In today’s world, electronic commerce is no longer a “nice-to-have” capability. Many consumers have become less tolerant of paper-based transactions and expect all financial transactions to be supported in an electronic environment. The insurance industry (both agents and carriers) needs to respond to consumers’ experiences with other financial vendors—or risk losing business to financial services organizations that have adopted leading-edge technology. One example is electronic signatures.
The Electronic Signatures in Global and National Commerce Act (ESIGN) was signed into law by President Clinton in October 2000. The insurance industry (especially property & casualty insurance companies) has been slow to adopt the use of electronic or digital signatures.
A new form of electronic signatures is now being adopted by some companies. Voice Signature (v-Sig) allows an individual to use his/her voice to electronically sign a document. Carriers could use v-Sig as authorization to change payment plans, EFT, etc. Google “Voice Signature” to find several companies that are currently providing this service and begin to think about how you can use it to enhance your service to clients.