How to Find the Right eSignature Software for Your Insurance Business

From online shopping to bill payments, customers today demand convenience in all things, including insurance. With eSignature software, insurance companies have the ability to capture a signature immediately and electronically, preventing consumers from wasting time downloading, printing, scanning, and mailing signed documents. Companies can close deals from anywhere in a matter of minutes, eliminating the hassle of paperwork.

There are many eSignature solutions available in the market today. To a certain level, they all deliver cost savings, efficiency, and convenience. But, not all solutions are created equal.

There can be major differences in the features, functionality, and pricing from one solution to another. If you are looking for an eSignature software solution, here are a few things to consider when deciding which suits you best for your insurance business.

Integration with Your Internal Systems

As you start searching for an eSignature software solution, be sure to look into ones commonly used by insurance companies. Some solutions can integrate seamlessly with your internal systems, providing a streamlined and user-friendly workflow.

In addition, look for a solution that allows you to store the signed documents live within both the eSignature software and your existing business systems. You should be able to securely send signed quotes, policies, proposals, claims, and other documents to your business management systems.

Software Implementation and Training

Software implementation and training should take a matter of minutes, not hours or days. Always look for a simple software solution that is easy to implement and learn so that your less tech savvy employees can start using it quickly.

Data Security

To meet the security needs of the insurance industry, all communications registered within and sent from the system should be fully encrypted and secured.

Password protection is another critical security factor, so look for a solution that password protect your account and documents. Also, inquire about where the solution provider’s data servers are located and if their data centers have redundant power and internet connectivity.

Usability of the Solution

The easier the solution is to use, the more likely it is to be embraced by those utilizing it. All your digital documents should be able to be signed in the similar way using the same simple method, rather than using multiple processes for different documents.

Instead of placing documents in multiple locations, the solution should store all your documents in one place. This makes it easy to retrieve documents from anywhere at any time.

It is always better to examine the software with a free trial to get the full experience of sending, receiving, and signing documents online.

Compliance to Insurance Laws

The insurance sector has specific guidelines for electronic signatures that include authentication, record retention requirements, special consumer disclosures, and capturing the signer’s intent. To ensure that e-signed documents are legally binding with the same enforceability as manual signatures and paper-based transactions, any eSign software you choose should comply with the above rules and regulations.

Mobile Capability

Flexibility is a significant benefit of an eSignature solution. To get the most out of a solution and give your company and clients the most options, look for a software solution that allows for in-office and mobile signing.

Customers should be able to easily sign any document from anywhere, on the device of their choosing. When signing documents on site, they will experience how easy it is to sign on a tablet or computer.

Pricing Structure

Almost every software provider has moved away from charging by the document; it is always better to confirm that unlimited documents and signatures are included in the price. In addition, ask the service provider whether you can create unlimited templates or if there are any extra charges if you exceed a certain number of templates. Also, make sure you know exactly which features you’re getting for the amount you are paying.

Bottom Line

Implementing an eSignature software helps your insurance agency streamline business processes, save time, deliver better customer service, and expand the business.

However, much like you help your clients reduce their exposure to risk; you can do the same for your business by carefully researching every eSign software solution you consider. Take the necessary time to find out each provider’s fame in the insurance industry. Ask your peers about the solutions they have used in their company, look for reviews, and make sure that the eSignature software you select will enhance your business processes.