Digital Signatures for Insurance Applications

Insurance organizations and agents know that today’s process for reviewing, approving, and archiving paper-based insurance documentation consumes a tremendous amount of time and money. As such, insurance companies are moving away from traditional, time-consuming paper processes and searching for new and innovative technologies to improve efficiencies. As a result, electronic documents are increasingly used in multiple phases of the business process, from policy submission to inner-office documentation.

Often, insurance agents electronically generate insurances applications and policies at their client's office or home. However, in order to complete the transactions, the customer's signature is necessary. This reality requires printing the document, acquiring the signature, and subsequently scanning thousands of process forms and documents on an on-going basis in an effort to maintain an electronic workflow. The requirement of a handwritten signature prolongs application-processing time, involves paper handling, and significantly increases costs.

As Insurance companies are moving towards electronic workflows, digital signatures can significantly benefit insurance companies by eliminating the last paper in the business cycle. CoSign® makes it easy to digitally sign transactions, documents and records by embedding the standard digital signature technology directly into mainstream business applications. CoSign produces a digital signature record for every signature it captures. This Portable Signature Format (CoSign PSF™) allows anyone to seamlessly verify and retain proof of identity, intent, and document integrity without costly, complicated, or proprietary software. CoSign keeps your business running smoothly by fully automating and quickly scaling processes at a low cost and with proper controls.

• Accelerate business processes. Because CoSign PSF is a self-contained, portable, and embedded digital signature record, digitally signed documents can be easily routed through and between organizations. Documents signed with CoSign can be examined rapidly with no need for time-consuming manual routing of physical documents.
• Lower costs. CoSign's digital signature software allows users to reduce costs associated with authorizing and signing documentation. It also reduces the costs and quality challenges associated with archiving, audits, and legal requirements. By reducing costs associated with traditional paper-based processes (i.e., paper, printing, ink, scanning, faxing, postage, and processing time), organizations realize a quick Return on Investment (ROI).
• Eliminate vendor lock-in. By using a standards-based digital signature technology , CoSign transforms signed documents into portable electronic records that are maintained in a non-proprietary format. This allows third-party document recipients to easily verify signatures in commonly used applications (e.g., Microsoft Word, Excel®, SharePoint Outlook®, Adobe® Reader®, Acrobat® , TIFF, AutoCAD®, InfoPath®, and many more) without costly, complicated, or proprietary software.
• Legal and regulatory compliance. CoSign enables organizations to comply with regulations worldwide , including: FDA Title 21 CFR Part 11, HIPAA, US E-Sign (Electronic Signatures in Global and National Commerce Act), EU Directive for Electronic Signatures, and the EU’s VAT Directive.
• Document integrity. CoSign digital signatures seal documents digitally, verifying the document has not been altered after signing, providing proof of the signer's identity, intent, and document integrity over the life of the document record.

• A Simple Click. Easy to sign, retain, and verify digital documents using business applications.
• A Faster Pace. Accelerate the pace of doing business with a customer, partner, or prospect. 
• A Lower Cost. Ease the cost and burden of using digital signatures in business process automation.

• Property damage insurance 
• Liability insurance 
• Products liability insurance 
• Vehicle insurance 
• Health insurance 
• Casualty claims