Life insurers are increasingly using e-signature technology to lower costs, shorten cycle times and improve the services they provide to business partners and customers. A May 2013 survey from Celent, a research advisory unit of the management consulting firm Oliver Wyman, found that 25 percent of respondents were not using e-signatures in their dealings with customers or agents. That’s a significant drop from the 53 percent of companies reported in 2007.
A new report from Celent, “E-signatures in Life Insurance: A Vendor Spectrum” explores the vendor serving this market space, their capabilities and the technologies used by life insurers. The October 2013 report identifies 16 e-signature vendors, among them 10 profiled in the survey, that have North American life insurance clients or are targeting the North American market. On average, life insurers use two signature vendors in their operations. The report breaks out usage among insurers as follows: