Author: 
Pat Speer
insurancenetworking.com
Saturday, December 1, 2012

The insurance industry has always been paper-bound. Each policy sold is a contract; and although intangible, the promise behind each contract is legally binding. So when insurers move to a paperless environment, they must do so with extreme care.

Insurers that choose to reduce their paper burdens do so for many reasons: to address internal- and external-customer demand for efficiency, boost security, enhance accessibility and drive home a conscious effort to go green. For many insurers across all lines of business, converting paper documents to electronic files means a new focus on risk mitigation and regulatory compliance requirements.

Audit logs play a key role in paperless storage and transmission, regardless of whether a signature is required, agrees Kelly Purcell, EVP at eSignSystems, an e-signature software provider. "Insurers that are not ready to do e-signatures know they can do e-delivery and, because they are delivering electronically, they will have audit trails.