New Partnership to Fuel E-Signature Use in Insurance Sector

Mary Ellen Power, December 19, 2014

The insurance industry has been one of the sectors where electronic signatures are starting to drive efficiency advances in key ways. Electronic signature software can empower insurance agents to interact with clients more efficiently and create the kind of customer experience that ends up giving insurers a competitive advantage. Silanis recently announced a new partnership that will help create this competitive advantage for a wide range of insurance industry customers. Silanis has partnered with Oceanwide, a Software-as-a-Service provider that serves the insurance industry.

Looking at the partnership

The new relationship will begin with the integration of Silanis' e-SignLive solution within Oceanwide's cargo coverage SaaS suite. The goal is to eventually integrate e-SignLive into every phase of the Oceanwide commercial SaaS platform. Oceanwide's Mitchell Wasserman explained that the organization needed an e-signature platform that would be able to work seamlessly across both the commercial and specialty line insurance segments. Furthermore, the electronic signature solution needed to be technically capable of integrating with the SaaS platform. Silanis was able to deliver experience both within the P&C insurance segment and delivering e-signature functionality through the cloud, making the organization an ideal partner. 

E-Signature Implementation Options for Insurance Companies

Featuring presenters from Donegal Group and TransGuard, this presentation highlights two very different approaches to implementing e-signatures.

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Tommy Petrogiannis, CEO and co-founder of Silanis Technology, explained that Silanis has been able to demonstrate the operational gains brought on by e-signature use in the P&C sector, and the Oceanwide platform should position insurers to leverage e-signature technology effectively. 

"Time and again, our experience in the P&C market has shown that e-signatures dramatically impact the ease and speed of doing business, cutting what used to take weeks down to minutes and preventing customer abandonment," said Petrogiannis. "Our relationship with Oceanwide presents a strategic growth opportunity; across Oceanwide's offerings, wherever documents are generated for signature, be it for quoting, policies, claims or other, our complementary cloud solutions will be working together behind the scenes to keep that process digital."

E-signatures and insurance

Any insurance deal is a complex transaction, and the amount of paperwork traditionally associated with such deals can be overwhelming. The sector has been moving toward e-signatures and other advanced records management solutions as a way to ease the signing burden on end users. At the same time, the records creation, transmission, acceptance and storage process is complex and creates clear logistical challenges. The costs of printing, mailing and storing records can be considerable. This is especially true as that paperwork needs to be stored in controlled environments, often with specialized fire suppression systems.

These overhead costs can put a huge fiscal burden on insurance companies. At the same time, many forward thinking insurers are building their operations around customer-centric operations. The thinking here is that more more consumers are embracing a digital lifestyle, forcing businesses to respond. Having to move away from digital tools to fill out and sign forms can be frustrating enough for consumers, but this annoyance becomes more problematic when dealing with the veritable mountain of paperwork that comes with an insurance deal.

An electronic signature platform can make life easier for both insurers and consumers. These gains escalate, however, when you consider the accuracy issue. Insurance forms are often complex and there is plenty of room for trouble to emerge as signatures must be in the right places and a variety of fields need to be filled out with the correct information. It is easy for a user to miss one line that needs to be signed or one data point that needs to be added. Inaccuracies lead to forms having to be mailed or delivered back to users. E-signatures eliminate this problem by including functionality to automatically identify that all fields are filled out with the correct type of information.

Check out our best practices resource for property and casualty insurers to get a clear idea of how e-signature use can benefit your agency.