Ugh….not another article on eSignatures …..
I hear you… but here’s the thing. In today’s world where we demand everything to be done as quickly and efficiently as possible, does it make any sense that the adoption rate of technology in insurance brokerages would be so low? I would say it does not.
Yes, I know right now you are thinking about your clients that prefer to see you in person and will have none of that electronic stuff! Let’s assume the goal of your brokerage is to always service them in the manner they prefer. So, what about the clients that do not want, nor have the time, to come into the office? How will they be served? The client that works long office hours, spends hours commuting, followed by chauffeuring kids around to their extra-curricular activities? Let’s focus on them for a moment.
We all know how thick the competition is today in the insurance industry. But that is not the only competition you face. Each and every day your clients, and even yourself, are handling so many transactions in life electronically. Banking, voting, paying taxes and even ordering groceries. This means that your competition can come from anything – whatever the last best experience your client has had. Make sure that you can compete with that.
The good news is there’s a big opportunity to get ahead of the competition within our industry. You may be shocked to learn that according to a survey conducted by CSIO, as a country the average adoption rate of eSignatures was 5% for 2016 – an increase of just 1% over 2015. So this means that right now, that client that’s pressed for time, the client that would prefer to not to have to come into the office, they’re having to take on the task of printing, signing, scanning and emailing, or heaven forbid, mailing documents back to their broker.
Worse yet they may select to bind coverage with a direct writer, most of whom often bind over the phone with no signatures. Therefore, allowing your clients to do all of this by reviewing, and signing without ever touching a piece of paper demonstrates your ability to respond to their needs, reduces their likelihood of exploring channels they deem easier to use, and differs you from your competition.
Ready to jump in? Here’s what you need to know:
- CSIO has put together an excellent outline on the legality of eSignatures and any exceptions you should be prepared to manage. Check it out here.
- Find a technology partner who understands the industry and can offer you a solution integrated with your BMS.
- Ask questions of your technology partner about the security behind their solution. The documents should be encrypted and maintain the full document history, signer details, seal and Global ID.
- Make sure that partner can provide the support level that you expect.
- As a Canadian broker, validate where documents and audit details are hosted.
As a Keal client, give us a call. Our client advisors would love to give you a short demo, and talk to you about the products and service we can provide to you when it comes to eSignatures. We will have the clients of your brokerage signing on the digital line in no time!