eSignatures 101 for Brokers

Paperless, secure and convenient, eSignatures enable customers to sign documents electronically on computers and mobile devices in a single step.

Resulting transactions are fast and flexible, improving retention through enhanced customer service. So what do brokers need to know when adopting this technology? eSignatures are:

1) LEGAL

eSignatures are legalE-commerce and insurance laws at both the federal and provincial levels allow eSignatures for most insurance documents, making them a viable tool for brokers across the country. Read CSIO’s eSignatures Advisory Report for a review of the laws and regulations governing eSignatures in Canada, and watch the accompanying webinar with lawyer Daniel Fabiano, Partner at Fasken Martineau LLP and author of the Report.

2) EASY

eSignatures are easyElectronic signatures do not need to replicate a handwritten signature. While many solutions offer the ability to trace signatures using a mouse, finger or stylus, signing can be as simple as clicking or tapping the appropriate part of the document.

In addition, customers are not required to download any specialized software – eSignatures are designed for compatibility with computers, tablets and smartphones.

Testimonials

Gerry Baert“We see the benefits of eSignatures through our customer retention. It’s measurable. We had 25% fewer cancellations this year compared to last year, and much of that is due to the convenience of eSignatures.” — Gerry Baert, President, BlueCircle Insurance

3) SECURE

eSignature are secureeSignatures solutions meet the “Three I’s” of contracts: identity, intent and integrity. By creating an audit trail for each document, eSignatures solutions can prove each signer’s identity, intent to apply their signature, and that the document itself has not been tampered with.

With the Three I’s, eSignatures can provide security that is superior to pen and paper.

Jay Sproule“The technology is fantastic. Everything is time-stamped. Every time you touch the document, there is a new version. We have better verification of documents than we did on paper.” — Jay Sproule, President, Sproule Insurance

4) EFFICIENT

eSignatures are efficientWorking with eSignatures is easy – simply upload the document to be sent, mark where signatures are required, and send to your customer. The signed document comes back complete and secure as soon as the signing process is complete.

 Gord Thompson“My contractor customers especially love eSignatures because they can sign while they’re on the worksite. So now it takes minutes instead of weeks to get documents signed – a dramatic improvement.” — Gord Thompson, Account Executive, Christie-Phoenix Insurance

5) COST-SAVERS

eSignature are cost-saversWith eSignatures in place, brokers use significantly less paper, and time formerly spent on printing, sorting, scanning and filing can be re-focused on revenue-generating initiatives.

Daniel Fabiano“When the costs of copying, scanning, archiving, routing and retrieval of lost documents are factored in, the estimate is that each paper signature costs approximately $6.50.” — Daniel Fabiano, Partner, Fasken Martineau LLP

 

Start your research with the eSignatures Vendor Dashboard, a resource that reviews several vendors in Canada against legal and operational criteria. Visit the eSignatures homepage for an overview, videos, news and more.

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