Signing Documents Digitally When Buying Insurance
People do their best to protect themselves and their investments. One common way to do this is buying insurance policies, whether for life, properties, or businesses. Yet, there is a problem: the process of buying insurance is often branded as tedious and complicated – requiring various signings, document deliveries, and meet-ups with insurance agents. Electronic and digital signatures make the process more convenient for stakeholders.
Do insurance companies accept electronic signatures?
The lingering question in signing contracts virtually is, “Is this valid?” For insurance companies, electronic signatures have become widely accepted. The industry’s digital transformation is geared towards increasing productivity and generating more revenues. To achieve these, insurance companies need to invest in solutions that will make the buying process easier for both agents and customers, thus the adaptation of e-signatures.
Electronic signatures are globally recognized as having the same legal bind as wet-ink signatures. Being a document-heavy industry with lengthy policies and forms, on top of regulatory and compliance requirements, insurance companies and clients can benefit from the convenience provided by electronic signatures by reducing the need for in-person meetups and physical signings. This advantage is greatly seen during the pandemic – where people can buy policies without putting themselves at risk of COVID, thus not hampering the workflow of the industry.
How can clients make sure their e-signature or digital signature is used safely?
A common fear about electronic or digital signatures is they can be easily copied by another user given the boundless nature of computers. Electronic or digital signatures are more secure than wet-ink signatures, as the traditional signatures can easily be forged or tampered with.
However, note that the safety of digital or e-signatures heavily rely on the service provider. Not all signatures are created equal. While some applications only have signing features that allow a client’s signature to be copied from one document to another, other providers offer security features that will ensure the safety of the client’s identity.
This is why it is important for insurance providers to make sure that the solution can show an audit trail. Safe electronic signatures include historical data of actions taken for the document, verification of user identity through email addresses, and seals that ensure the document has not been tampered with. These ensure that the document maintains integrity from the sender to the receiver.
Second, by ensuring that your company is compliant with local and regulatory requirements, the safety and admissibility of the digital signature can be confirmed. Other factors to consider are the integrity of your company, and the service of the Certificate Authority.
Consumer’s internal checklist when virtually signing insurance policies
Consumers tend to be more cautious when it comes to sensitive documents like insurance policies. Apart from reading through and checking the details of the policy thoroughly, they may also be inclined to see if the signing platform is reliable and secure. Thus, having a signing platform with an audit trail and time stamping may help ease these concerns.
A secure way to sign documents digitally or electronically with GMO Sign
Not all signatures are created equal. Various solution providers such as GMO Sign offer different features attached to their products, raising the importance of choosing the best platform. Here’s what makes GMO Sign stand out:
All-in-one document signing software
GMO Sign by GlobalSign is one of the frontrunner solutions in providing security and convenience for all users by offering an all-in-one document signing software that saves insurance companies from laborious tasks such as posting, collecting, filing, and searching documents.
Easy to deploy
Upload, send, and sign away! GMO Sign lets clients complete the required documentation for their insurance in just 3 easy steps. It is easy to deploy and can be used to send and receive signed documentation of policies and other relevant documents to insurers and clients.
Meets compliance standards
Electronic signatures, AATL digital signatures, and eIDAS-compliant advanced electronic signatures are among the compliance standards met when using GMO Sign.
With GMO Sign, clients will be getting the most security when signing documents and availing of insurance without breaking the bank.
Multiple security features
From a client’s perspective, GMO Sign provides various security features that ensure the safety of their identity. This includes timestamping, long-term validation, and a clientless interface that further verify the integrity of the document. The insurance company can deploy secured access that you can use to sign multiple forms while keeping your signatures protected.
Easily integrated to top document signing applications
For insurance companies, GMO Sign is easily integrated to document management applications, allowing clients to sign relevant documents electronically and digitally, even in Word or PDF. This eliminates the time and effort required in purchasing and documenting an insurance policy, promoting productivity, and increasing revenues and clientele for the company.