Does E-signature have a role to play in the future of group benefits?
After the COVID-19 pandemic outbreak, many people started working from home and announced that they would permanently support remote work styles. This workstyle change has also changed the rules around electronic signatures(e-signatures) in Ontario.
With many other industries adopting the use of E-Signatures why has the Insurance industry lagged behind the others?
In May of 2020, the Ontario government's amendment on section 51 of the Succession Law Reform Act in Bill 190 received royal assent. The change was allowing beneficiary designation with electronic signature for registered accounts.
Since then, many insurance companies have decided to accept digital signatures from their clients using industry leading E-Signature Platforms such as HelloSign and DocuSign.
E-signature will reduce the heavy paperwork of administrators and operators. It also reduces people on the other side to print the paper, sign it and send. All the processes can take place at home.
Digitalizing administrative paperwork will continue, and the prospect is that it will be the new normal even after the pandemic is over. Currently, not all insurance companies accept e-signature, but changes are happening right now. It is vital to support this feature in advance to prepare.
If you would like to leverage E-Signature, please speak with CWI about how you can use this technology to streamline your business.