We Reviewed the 5 Best Insurance E-Signature Platforms on the Market

Helpful Summary

• Overview: This article reviews five insurance e-signature platforms to help you find the best option for your business.
• Why Trust Us: Over 61,000 businesses trust SignWell to streamline their document signing process.
• Why It Matters: Adopting a great e-signature platform can help you save time and money, increase efficiency, and improve customer satisfaction.
• Action Points: Our top picks are SignWell, Concord, Adobe Acrobat Sign, Ironclad, and Dropbox Sign.
• Further Research: Check out our other e-signature tool recommendations by visiting our blog.

The insurance industry is powered by signatures—and e-signatures have made the process faster, more secure, and easier than ever before.

Studies have found that e-signatures reduce the time to complete insurance-related tasks by an average of 27% and lead to an average reduction in turnaround time of 80%. Not to mention benefits like reduced fraud risk, improved record keeping, and enhanced compliance.

But to take advantage of these benefits, you’re going to need a great e-signature tool. In this SignWell guide, we review the top five options for insurance companies to choose from.

Let’s get started.

Why Listen To Us?

At SignWell, we’ve helped 61,000+ businesses streamline their signing processes through intuitive e-signature technology. With our expertise, we’ve identified the best tools for insurance companies to create a seamless signing process for their clients.

But first…

What Are Insurance E-Signature Platforms?

Insurance e-signature platforms are e-signature platforms with features that make them a great fit for the insurance industry.

What are those features? There are a few that are especially important:

• Security
• Compliance
• Integration

… more on those in a bit.

In addition to these features, insurance e-signature platforms also have all of the more general capabilities of e-signature platforms. These include the ability to send, sign, and store documents digitally, automate workflows, and track document statuses.

Benefits of Using Insurance E-Signature Platforms

Cost Savings

Businesses transitioning from traditional paper-based processes to e-signature platforms can experience substantial cost savings, ranging from 55% to 78.62%. These savings include materials, administration, shipping, and subscription costs.

Enhanced Efficiency and Productivity

Efficiency is a major concern for insurance companies—and e-signatures can greatly improve it. By eliminating the need for paper documents and manual processes, document turnaround times can be reduced by up to 80%.

Improved Customer Experience

Organizations that adopt electronic signatures experience a staggering 500% boost in customer loyalty. Additionally, a 2021 study found that 53% of businesses use online signing to enhance stakeholder experiences.

Criteria for Choosing an Insurance E-Signature Platform

Security

Insurance fraud is a major problem. The FBI estimates that the average US family pays $400 to $700 per year in insurance premiums to offset fraudulent claims.

E-signature tools must have advanced security features to protect sensitive information and prevent fraud. Look for platforms that offer multifactor authentication, end-to-end encryption, and audit trails.

Compliance

Insurance companies are subject to strict regulatory requirements, like HIPAA, SOC 2, and GDPR.

When choosing an e-signature solution, make sure it’s compliant with all necessary regulations to avoid any legal issues.

Integrations

Insurance companies use tons of different tools—CRMs, compliance platforms, quoting tools, document management systems… the list goes on. Look for e-signature solutions that offer easy integration with the tools you already use to streamline your processes.

5 Best Insurance E-Signature Platforms

1. SignWell
2. Concord
3. Adobe Acrobat Sign
4. Ironclad
5. Dropbox Sign

1. SignWell

SignWell is an intuitive but powerful e-signature solution that helps insurance companies slash turnaround times and improve customer experiences.

With SignWell, you can easily upload, set up, and send documents for e-signature in minutes—just drag and drop fields to the designated areas for signing. Plus, you can track document statuses in real time, with notifications when a document is opened, signed, or completed.

SignWell also integrates with 5,000+ tools and apps through Zapier, including:

• Dropbox
• Salesforce
• Airtable
• Pipedrive

…and more. 

This (combined with SignWell’s native automation features) makes it easy to streamline your workflows and keep everything in one place.

Key Features

• Compliant E-Signatures: Signatures are legally binding in the US and internationally thanks to strict compliance with eIDAS, ESIGN, UETA, SOC 2 Type 2, GDPR, HIPAA, and more. 
• E-Signature API: Allows users to easily integrate electronic signature functionality into their apps or systems.
• Audit Trail: Provides a detailed account of document access and alterations by logging information such as time stamps, IP addresses, and actions taken.
• Advanced Security: SignWell uses 256-bit SSL encryption to ensure the security of all documents and data.
• Workflow Automation: Set signing orders, automate notifications and reminders, and integrate with third-party tools and systems to minimize manual work.
• Templates: Create and customize templates for common documents to cut document setup time.
• Mobile-Friendly: Let signers sign documents on-the-go with our mobile-friendly interface that’s accessible from any device—no downloads or signups required.

Pricing

In terms of pricing, we have a free plan that supports 1 sender and 3 documents per month. While insurance companies will likely need more, this is a great way to test SignWell out.

Our paid plans include:

• Personal ($8/month): Includes 1 sender, 5 templates, unlimited documents, and features like bulk sending and automated reminders.
• Business ($24/month): Includes 3 senders (additional senders cost $8/month each), unlimited templates and documents, and features like data validation, attachments, and in-person signing.
• Enterprise (custom): A fully customizable plan that comes with nice extras like high-volume API access, dedicated support, and large team plans.

Our API is pay-as-you-go, with your first 25 API documents free each month.

Pros and Cons

Pros

• Ensures compliance with U.S. and international e-signature laws.
• Designed for a simplified e-signature experience.
• Offers affordable pricing plans.
• Multiple customizable templates expedite document processing.
• Seamlessly integrates with over 5,000 popular apps and tools.

Cons

• Limited features in the free plan

2. Concord

Concord is a contract management platform that offers e-signing as a native feature. The platform supports important features like bulk signing, signing orders, and integrations with tools like Salesforce and Google Drive to automate your signing process.

Key Features

• Easy Collaboration: Work on documents collaboratively via Concord’s editor to avoid confusing back-and-forths.
• Legally Binding: Signatures are legally binding in over 150 countries thanks to compliance with international e-signing laws.
• Unlimited E-Signatures: Send and sign an unlimited number of documents without any additional fees.
• Integrations: Integrates with popular tools like Salesforce, Google Drive, and Microsoft Word for seamless document processing.

Pricing

Concord offers three plans—Standard ($17/user/month), Professional ($49/user/month), and Enterprise (custom).

Pros and Cons

Pros

• E-signing is faster and can be done remotely
• Legally binding in most jurisdictions
• Ensures bank-level security
• Unlimited e-signatures 

Cons

• Limited customization
• Limited workflow automation

3. Adobe Acrobat Sign 

Adobe Acrobat Sign is an e-signing tool that comes packaged with Adobe Acrobat—the popular PDF creator and editor. It features a flexible configuration process that can comply with a wide range of international and industry-specific standards.

Acrobat Sign also has a great set of e-signing features under the hood, from bulk sending to payment processing.

Key Features

• Tracking and Management: Get real-time visibility into the status of your documents and track them as they move through the signing process.
• Customizable Workflows: Design and customize your own e-signature workflows to fit your specific business needs.
• Mobile-Friendly: Acrobat Sign is optimized for use on mobile devices, making it convenient for users to sign documents on-the-go.
• Collect Payments: Collect payments from signers securely and easily with integrated payment processing options.

Pricing

The cost of Acrobat Sign varies based on the plan you choose and the number of licenses you need. 

For individual users, it’s included in Acrobat for $12.99/month and Acrobat Pro for $19.99/month with an annual commitment. Teams and businesses can access the tool for $14.99 to $23.99/user/month with an annual commitment. 

Custom solutions are also available for enterprises seeking additional features and integrations.

Pros and Cons

Pros

• User-friendly for both regular users and administrators
• Seamless integration with Microsoft apps, Salesforce, and Workday
• Ideal for remote work
• Offers helpful and knowledgeable customer support

Cons

• Users transitioning from trial to licensed products may encounter bugs
• The platform is expensive as an e-signing tool

4. Ironclad

Ironclad is a contract lifecycle management (CLM) platform with a product called Clickwrap that offers an alternative to e-signing. Clickwrap offers version control for policies and terms, enables one-click acceptance on any device, and records evidence of user agreement.

Key Features

• One-Click Agreement: Collect legally binding agreements on any device with a single click or tap.
• Version Control: Serve the right contract to the right user at the right time with advanced versioning.
• Snapshots: Collect evidence of agreement that includes user identity, time stamp, and more.
• Contract Management: Easily add or update contracts and terms with an intuitive interface.

Pricing

Contact sales for a quote.

Pros and Cons

Pros

• Suitable for a wide range of insurance and financial services providers
• Facilitates collaboration
• Great security features
• Automatically generates accurate audit trails

Cons

• Clickwrap agreements don’t work for every insurance use case
• No native features for standard e-signing

5. Dropbox Sign

Dropbox Sign (formerly HelloSign) is an e-signature platform that’s embedded in Dropbox’s document management tool. It offers a well-rounded set of features like document signing, templates, and audit trails.

Dropbox Sign’s key strength is its native integration with Dropbox—it’s a convenient choice if your business already uses Dropbox to manage contracts.

Key Features

• Document Templates: Simplify the signing process by creating templates for commonly used documents.
• Multiple Signers: Send a document to multiple signers and specify the order in which they should sign.
• Audit Trails: Automatically track every step of the signing process, including timestamps and signer IDs.
• Automated Reminders: Set reminders for signers who haven’t completed their documents yet.

Pricing

Dropbox Sign has three standalone plans—Essentials ($15/month), Standard ($25/user/month), and Premium (custom).

It’s also available through some Dropbox plans.

Pros and Cons

Pros

• Delivers functionality without unnecessary complications
• Facilitates swift contract signing
• Seamlessly integrates with various platforms
• Bank-level security

Cons

• Certain users have experienced challenges with auto-billing
• Some users are unhappy with the customer support provided

Conclusion

E-signatures are revolutionizing the insurance industry—but not all e-signature platforms are created equal. The five tools reviewed above are great starting points as you explore your options and choose the best one for your business.

Looking for an affordable, intuitive, and fully featured e-signing tool? SignWell offers powerful features including customizable templates, unlimited documents, and advanced security measures to make sure your contracts are signed securely and efficiently.

Sign up for a free trial and experience the benefits firsthand.