The Insurance Sector is implementing Logalty’s Electronic Contracting Service

Several insurance companies (some of the most representative ones) have implemented Logalty’s Certified Electronic Contracting service or are about to do it.

In the decision to choose a trusted third party, the entities have considered Logalty‘s technological and operational capabilities to implement e-contracting solutions with mobility in all channels and its guarantee of full online legal security.

Logalty’s legal management is in GARRIGUES’ hands, and all services are based on their full probative value in a court of law. Thus, Logalty’s electronic contracting, as well as other services providing to its clients in this sector, have a robust legal guarantee.

This solution offers an agile, simple, and oriented to the electronic channel service, in addition to allowing (being a multichannel service) that contracts can be performed either face to face at offices or by agents and mediators. To achieve this, Logalty has a redundant and highly available infrastructure.

This multi-channel electronic contracting system streamlines all operational processes offering all facilities always with the highest legal security:

  • Have all documents available to be read and understood before signing them
  • Sign contracts electronically from your own electronic device
  • Save signed documents
  • Have Logalty’s certificates accrediting what happened in each contract and be able to keep them in a durable medium.

The signed documents (insurance policies, SEPA direct debit mandates, etc…) will be kept by Logalty as a trusted third party during the custody period established for each transaction, making them available to the intervening parties at any time.

There are many advantages to having Logalty as a trusted third party in electronic contracting for the insurance company. The main ones would be:

  • Compliance with all sectoral regulations applying to electronic contracting of insurance products, both general and European
  • A mobility-oriented business model with full legal guarantees
  • Streamlining the formalization of contracts. According to real usage data, the reduction in time reaches up to 90% of the traditional paper-based formalization processes
  • Very important reduction in associated costs: paper, printing, files, messaging, hidden costs, and avoiding the loss of documents. With LOGALTY risk can be reduced to zero.

Lastly, it should be noted that, given the flexibility and high level of adaptation, Logalty’s solution adapts to the signature needs of each client within the insurance sector:

1st) Multi-signature electronic contracting. – Contracts can be signed in several ways (i) operation codes sent to cell phones via SMS; (ii) biometric digital handwritten signature (iii) digital certificates; (iv) signature with voice biometric authentication

2nd) Multidocument electronic contracting.- This allows signing one or more documents with one or several signatures. Thus, different contracts can be incorporated into the same transaction (for example, an insurance policy together with an electronic SEPA mandate).

3rd) Multi-party electronic contracting.- different signatories are allowed in each transaction and the order of signing may be established within the process. The signatories involved will have a direct relationship with the documentation they have to sign.

4ª) Multichannel electronic contracting.- the fourth basic functionality of Logalty’s e-contracting solution allows that any insurance transaction for its clients can be formalized through different channels: either at offices or through intermediaries as well as through direct channels such as the Internet or a call center combined with the Internet.