eSignLive Presents Streamlining Straight-Through Processing for Life and Property & Casualty Insurance Business Transactions with Electronic Signatures
Montreal, QC, September 10, 2008 - Silanis Technology, the leader in electronic signatures, announced today it will present a web seminar for IT executives and leaders in the Insurance industry focused on the use of e-signatures for life and property & casualty new business applications. The 60 minute web event will take place on September 18, 2008 at 2 pm EST, and features Silanis business architects Tony Moncada and Yazan Alwaid. Leading industry analyst firm Gartner urges Insurers to consider electronic signatures as a way to reap considerable business benefit. “Electronic signatures can help insurers to increase the benefits of their existing STP frameworks and reduce paper handling, mailing and follow-up costs. Insurers should consider electronic signature as the next phase in straight-through processing for new business,” says Gartner. Increasing industry acceptance of electronic signatures and the resulting return on investment is now being proven out by a number of Silanis customers:
- Acceleration and streamlining of the transaction processing process is projected to eliminate $10 off a new business transaction. A top ten Property & Casualty Insurer is projecting to save between $2.5 and $5 million annually in transaction processing costs through the adoption of electronic signatures across all distribution channels.
- Call center representatives can shorten transaction processing time and close business in minutes over the phone by providing documents to customers via the Web within 20 seconds of a customer’s agreement to purchase.
- The typical 45 day wait by customers to receive all completed forms before taking action on the policy has been reduced to a mere ten minutes thanks to straight through processing with electronic signatures.
The company’s solutions not only eliminate the inefficiencies of paper, they provide reliable and auditable business records needed to demonstrate compliance with applicable laws, standards, regulations and policies.