Have you ever thought about how digitalization is transforming sponsorship agreements? Traditionally, insurers have relied on sponsorships to gain visibility and create ties with the population through social, sports or cultural initiatives. But now they want to do so by leveraging the technology at their fingertips to streamline processes, reduce costs and increase security.
Do you usually manage this type of document and would like to streamline the process? Read on!
Sponsorship agreements in the insurance industry
More and more companies and insurers are developing Corporate Social Responsibility (CSR) policies focused on building or reinforcing brand image and reputation in society. In the eyes of the public, the aim is to create a relationship in their minds between the company or product and a specific event (which will be chosen strategically depending on the image to be projected and the other actions).
Types of sponsorship
Although it is true that the categorization of sponsorships may vary according to the author on which we base it, broadly speaking, insurance companies usually focus on three different types:
- Sports sponsorship. Many entities bet on young sportsmen and women, mainly national, and support them in the development of their professional career or in the acquisition of skills. They also usually sponsor sport events (for example, the Olympic Games or the Super Bowl in the United States), competitions, or local soccer clubs. In Viafirma’s case, for example, we sponsor the Mairena Taekwondo Club.
- Social sponsorship. In this case, the protagonists are entities with a social cause, whose purpose is to assist those people who are in a situation of vulnerability and/or risk of social exclusion. We are talking about social organizations and NGOs that seek to generate a positive impact on society.
- Cultural sponsorship. In the cultural field, there are many companies and insurance companies committed to the dissemination of culture and the arts. For this reason, there are also many that support projects for the production, protection and dissemination of culture and art in all its facets. Did you know that the name of the well-known ‘Mercedes-Benz Fashion Week’ before being sponsored was ‘Pasarela Cibeles’? There you have it.
Digitization of sponsorship agreements
Have you reached this point? Great! You’re just one step away from knowing why you should start digitizing your sponsorship agreements with the electronic signature. But, first of all, you may not know what is the legal framework that regulates it or even if it is legal in Spain (or in Europe, Canada, United States or LATAM; taking it to a higher level and depending on your location).
We want you to have peace of mind on this issue. For that reason, before telling you everything you need to know about these contracts, we explain more about the legal framework of this tool.
Is electronic signature legal in Europe?
Yes, electronic signature is legal in Europe. It is regulated by Regulation (EU) No. 910/2014 of the European Parliament and of the Council of the European Union, also known as theDAS Regulation. It is considered the most demanding digital identity trust services regulation worldwide. Do you want to learn more about this topic? In this section we leave you more details about its legality depending on the country.
A digital solution with numerous benefits
As a digital citizen you may be familiar with the benefits of digital signatures because you use them as a regular tool, am I wrong? In my case, at least, I am: it simplifies the routine, facilitates procedures and saves me a lot of time that I can focus on other interests.
In the case of sponsorship agreements, of course, it’s no different. When it comes to signing these agreements, companies can find, thanks to this tool, with:
- Greater legal coverage
- Documents are more secure
- Confidentiality is guaranteed
- Savings in time, costs and unnecessary travel
This list speaks for itself, but it is better to contrast it with data. Such is its positive impact on organizations that, as early as 2022, 6 out of 10 business leaders implemented electronic signatures in their processes, according to a survey conducted by Adobe. In addition, they stated that this digital solution has become a fundamental tool to ensure the agility, efficiency and continuity of the services and products offered by their businesses.
It is interesting, on the other hand, to compare certain data. For example, the number of businesses using this solution has grown by 50% compared to the beginning of the pandemic (Exploding Topics, 2024). However, this figure is only the tip of the iceberg of its future: by 2030, the market is expected to reach a value of 13.4 billion dollars. If achieved, it would represent a compound annual growth rate of 26.7% over a six-year period, according to Exploding Topics again.
Viafirma simplifies your contracts
Still have doubts about the digitization of sponsorship agreements? You have already seen that you could only have advantages with it. In fact, other possible applications that can be interesting for the companies, depending on the sector in which they operate, is for insurances or to insert it in a SEPA mandate, thanks to customizable templates like the ones we offer in Viafirma.
But, if you want to digitalize your sponsorship agreements, trust Viafirma to do it. We are a reference company with more than 24 years of experience in the electronic signature market. We have helped professionals and companies of all sizes and sectors to streamline their daily routine, simplifying processes and improving customer experience.