The health crisis and the national lockdown have had an impact on all sectors of activity, and have profoundly altered our behavior. The changes brought about by this unprecedented crisis are manifold. People need to limit their travel, keep a physical distance and limit contact, and teleworking is now the preferred option. For the time being, social distancing remains the order of the day in our society, and companies have to adapt to maintain their business. Digital technology has become a major ally, enabling us to continue signing up new customers while complying with health regulations.
Netheos, a trusted service provider, looks back at the 4 main benefits of digitizing underwriting processes:
1) Reduce costs
Digital underwriting solutions save time and increase efficiency. In fact, automatic verification of supporting documents and real-time feedback to the user mean that a complete, compliant file can be compiled very quickly. The associated electronic signature makes it possible to sign instantly and finalize the sale at any time, thanks to 24/7 availability of the solution, and on any terminal (smartphone, tablet, computer…). The customer experience is enhanced and conversion rates are increased.
2) Limit contact
Opting for fully paperless solutions reduces the need for paper-based file management and physical contact with end-customers. Everything can take place entirely online, remotely, limiting contact between customers and managers. Visits to branches are no longer essential, which reassures customers and speeds up the underwriting process.
3) Secure your processes by complying with regulations
Digital underwriting solutions include algorithms for verifying supporting documents. Artificial Intelligence can be used to analyze the quality of documents sent, as well as to verify their authenticity. The risk of fraud is reduced thanks to these processes, which detect any anomalies or alterations that the human eye is unable to detect.
The certified electronic signature secures the subscription, in compliance with a tried-and-tested legal framework that complies with European regulations (eIDAS). Evidence files and legal archiving provide concrete evidence in the event of litigation, and guarantee the durability of evidence.
4) Monitor progress
The file management interface provides a clear view of the sales pipeline. It is possible to track the progress of current projects. Every action taken by the manager or customer is traced and recorded in the file. Thanks to automation tools, reminders to customers can be autonomous: if a document is forgotten or a signature is missing, the conversion rate increases considerably.
In short, digitizing underwriting processes helps to accelerate sales and convert prospects. To ensure the long-term viability of many businesses, it is essential to dematerialize their underwriting processes. Automatic document verification reduces fraud and processing time. The certified electronic signature facilitates and secures these interactions between manager and customer.