Insurance companies have a range of issues to contend with as they seek to generate value for their shareholders. Among the important issues are finding profitable investment opportunities, finding and retaining clients, and keeping up with regulations. Often times, insurance companies in trying to find the right balance, sacrifice the quality of their customer service which can come back to haunt them in the future. It is well documented that when it comes to settling a claim, the process is often arduous for the customer, while the process of getting a new policy claim is often better.
As insurance companies seek to digitally transform their operations, electronic signatures are very important in allowing these companies to leave a good impression on their clients. We recommend that insurance companies take it a step further by using electronic signature platforms such as DocEndorse as a tool to help streamline their operations and boost productivity.
It can be a hassle for insurance agents to be tracking signatures and hunting down clients to get necessary documents. Likewise, clients can find it annoying when they are constantly being asked to operate on anyone but their own time. Most importantly, insurance companies lose out in the process, because of the high opportunity cost involved, as the insurance agent’s time could have been used to get more customers. Using electronic signatures allow insurance companies to speed up revenue generation. Insurance agents are able to close deals on new policy applications a lot quicker, while providing better flexibility for the customer to fill out applications and provide the required documents at a time that is most convenient to them.
Using DocEndorse's electronic signature platform, one can cut the time it takes to complete insurance contracts to minutes from days. The ease of use of the platform in preparing documents for signature and in signing documents, allow companies to significantly reduce the friction associated with completing a contract. In addition, insurance agents are able to validate the data a customer enters at the point when he/she is about to sign a contract. This structure allows insurance companies to get error-free data, which they can download for use in their systems on the backend after a contract is completed. Integrating an electronic signature platform into insurance company operations allows for efficiency and workflow automation in core functions such as underwriting, claims submissions, and policy administration.
Serving up delight consistently at each point of contact with a customer is the best way to build brand equity, and increase the customer lifetime value for the business. Our platform is built around pleasing the customer, which is why filling and signing documents can be done on any device, at any time, and anywhere in the world. In addition, insurance companies can rest assured that they are able to present their logo and theme colours at each point of contact with the customer, solidifying a reputation of quality and excellence in the eyes of the customer.
At this moment we are heading deeper into an age of speed and convenience. Customers want to get their business done now or whenever they please. Customers of this age are also very fickle and impatient. As such all businesses are being forced to develop platforms that are flexible and accommodative. Within this context, electronic signatures present a turn-key solution for companies to create that flexibility to please the customer of the future.