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The electronic signature in the insurance sector

In all sectors and even more in the insurance sector, the time is now for digitalization. The era when we are burdened with papers, with numerous protocols at the end, is more and more combined with the past. Everything accelerates, and the electronic signature gradually replaces the written signature, while maintaining the same level of security for the insurer and the client. But in fact, what should we remember essentially?

The electronic signature: mode of operation

The electronic signature promotes online subscription and therefore implies compliance with a few legal principles. This is why it is responsible for ensuring the authenticity and security of the documents transmitted, as well as the identity of the signatory. It is therefore in no way a process of digitizing a written signature.

Indeed, it is rather for the signatory to answer a certain number of personal questions, to generate a certificate of authentication of his identity, while preserving it from any falsification. For this, security measures are taken.

The 2 applicable security levels

The Civil Code generally defines 4 levels of security regulating the electronic signature. All framed by law, they each represent a higher or lower degree of security and apply according to the nature of the insurance contract concerned. Among these, 2 relate to the insurance sector.

Security level 1

The first level of security relates to simple distance contracts, that is to say of the type PID (accidents, fires and various risks) or complementary health. Here, the identity of the signatory is not critical information. Therefore, there is no need to provide sensitive documents such as a gray card. It is enough to establish a certificate of authenticity on the fly (or not to establish one at all) with a qualified time stamp, to have electronic proofs which guarantee traceability.

Security level 2

It relates to life insurance contracts, provident funds, funeral guarantees and other similar contracts. It makes it possible to secure the types of contracts which present a risk of significant or even systemic dispute for the insurance company. For this, it will give rise to a physical meeting with a Delegated Registration Operator (OED) in order to verify the identity document of the signatory. At the end of this face-to-face meeting, a European certificate is issued to the signatory. But what is the purpose of the electronic signature?

The electronic signature: what use?

The electronic signature has a bipartite utility: both for the client and for the insurer.

Usefulness for the client

The customer benefits from a 100% digital journey. This journey is translated by an online subscription process and by extension a fluid, fast, cheaper, transparent and limited offer, that is to say with the same level of advice.

It is therefore no longer a question for him to move to a physical agency. Now, it saves considerable energy and money, and benefits from considerable time savings; although it makes a subscription offering the same level of guarantee and the same advantages.

Usefulness for insurers

Insurance companies are becoming more and more attractive to prospects since they offer, thanks to electronic signature, a simpler and more efficient underwriting process. In addition, the costs of sending documents by post are eliminated and digital platforms replace physical agencies. Great good for customers, management costs are optimized resulting in reduced insurance service costs, as well as improved productivity.

The 4 pillars of the electronic signature

The electronic signature rests on 4 essential pillars which constitute the security guarantees of contractualization:

  • The integrity of the signed document;       
  • The identity of the signatory through the KYC (Know Your Customer) process;       
  • Traceability;       
  • Legal value.        

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