The insurance industry leverages contract lock electronic signatures to promote online signing of electronic policies. Contract locks support integrated insurance sales platforms and other business management software, providing customers with identity authentication, legal and effective electronic signing, and data storage services during the insurance application process. The entire process is automatically circulated, signed, stamped, policy issued, and stored, and underwriting can be completed in just over 20 minutes. With the gradual standardization of "Internet insurance" business, legal and effective electronic signature products are gradually becoming an important signing tool for major insurance companies to regulate online insurance business.

"Electronic policies" have gradually become the new normal for the development of insurance business:

In December 2019, the China Banking and Insurance Regulatory Commission issued the "Electronic Policy Business Norms", which proposed that electronic policies have the same legal effect as paper insurance certificates whose content or abstract content is consistent. Solved the problems of inconvenience and lack of credibility in the application of electronic policies in the industry, and promoted the large-scale application of electronic policies.

In December 2020, the CBRC issued the Measures for the Supervision of Internet Insurance Business (effective from February 1, 2021) after one year, which clearly stated: "When conducting Internet insurance business, insurance institutions should provide insurance policies and invoices to customers, and give priority to providing electronic insurance policies and invoices."

At the same time, the Measures also pointed out that "insurance institutions should use effective technical means to verify the authenticity of the identity information of the applicant, and should fully record and save the main business processes of Internet insurance, including the content information of the product sales page, the operation track of the applicant, the record of security claims and complaint services, etc., so that the main behavior information such as sales and services cannot be tampered with and The whole process can be traced back Online signing:

Contract lock electronic signature can seamlessly integrate with insurance sales platforms and internal business management software of insurance companies, providing identity authentication and legal and effective electronic signature, electronic seal, electronic contract, and data storage services for customers during the insurance application process. Assist insurance companies in achieving unified management and approval of seals, while meeting customers' online signing needs.

☑ In the past, when customers applied for insurance, they had to sign an insurance confirmation letter, complete payment, and then the insurance company would underwrite and file it. It would take 3-5 days before the "paper policy" could be sent to the customer. The customer would then need to sign a "paper receipt" and send it back or to the insurance company after verifying that it was correct. The tedious signing and archiving process continuously prolongs the customer's insurance coverage period.

(Traditional insurance process)

Due to the inability to verify the identity of insurance salespeople in a timely manner, if someone impersonates an insurance company employee and forges documents to sell insurance, the interests of customers will be damaged and the brand image of the insurance company will also be affected. At the same time, paper insurance policies are prone to loss and inconvenient to archive. In the long run, insurance companies have high storage costs and inconvenient searching, and customers often cannot find the policies at critical moments.

☑ Now:

Customers can independently report their insurance information on the online service platform of the insurance company. The contract lock electronic signature system automatically verifies the customer's identity information and signs the "electronic insurance confirmation" online. After the insurance company reviews it online, the "electronic policy" can be generated and sent to the customer synchronously. The electronic receipt is issued online, and the customer signs and returns it immediately after verification. The entire process is automatically circulated, signed, stamped, issued, and stored, and the underwriting can be completed in more than 20 minutes.

(Electronic signature promotes the full electronic process of insurance application and contracting)

Online signing of insurance documents, electronic processing of the entire process of insurance underwriting change underwriting

Contract lock is based on the authoritative CA digital authentication center, helping insurance companies create an online platform for printing and signing. Customers can generate and issue insurance confirmation letters, policies, endorsements, and receipts online with just one click, and their identity information is authentic, reliable, data is stored, and tamper proof throughout the entire process.

(Display of electronic policy signing scenarios by insurance companies and customers online)

① Customer and insurance company identity authentication: CA digital certificates intelligently verify the identity of customers and insurance companies, ensuring that customers can operate and insurance contracts are reliable, and preventing incidents. False sales and denial phenomena.

② Intelligent setting of electronic file templates: helps insurance companies efficiently generate "electronic insurance confirmation" and "electronic policy" files. Once customer needs are reported, the system automatically issues file signatures, and electronic policies are generated and issued with one click without waiting, improving customer satisfaction.

(Electronic Policy)

③ Real time online verification and tamper proof: Customers can upload the electronic policy to the contract lock system at any time to intelligently verify the authenticity of the seal and signature. Once the document is modified, it will be immediately invalidated to protect customer rights.

(Online Verification)

④ When changing insurance information, the leader signs an "electronic endorsement" online and synchronously distributes it to the customer: Generally, when there are problems or changes in the insurance information, approval from the insurance company leader is required, which is called endorsement as the name suggests. In order to ensure that changes are legal, standardized, and informed, business personnel can initiate an "electronic approval" application through the electronic signing platform, and the leader can move the signature to ensure seamless service integration and informed changes.

⑤ Customers can view and download the "electronic policy" issued online at any time. Customers can "view and download" it as needed through the insurance company's external service window, without fear of loss and easy storage, while verifying their identity.

Summary

The contract lock electronic signature product is supported by CA digital certificates and has complete data storage capabilities. It can save a complete evidence chain for insurance industry customers, ensuring that insurance companies' insurance business is based on real identity information, and business data is fully recorded, tamper proof, and traceable at any time. Provide legal and effective judicial certificates for the cooperation between insurance companies and customers, and comprehensively promote the popularization and application of electronic policies and electronic signatures in the entire industry.