Montreal, QC, May 17, 2010 - Silanis Technology today announced that its electronic signature process management solution has been integrated with PolicyBox - a software-as-a-service (SaaS) offering from Blue Frog - to enable insurance policies to be delivered to customers electronically over the Web for review and e-signing. By moving to straight-through processing, Blue Frog estimates that the time and cost to deliver policies to customers will be reduced by 87% and 75% respectively.
“With over 10,000 agents, broker dealers, banks and agencies using our solutions, Blue Frog understands the issues carriers and their distribution channel face when getting customers to sign and return policies,” said Roy Goodart, Vice President of Sales and Marketing at Blue Frog. “Blue Frog’s PolicyBox service makes the process significantly faster, less costly and more convenient.”
Rather than mailing or hand-delivering documents in paper format, customers receive an email with a link to the agent’s personalized Web page where the insurance policy and supporting documents can be reviewed and signed electronically within the customer’s Web browser using a simple “click-to-sign” method.
Goodart expects the process to take three to five days vs. the industry average 23 days, while saving the carrier $50-60 per policy and reducing the 10% plus consumer drop-off rate that typically happens during this stage of the transaction.
Moreover, carriers, agencies, and agents can customize the delivery process and configure business rules to automate the promotion and up-selling of related insurance products to create a highly personalized and more relevant customer experience.
“Unlike some of the ‘what-you-see-is-what-you-get’ e-signatures solution on the market, the open architecture of Silanis’ solution provides the flexibility and configurability agents need to design a unique customer experience. To ensure high adoption with agents, it must be clear to customers that the policy is coming from their agent directly whom they have the existing relationship with,” said Greg Reynolds, Vice President of Technology at Blue Frog.
Other important features that sold Blue Frog’ legal and compliance experts on the Silanis solution were its security and electronic evidence. The solution records the entire electronic policy review and signing process from start to finish in order to produce stronger evidence than is possible on paper. It then secures the evidence and documents with digital signature technology to ensure that no changes can be made without visibility invalidating the electronic signatures within the documents.
“Working with some of the US’ largest insurance providers over the years has taught us a lot about what is needed to streamline signing processes and gaining user adoption across all distribution channels,” said Tommy Petrogiannis, CEO and co-founder of Silanis.
“Blue Frog’s integration of Silanis’ electronic signature process management solution in their Policy Box offering now brings best-of-breed technologies to large and small insurance providers at an affordable cost without sacrificing on customer experience.”
About Blue Frog
Blue Frog Solutions (bluefrogsolutions.com), based in Pompano Beach, Florida, is a leading technology solutions provider that focuses on the life insurance and financial services markets. Blue Frog offers solutions that facilitate more insurance transactions that are compliant and “In Good Order,” driving increased business. To date, more than $16 billion in deposits have been processed through Blue Frog’s AFFIRM platform. Blue Frog’s products include Affirm for Annuities, Affirm for Life, InsureSocket, I-Relay and Policy Box. Blue Frog simplifies selling insurance.
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.