Unlocking the Potential of eSignature Lawfulness for Insurance Industry in Canada

How to eSign a document: eSignature lawfulness for Insurance Industry in Canada

[Music] can you talk about the insurance industry in particular and are you seeing some transformation or innovation happening in that industry what is it and how is it changing the way people go about getting insurance i would say specifically in the life insurance industry there has been two major areas of the process that have been undergoing change from a technology perspective the first is definitely distribution so even today you know 90 of policies are being sold face to face through an individual life insurance advisor but that channel is becoming is disappearing because today the average life insurance advisor in canada is 62 years old believe it or not and the industry has been struggling for years and years and years to really attract new talent of our generation into this role they've put their head in the sand for a little bit too long if i had to guess and now are really looking to potentially invest in new distribution channels that allows them to access customers and meet customers new changing expectations which is is mostly online so it's looking to find uh find customers online allow them to apply for life insurance policies online and complete the process online versus the traditional channel which was to do this all face to face with a lot of paperwork which tended to take kind of eight to 16 weeks to complete it was a really really painful process for anyone applying for life insurance so that's the first area that i think is undergoing some change today and that's where companies like ours policy me comes into play the second is actually underwriting insurance companies are getting more and more comfortable with collecting less of that data or using kind of publicly available data i don't think we've come anywhere near the place that we could come when it comes to using kind of better data and artificial intelligence to underwrite a life insurance applicant but i do see that being a big push in the future to get more accurate with our kind of approval process and really simplify it and require less of that like manual intervention to get someone approved don't forget to subscribe to the smarterloans youtube channel for more videos that will help you make smarter financial decisions