8 advancements designed to accelerate bank and insurance document digitization
By Raphael Hitzke
Posted on 01-12-2021
Today more than ever, insurance and banking organizations are focusing on digitizing their extensive document workflows to automate internal processes and increase efficiencies.
As distributed work becomes more the norm, organizations are finding it mission-critical to remove paper from the equation. Manual or paper-based steps slow down approvals, delay claims, and negatively impact the bottom line, not to mention the customer experience.
At Adobe, we are hard at work on digital document advancements that will transform tomorrow’s landscape for banks and insurance companies.
A closer look at Adobe’s top 8 digital document developments
1. Accelerated adoption of e-signatures
For banks and insurance companies, e-signatures and online forms have become critical components of application processes. Now agents and brokers can use Adobe Sign to easily send for signature and manage the signature process directly from within the entire Microsoft 365 suite, Salesforce, Workday, ServiceNow, Guidewire, and many more applications.
2. Increased usage of digital identity verification
Biometric-based authentication accelerates due diligence and Know Your Customer (KYC) activities, and delivers fast and frictionless onboarding in minutes, not hours. ID-based authentication, meanwhile, utilizes government-issued ID such as a driver’s licenses and passports. Adobe Sign delivers peace of mind with a secure authentication process that ensures your agreements are safely accessed and signed only by the person they are intended for.
3. A shift toward self-service
Banking and insurance institutions are investing in seamless, multichannel, digital experiences for enrollment, onboarding, communications, and servicing. As a result, they are reporting 64 percent higher team productivity, 61 percent faster new customer onboarding, and 56 percent faster updating of forms according to an International Data Corporation (IDC) report. Quickly turn PDFs and documents into online forms using Adobe Sign, and easily post them online where anyone who needs them can get them.
4. Expansions in onboarding
Online forms can significantly increase onboarding speed by converting manual processes into automated ones. Using Adobe Sign, it is easy to create custom forms that people can fill and sign from any device — making it easier for you to collect signatures and data, and even transform in-branch visits to digital-only interactions.
5. Enhanced mobile offerings
Keep business moving no matter where signers happen to be located. Adobe Sign collects signatures from any browser, on any device. Signers receive an email with a link to the document — they simply click the link to open and sign.
6. Enablement for remote workers
Remote work is here to stay — and workers can now be just as productive no matter their location. Using Adobe Sign, your workforce can use their mobile devices to scan documents into PDFs, send them out for signatures, and manage them directly in Microsoft SharePoint, Box, or Adobe Document Cloud.
7. Security and compliance in digital document processes
Compliance matters to everyone. It is critical to manage risk and ensure legality of every e-signature you use. Adobe Sign complies with the world’s most demanding electronic signature laws and industry-specific regulations. In fact, we have worked with industry leaders to establish the Cloud Signature Consortium (CSC), enabling signees to sign confidently with Advanced Electronic Signatures (AES) and Qualified Electronic Signatures (QES) backed by certificates from expert Trust Service Providers (TSPs).
Banks and insurance companies are starting to see sustainability to mitigate risk, find solutions to environmental challenges and make continuous improvements in their practices. The World Economic Forum (WEF) reports that 199 banks worldwide now prioritize sustainable development. Morgan Stanley announced it will start measuring the CO2 impact of its loans and investments, while Bank of the West launched a checking account that will support climate action by donating nonprofit climate change organizations.
Throughout every phase of the workflow — from policy quoting, loan applications to claims processing, Adobe Document Cloud delivers a paperless, secure and world class e-signatures.
Legally binding e-signatures, automated workflows, remote live video signing, remote online notarizations, and seamless integrations with leading financial services software, like Guidewire, pave the way for end-to-end digital experiences for employees and customers.
More importantly, client experiences are becoming even more intuitive and seamless. Any time a process requires a signature, Adobe’s e-signatures eliminate the need for manual, paper-based labor.
Take Unum, for example. Instead of waiting a day to send out a policy change form on paper, then waiting a week or longer for the completed form, they’re now receiving 70 percent of returned forms within 24 hours.
Asurion, meanwhile, is saving 33,000 agent hours and $1.4m annually by digitizing internal HR processes with Adobe Sign and Workday. Benefytt simplified health insurance enrollment by digitizing forms and adding Adobe Sign e-signatures to process more than 350,000 digital forms annually — and TSB increased their digital self-service rate by 9 percent.
To learn more about these eight advancements, download our eBook here. As always, Adobe Sign is free to try. Because after all, should your business not be leading the charge toward a sustainable digital future?
Topics: Digital Transformation, Content Management, Financial Services, Document Cloud, Future of Work, Productivity
Products: Acrobat, Sign, Document Cloud