TV

Videos

Just where does a broker start to use eSignatures?

How legal are eSignatures? How safe are they to use? More to the point - where do brokers start to use eSignatures?

Video transcript below:

Reporter:  How legal are e-signatures, how safe are they to use, more to the point, where do brokers start to begin using e-signatures?
Insurance Business asked one industry provider what is it that brokers are asking before trusting their book of clients to e-signatures.

Yazan Alwaid, Regional Sales Manager, Silanis
Yazan Alwaid:  
There are three reasons why organisations or brokers typically look at adopting electronic signatures.  The first does is it impacts the customer experience.  The customer experience is very important to brokers and to carriers to ensure that their customers are happy and executing transactions in an easy to use way.

Second reason is process efficiency.   If you print a paper there is all these, the chasing paperwork, making sure that the customers sign in the right location, ensuring that all the papers are back with nothing missing from a signature perspective or document perspective.  So the process efficiencies are always a big reason why electronic signatures are adopted.  

The third and probably the most important reason from a legal perspective is it mitigates risk and maximises legal enforceability.  So you have a stronger more compliant process that you can enforce in the case of a dispute.  

Reporter:  And if I am broker, I am wondering how can I get started, who should I approach?

Yazan Alwaid:  Also a very good question.  We have seen three variations for the adoption of electronic signatures.  The first would be the carrier adopting the technology and providing it to a broker through a broker portal.  

The second would be through a broker management system where a broker management system integrates with an e-signature provider and again provides the e-signature capability to the broker and finally the third is the broker actually adopting it themselves.  They would go out and procure an electronic signature solution for use by the brokerage and by the brokers themselves.
What's happening in the property insurance market?

What's happening in the property insurance market?

How can you break a client's mentality that cheapest is best?

How can you break a client's mentality that cheapest is best?

What is the biggest perception issue facing the insurance industry?

What is the biggest perception issue facing the insurance industry?

What are the big construction risks?

What are the big construction risks?

Where are the opportunities in the healthcare marketplace?

Where are the opportunities in the healthcare marketplace?

Which insurance specialties are worthy of attention this year?

Which insurance specialties are worthy of attention this year?

How can the insurance industry improve its approach to technology?

How can the insurance industry improve its approach to technology?

How one insurance marketplace is shaking up the sector

How one insurance marketplace is shaking up the sector

What's impacting the A&E insurance space?

What's impacting the A&E insurance space?

What more could the insurance industry do to attract young talent?

What more could the insurance industry do to attract young talent?

What will happen in the cyber insurance market in 2024?

What will happen in the cyber insurance market in 2024?

What will happen in the construction insurance market in 2024?

What will happen in the construction insurance market in 2024?

What is the insurance industry doing right on DE&I?

What is the insurance industry doing right on DE&I?

Why one company's partner channel is surging

Why one company's partner channel is surging

What does it take to be in the insurance Hall of Fame?

What does it take to be in the insurance Hall of Fame?

Do your clients need personal cyber coverage?

Do your clients need personal cyber coverage?

How could insurers and brokers work better for each other?

How could insurers and brokers work better for each other?

What does it take to succeed with healthcare claims?

What does it take to succeed with healthcare claims?

Keep up with the latest news and events

Join our mailing list, it’s free!