Electronic Signature and Secure Forms in the Insurance Industry

Karen Pauli from the Tower Group recently published a research note on progress and opportunities with electronic signatures and secure forms in the Insurance Industry.

Summary from the report:

Electronic commerce is no longer a “nice-to-have” capability. A more global business model demands that carriers adopt capabilities for moving documents electronically. Consumers are becoming less tolerant of paper-based transactions because of both the time and volume required. Insurance business processes are bound by many legal requirements, and fulfilling those requirements in a cost-effective and documented way is a critical concern for the insurance industry. The ever-increasing demand to establish competitive advantage and deal with pervasive problems related to fraud and compliance requires new and creative solutions. Electronic signature
technology has enterprise applicability to address all these issues.

Insurance carriers must transition away from traditional paper-based, wet-signature processes and adopt secure document and electronic signature technology. The technical complexity may appear daunting, but technology solutions providers and experts in the marketplace can partner with carriers to overcome this hurdle. The legal barriers have been eliminated by ESIGN and UETA enactment. The pen is now on the Web, and the time is right for carriers to reach out and grab it.