerate business.
ELECTRONIC SIGNATURES, E-FORMS & E-PROCESSES
9 GROWTH SECRETS FOR INSURANCE PROFESSIONALS
1. Cut The High Cost Of Paper Bureaucracy
Insurance eSignatures slash the transaction costs of basic policies. Customers estimate that in-call eSignatures save more than $15 dollars per transaction. That reflects savings in paper costs, faxing/scanning/emailing time alone – not including agent calling time.
2. Shorten Sales Cycles & Improve Closure Rates
Customers are most inclined to close the deal when you are speaking with them. That makes it critical to complete documentation and signatures while you are with them. Agents estimate that the likelihood of closing customers halves every few days. This underscores the importance of closing business while you are speaking with clients.
3. Eliminate Time-consuming, Frustrating Errors
Eliminate errors and frustrating rework associated with sloppy paperwork. Use pre-configured smart eforms and guided eSignatures to eliminate errors like missing data and signatures.
4. Reduce Legal & Compliance Issues
Audited, court-admissible documented client interactions surpass ESIGN regulation and enable insurance professionals to execute binding policies with unparalleled simplicity: customers can sign policies from their mobile phone with their finger.
5. Increase Customer Satisfaction
eSignatures and in-call documentation make it easier to work with insurance professionals. Customers are demanding this simplicity and ability to transact from their mobile phones. By providing solutions that exceed customer expectations, agents see improved retention and referrals.
6. Shorten Time To Commission Payout
Help customers instantly complete and submit their forms to expedite forward processes. By simplifying these processes, professionals actually speed up processes and shorten time until agents receive their commissions.
7. Improve Productivity
Agents can spend more time with customers and less time managing back office paperwork. That means that with customizable eforms and instant eSignatures, agents can create and sign customers on policies and claims in real time. No call backs, scans or emails.
8. Eliminate Risk
Using ESIGN-approved technologies, agents create flows that can eliminate any further disputes that they “weren’t shown that disclosure,” or “opt out of that coverage.” Tamper-proof, audited trails document exactly where and when customers opt into coverage terms.
9. Offer Unparalleled Convenience
Onboard clients who can’t get into your office. Manage onboarding remotely and ensure that you use face time to build relationships. Speed & simplify documentation that customers can approve remotely which leads to higher efficiency, lower not-take rates and greater customer loyalty.
Insurance companies that are already using Lightico are meeting and exceed their esignature goals. They are making their clients happier and spending less time chasing paper. Lightico speeds on-boarding, automates claim procedures & simplifies renewals all while being a fully complaint solution.
Lightico’s insurance solution make policy renewals and claims processing a breeze for both agent and client. Download the eGuide to learn about more use cases in insurance.