Ways e-signatures are transforming the insurance industry - DrySign in Philippines

Over the last few years, the insurance industry has demonstrated incredible adaptability and resilience. With digital technologies expanding at the speed of light, carriers have tapped into new competencies to drive transformation and operational efficiency. The past year reflects a mixed bag – rising premiums in the commercial and personal lines of business – challenges due to the COVID-19 crisis – new market entrants facing difficulties revolutionizing insurance when the rubber met the road. From a constructive perspective, continued competition has outgrown innovation.

Above and beyond all the transformations, the industry has realized that there is a need to integrate technology into the system's spine – documentation. The insurance industry heavily relies on paperwork, which is the main reason for sluggish processes, redundant prices, and time-consuming workflows, resulting in dwindling revenues. With ongoing challenges such as talent shortage, inflation rumors, rising interest rates, and many more, it has become imperative to emphasize cost savings. Thankfully for the insurance sector, eSignature technology is here. Electronic signatures will undoubtedly reshape the insurance industry in the years ahead by helping organizations with tedious and lengthy paperwork, streamlining their processes, and significantly reducing costs.

Here's how the insurance industry can benefit from the use of electronic signatures and digital documentation:

Benefits of eSignatures in the insurance industry

The insurance industry increasingly relies on paper-based processes with lengthy policies, rigorous rules, and regulations. The growing need to stay relevant in the current market and expanding consumer technology are the two main reasons driving eSignature adoption in the insurance industry. Electronic signatures make things easier for insurance professionals by eliminating the hassle of manual document signing, scanning, and faxing contracts to customers.

·        Mobility and speed in the insurance policy signing

·        Legal Certainty

·        Client satisfaction

·        Elevated revenue

·        Reduced carbon footprint

·        Reduced errors and risks

The Bottom Line

The benefits mentioned above are reason enough for insurance professionals to take their manual workflows online. Electronic signatures have been changing lives for many, simplifying their business processes. If you are in the insurance industry, you must try out the electronic means of signing. DrySign provides a vast range of features ideal for almost every industry, including insurance. You can significantly simplify your paper-based processes with DrySign features such as real-time mail trails, intelligent dashboards, reminders and notifications, and group signs. Automation is the key in today's ever-evolving business world. So, automate your document workflows. Start DrySigning now!

To know more about benefits of eSignatures in the insurance industry - https://drysign.exelatech.ph/blog/ways-e-signatures-are-transforming-insurance-industry