The Insurance world is abuzz with terms like Digital Insurance, Artificial Intelligence, Machine Learning and Big Data. Predictions abound about paradigm shifting forces driving change in the what, how and who in the insurance business. Amidst all this allure and alarm the customer is changing too!
Knowing your customer (KYC) has always been essential to business relevancy and success. Today the trick seems to be keeping up with their changing expectations. With the rapid evolution of social media, mobile and smart devices, your customers’ expectations are evolving at an equally rapid pace. Instant gratification, rapid response, convenience, dynamic interaction, one stop shopping define the evolving expectations of today’s insurance customer.
Facing the mountain of digital transformation challenge and opportunity is daunting to say the least. Perhaps the Chinese Proverb of “The man who removes a mountain begins by carrying away small stones” can serve us in this time of formidable change. Perhaps one of the first and important “small stones” is electronic/digital-signature solutions.
Even the terms electronic and digital add an element of complexity. While we use them interchangeably, electronic and digital signatures are not synonymous. An e-signature is an “electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign a record.” A digital signature, on the other hand, refers to the encryption / decryption technology on which an electronic signature solution is built. A digital signature alone is not a type of electronic signature. Rather, digital signature encryption secures the data associated with a signed document and helps verify the authenticity of a signed record.
Statistics on the benefits of electronic signatures date back several years. If we were waiting for proven and trustworthy e-signature solutions they have arrived. If your company deals with more than 10 documents daily, you are a good candidate for e-signature and the financial industry (of which Insurance is a part) will benefit most from e-signatures (according to Global Sign, an identity services company)
Our own CSIO benefits calculator suggests the following quantifiable e-signature benefits based on 10 documents requiring customer signatures per week where mailing or faxing is involved: $942 saved monthly accumulating to $11,300 yearly. On a per document basis, we can save $22.60 (see www.csio.com/esignatures).
And if these cost savings aren’t convincing enough here are a few more compelling reasons to consider adopting electronic/digital signatures as soon as possible: increased revenue from new business due to expedited closing, less geographic limitations and emerging demographics comfortable with online interactions, increased security with audit trails, standard fraud prevention and robust fraud detection. Last but not least, let’s not forget the positive impact on the environment (less trees and waste).
And accessing these benefits are possible in about 1 hour including sign up and training. For more information on implementation, visit with us at ORBiT Day: KYC It Starts Here