E-signature for your Insurance Contract

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Hi folks 🙂

 Is anyone reading this blog post with your tablet PC? Your tablet PC never lets you bored, right? There is one more useful thing that tablet PCs can work! That’s electronic signatures (e-signature).

When signing for an insurance contract, we usually turn over pages and pages. An insurance contract is usually 30 page-long, containing all the details of the insurance along with the application form.  Can you guess how many sheets of A4 sized-paper are used annually for insurance contracts? It’s around 153 million pages! However, as we all do, the signed contacts are kept in the back of a drawer for ages.

Considering that it is a waste of paper, the FSC amended ‘Enforcement Decree of the Insurance Business Act’ at the end of last year. This amendment let electronic signatures on a table PC replace the paper-based signatures for insurance contracts. As well as the papers being saved, insurance companies can improve their efficiencies of operations. This is because they no longer need to visit each of their customers to get the contract paper signed, which allows a great time-saving.

Any benefits to the insurance holders? They can more easily understand the details of their insurance products, as the tablet PCs are good at visualizing the information. It’s more easily understandable by the customers. Also, some insurance companies offer a discount, if a customer does e-signature.

So, if you are to sign a contract for insurances, do ‘e-signature’. Keep your pen and paper under the desk 🙂

Cheers,
Frank

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One thought on “E-signature for your Insurance Contract

  1. What is Life Insurance?

    Life insurance is a contract between the insured (person taking the cover) and the insurer (the insurance company issuing the policy) stipulating the insured will pay an agreed amount of premium, and the insurer will pay an agreed amount of money free of income tax to the beneficiaries of the insured upon his or her death if the insurance policy was still in force. Life insurance is assurance for the insured that his beneficiaries will be catered for financially hence giving them a peace of mind. They will be protected and financially stable enabling them to maintain a certain lifestyle or at least be able to settle funeral fees, hospital bills, educate the children, etc. The life insurance. Therefore, in a way replaces the loss of income suffered by the beneficiaries when the provider or one who brings home the majority of income passes on.
    
    A good life insurance policy goes beyond replacing the loss of income. It covers the insured’s funeral expenses, taxes, probate costs, need for helpers, child care, etc. The cash benefit can also provide college education for the children and part if not all the surviving spouse retirement needs. How the beneficiaries use the cash benefits is not usually restricted, and so in most cases, they use it as they deem fit.

    It can also be another way of contributing towards a saving plan. It provides the option of the contributor making regular payments to the insurance company. If person wishes, the life insurance can form part of their pension plan. This kind of pension is considered private pension arrangements.

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