Apple’s iPad to propel the adoption of e-signatures in insurance, says eSignLive
Montreal, QC, April 12, 2010 - Silanis Technology, the leading provider of electronic signature process management solutions to the insurance industry, today shared its views regarding the impact Apple’s new iPad will have on insurers’ largest channel. According to Silanis, the iPad will remove the final hurdle for achieving mass adoption of electronic signatures in the agent channel– a move that will significantly reduce application cycle times, not-in-good-order (NIGO) applications, and processing costs. “While some of our insurance customers are seeing solid e-signature adoption rates in their agent channel, it lags the 90% adoption that the direct-to-consumer channel is seeing,” said Tommy Petrogiannis, Chief Executive Officer and founder of Silanis Technology. “The iPad promises to significantly drive acceptance upward.” The independent agent channel is often responsible for the majority of an insurance carrier’s revenues. But despite all of the advancements in e-signature technology, forecasts that 85% of carriers will have an e-application in place within the next two years, and proven ROI in the direct channel, the agent channel has been the most challenging to automate up until now. The high cost of proprietary tablet PCs and limited internet connectivity have made it more difficult for agents to drop their pens in favour of a paperless, electronic process when closing business with customers in their homes or in a public space. Apple’s new iPad changes the playing field. “Silanis has worked closely with insurance carriers over the years to understand their challenges and requirements, both in the direct and agent channels,” said Petrogiannis. “The iPad delivers the price, mobile Web connectivity, and ease-of-use agents are looking for. And as the year goes on, we’ll see more and more vendors launching similar devices, giving agents even more choice.” Moreover, combining Silanis’ Electronic Signature Process Management solution with the iPad enables carriers to adopt one common platform to service all of their channels. The ease-of-use and rules-driven, Web application provided by the Silanis application can now be easily extended in a face-to-face environment, thereby greatly improving the experience of both agents and customers. Using the iPad, agents can access all of the required application documents directly from the insurer’s e-application, rather than have to carry a briefcase filled with paper applications with them at all times. Silanis’ E-signature Process Management solution then electronically presents the documents in the right order, prompts customers to enter the required data, and then “click-to-sign” in all the right places by tapping on the iPad touch-screen. The system also prevents applications from being returned to carriers if they are missing any documents, data, initials or signatures, thereby eliminating the need to chase after customers to correct the paperwork. By moving to a fully electronic application process, Silanis’ insurance customers have seen up to a 75% reduction in application cycle times and a 60% reduction in not-in-good-order documents. “As the leading provider of e-signatures to the insurance industry with major deployments at Liberty Mutual, Country Financial, and numerous other P&C and life carriers, Silanis understands what carriers are looking for in a solution in the long-term,” said Petrogiannis. Silanis has been keenly focused on agent automation for the last two years and will be announcing a number of new solutions for its E-signature Process Management platform in the coming months that will finally enable carriers to achieve comparable e-signature adoption rates in the agent channel as experienced by the direct channel. About Silanis Silanis Technology Inc. is the leading provider of Electronic Signature Process Management solutions. The world’s largest insurance and financial services companies, major government agencies, integrators and service providers depend on Silanis to accelerate business transactions and reduce costs while improving compliance with legal and regulatory requirements. The company’s electronic signature platform, ApproveIt®, is an enterprise-class e-signature process management solution that transforms paper-based business transactions to all-electronic, Web-based processes for e-commerce and e-government.