The proportion of life insurers now offering e-signatures in their dealings with customers or agents has increased to 74 percent from 47 percent over the past five years, according to “Have E-Signatures Finally Arrived? An Update for Life Insurers,” from Celent, a research and advisory firm.
“Insurers understand the need to reduce cycle time, improve process efficiency, and meet the demanding attitudes of their agents and customers,” said Karen Monks, Celent insurance group analyst and author of the report. “Few insurers refute that these are service imperatives that must be addressed by a combination of technology, process improvement and organizational discipline.”
The report reviews e-signature tools, regulations and trends and compares recent survey results with those from “An E-Signature Update for US Insurers,” a previously published report also from Celent, to determine how much progress insurers have made in the use of e-signatures. It also examines issues insurers confront as they move toward straight-through processing, enabled by process automation and e-signatures.
Potential benefits of e-signatures, according to the report, include:
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The report attempts to debunk several myths surrounding the technology, including:
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Life insurers are beginning to see the reality that e-signatures present opportunities, not threats, according to the report.
“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,” Monks said.
Additional highlights from the report:
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