Ratifying the e-signature legislation was an important milestone for the industry. But insurers now must prove the benefits to consumers of using e-signatures to buy insurance online.Now that President Clinton has ratified a digital signature law that makes electronic signatures legally binding, insurers are wondering how they will persuade consumers to use the technology. As the law takes effect, e-signature technology is expected to benefit the insurance industry, but only if consumers are convinced it's better than paper.
A growing number of consumers are now purchasing goods online, but sending an attached legally binding e-signature, along with the information required to buy insurance, presents renewed security concerns. Therefore, carriers that view the Web as a strategic opportunity to sell policies need to convince consumers that online insurance is a fast, convenient and safe way to buy insurance, experts say.
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