Montreal, QC, February 5, 2010 – Silanis Technology, the leader in electronic signature process management, today announced that a top five U.S. auto insurer is using Silanis’ ApproveIt® Web Server to electronically process auto insurance applications though its call center and web channels. Moving to straight through processing will enable the insurer to reduce the number of customers that abandon the application process while waiting for paper documents to be mailed and significantly reducing processing cycle times, paper-related costs, and not-in-good order (NIGO) applications.
“While 50% of consumers use the web to research auto insurance products, only one out of two applications that are generated online are ever completed and returned,” said Tommy Petrogiannis, President and Co-Founder of Silanis Technology, citing a comprehensive survey that was released by Forrester Research in November 2009.
Rather than mailing documents to customers to capture their consent in disclosures and signatures in documents, customers can now electronically review, sign and submit the entire application package over the web immediately after speaking with a call center agent or selecting a policy on the insurer’s website, thereby minimizing opportunities for customers to drop off.
Moreover, since adopting ApproveIt Web Server in September of this year, the insurer has seen the average time to receive and complete ‘in good order’ applications plunge from 45 days to 15 minutes.
In addition to shortening the time it takes for customers to review and return documents to the insurer, the solution also ensures that all documents are executed in compliance with business, legal and regulatory requirements, thereby greatly reducing the time needed to verify returned documents and correct those that are not in good order.
ApproveIt Web Server automates and controls the processing of auto insurance applications to ensure that all the right documents and disclosures are presented to customers in the correct sequence, while preventing documents from being returned if they contain errors or are missing any required data, signatures or initials. The entire transaction is recorded from beginning to end to produce stronger legal evidence than possible with paper.
Eliminating manual, paper-based processing is expected to generate considerable up-front cost for the auto insurer, as well as minimize potential downstream legal and compliance risks and costs.
“This leading auto insurer is one of a handful of national auto insurance providers to be recognized by J.D. Powers and Associates for consistently delivering "An outstanding customer service experience, said Petrogiannis. “Silanis’ electronic signatures will enable this insurer to build on their reputation by providing customers with a superior online experience that meets their expectations for speed and convenience - both at the call center and over the Web.”
Silanis Technology is the leading provider 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.