eSignLive Presents Streamlining Straight-Through Processing for Life and Property & Casualty Insurance Business Transactions with Electronic Signatures

September 9, 2008
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.
In 2008, over one million insurance transactions will be e-signed using the Silanis ApproveIt® Web Server platform. Silanis’s electronic signature platform makes it possible for Insurers to achieve straight-through processing across any and all channels without compromising compliance or legal enforceability. The E-Signature Process Management capabilities of ApproveIt® Web Server take the complexity out of managing the many e-signature process variables and exceptions for different products, states and lines of business. Contracts, disclosures and forms are handled from the time they are created by the document generation system, through to the signature capture and distribution of fully executed documents to the customer, the carrier and any other parties to the transaction. In the September 18th web seminar, Mr. Moncada and Mr. Alwaid will share recommended best practices for implementing electronic signatures for online auto insurance new business applications and agent life & annuity new business applications.  An accompanying solution demonstration will review key features and functionality for Insurers to consider when selecting an electronic signature platform, including ease of use, flexibility, scalability, electronic evidence and ease of implementation. After attending this event attendees should leave this session better prepared to gather requirements for their electronic signature platform project and evaluate marketplace solutions to meet their organization’s current and future needs. Please click here to register for the E-Signatures in Insurance - How to Choose the Right Solution Webcast. About Silanis Founded in 1992, Silanis Technology Inc. is the largest and most experienced provider of electronic signature solutions. More than 1,400 government and commercial organizations, representing 2 million users, depend on Silanis’ solutions to accelerate operations, improve service and reduce costs.

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.