In fact, a new study shows that 74% life insurers use some kind of electronic signature technology. This is a big increase from 47% just five years ago.
“Today, insurers are much more optimistic in their assessment of the value that e-signatures might bring to insurance processes, and one-third of survey respondents state that e-signatures are now a competitive necessity,” said Karen Monks, an analyst with Celent insurance group and the author of the report.
Some other highlights of the study, according to Insurance Networking News:
Life insurers are seeing the following benefits of adopting e-signature technology:
The study also debunks some of the myths associated with the e-signature industry.
MYTH: The law is unclear about e-signatures.
The truth is that the ESIGN Act says that e-signatures are just as legally valid as handwritten signatures.
MYTH: The costs outweigh the benefits.
Actually, e-signatures allow for automated processing, which lowers costs and increases productivity.
MYTH: E-signatures require complex technology.
Some e-signature vendors offer cloud-based products that don’t require any software or hardware. These products allow customers to sign documents on any device with an Internet connection.
MYTH: Customers are nervous to use this technology.
In fact, customers are already used to using e-signatures at retailers, banks and other financial services companies. Customers appreciate the convenience that e-signatures offer.
To learn more, you can read the report summary or download the full report on the Celent website.