Montreal, QC, July 7, 2010 - Silanis Technology today announced that one of the largest insurance providers for the trucking industry in the U.S. has selected Silanis’ ApproveIt Web Server solution to enable straight-through processing of new customer applications.
The insurer will use Silanis’ e-signature process management solution to make it easier for independent truck operators to complete insurance applications while on the road by enabling them to review and sign applications electronically over the web. Eliminating the need to ship and manually process the applications in paper format will also reduce cycle times, costs and not-in-good-order (NIGO) applications.
“Signing up independent truck operators for an insurance product is a time-consuming and costly and error prone process,” said Tommy Petrogiannis, CEO and co-founder of Silanis Technology. “Now that the internet access is pervasive, truckers can electronically sign up to a carrier’s insurance policy within minutes. By keeping the process electronic from start to finish, it also eliminates all of the inefficiencies and risks of getting motor carrier’s signatures in the applications.”
The insurance provider distributes its products through independent agents who solicit business from motor carriers who hire many independent truck operators to deliver goods across the country. Each time a new independent truck operator is brought on, he or she must enter a lease agreement with the motor carrier and obtain the required insurance policy.
Today, the insurer’s paper-process requires the application package to be shipped to the independent agent who then forwards the package to the motor carrier who then sends it to the independent owner / operator for review and signing. This lengthy process often requires the insurance provider to chase its independent agents to get the applications completed and returned, who in turn must chase the individual truckers. When the application is finally returned, it is often incomplete or contains errors.
Using Silanis’ ApproveIt Web Server solution, the application process will be executed electronically. Agents will direct truck operators to a link on the insurer’s website where they can immediately review, sign and return the documents electronically from anywhere in the country.
The insurer will significantly reduce the number of not-in-good-order (NIGO) applications and downstream risks, and increase its legal and compliance position.
As a next-generation, electronic signature process management solution, ApproveIt Web Server executes the application process from start to finish. During this process, it is enforcing business rules so that the application cannot be returned to the insurance provider if it is missing a document, signature or data, and recording the entire transaction to produce stronger evidence than is possible on paper.
Further, as a dedicated e-signing solution that provides maximum flexibility and customization, ApproveIt Web Server will enable the insurer to easily move its other signing processes to the web in the future, such as policy renewals and policy delivery, all while maintaining the look and feel of the insurer’s website - delivering a seamless experience for accelerated adoption.
“ApproveIt Web Server makes completing insurance applications easier for everyone involved,” said Petrogiannis. “The insurer benefits by getting in-good order applications back in a timely manner. Independent agents are spared the time and hassle of chasing truck operators to return applications. And truckers are happy because they can avoid dealing with paper while on the road.”
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.