Seventy-five percent of your customers say they start their searches for insurance online. As those customers rely more and more on mobile devices and technology to meet their needs, every insurance agent must think two steps ahead about ways to improve the experience.
One innovation that will help deliver the enhanced experience your customers expect is electronic signatures. E-signature tools open up opportunities to increase customer retention, cross-sell and generate referrals—three components that are vital to an agency's growth.
Quite a few companies are starting to wake up and smell the (digital) ink. By implementing e-signature technology, you reach those customers who prefer to conduct business electronically.
Many insurance agents and carriers see e-signatures as a way to increase the speed of the transaction and close the deal on a timely basis while they have their client's attention. It also helps agency ROI by increasing security with record keeping, and reducing paper, error rates and shipping costs.
Unfortunately, most of the national and regional insurance carriers have not taken a clear stance on the acceptance of e-signatures, which is slowing adoption. Although I don't know of a carrier who refuses to accept electronic signatures, many hesitate to be added to the list that encourages them. One company that has openly encouraged the use of e-signatures, however, is Progressive.
Progressive recently announced a pilot project in Illinois and Missouri that allows agents to purchase e-signature solutions from partner vendors at a reduced price. Progressive has stated that they intend to roll out the offer nationally.
Industry groups including the ACORD User Group Information Exchange are educating agents and carriers about e-signatures' significance and utility; in particular, how they can help to ensure that everything in the package of information is completed, followed up on and recorded. Increased awareness of the benefits should further drive acceptance of e-signatures in the insurance space.
In this era of mobile, social and cloud computing, consumers demand the ability to accomplish more in less time. Independent agents need to be able to complete transactions electronically in order to stay competitive. E-signatures are an essential component of that business model.
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