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Paperless Processing in Property & Casualty Insurance

MAKING IT HAPPEN: TECHNOLOGY AS BUSINESS ENABLER

Leading Online Auto Insurer   
When the leading online auto insurer chose Silanis in 2005 to deploy an e-signature project, speed to market was one of its top priorities. The solution was deployed in less than four months. The project was well received by customers and had a significant positive impact in each of the markets it supports.

The challenge for IT/IS managers, responsible for deploying e-signatures and e-commerce platforms is  balancing the financial and logistical realities of leveraging their existing technology investments against the competitive necessity of getting to market quickly – not only to support multiple channels and diverse products but also, in many cases, different lines of business. Once again, the most effective strategy is also the simplest: Finding an e-signature solution that adapts to the carrier’s systems, not the other way around, and increases transaction processing efficiency even as it facilitates enormously higher business volumes.

It’s all about the process

A signature, both from a legal and business perspective,  is much more than the discrete action or applying a signature to a record. From a business process standpoint, a simple “I Agree” button does not go far enough to satisfy P&C carriers’ needs for an end-to-end solution that manages workflow, document  presentment, review, signature capture and transaction management. Every new business application involves a unique set of documents depending on a multitude of factors, such as the insurance product and number of signers. To comply with regulatory requirements, which vary widely from one state to the next, different documents are often required even for the same product. And for every process, there are several exceptions, such as updates and notifications, which also need to be accommodated. All of these complexities are managed within the e-signature solution rather than by the carrier’s systems. The carrier’s systems simply hand off the documents that need to be signed to the e-signature solution; the documents are returned to the carrier’s systems only after they have been fully executed. As a result, the scope of development resources required to implement the e-signature solution is minimal, the ability to scale is made easier and time-to-market is compressed.

Does the solution have the right Stuff?

The top capabilities of an electronic signature solution according to one Silanis client are:

  • Ease of integration
  • Scalability
  • Flexibility
  • Agility

Systems integration

Beyond managing the transaction process, the e-signature solution uses enterprise J2EE and database standards to ensure compatibility and interoperability with the host web application, e-commerce infrastructure, and other front- and back-end systems. It integrates seamlessly with, and is fully transparent to, carriers’ file preparation, workflow and storage systems, whether they are carrier-built or best-of-breed third-party solutions. The e-signature solution is custom-fitted to accommodate the carrier’s preferred methods for user authentication and identification methods, and can handle each of the various types of documents found in a new business application package, such as state-regulated forms, disclosures and policy agreements. Affirmation and capture of intent methods – whether click-to-sign, point-of-sale systems, PKI-based solutions, or any combination thereof – will be fully supported.

Scalability

The e-signature solution, by virtue of its modularity and scalability, is appropriate for single, lower volume processes and can also support high volume applications. The solution scales easily and quickly to multiple applications – by product or by line of business. No additional infrastructure or technology components required. No additional end-user expertise, consulting or IT support necessary. No limits to the volume, scope or nature of applications.

CONCLUSION/SUMMARY


In the P&C insurance industry, e-signature solutions have shifted rapidly from nice-to-have to competitive necessity, largely as a result of customers’ insistence upon convenience and efficiency. At the same time, the benefits and advantage of e-signature technology strongly support P&C carriers’ key business needs, priorities and opportunities:
  • Business drivers include improved profitability and competitiveness as a result of enhanced customer acquisition, retention and ongoing satisfaction, together with significant business process improvements and cost reductions associated with straight-through-processing for online, call center and agent channels;
  • A stronger legal and compliance position and reduced risk based on improved transactional evidence and “document-centric” security;
  • IT/IS resources and infrastructure investments are leveraged by e-signature solutions that go beyond point solutions to deliver enterprise capability. The technology is standards-based to facilitate integration with core systems while at the same time it scales rapidly to support increased transaction volumes and new applications.

Solutions by Silanis

Please explore our site further for more information on Silanis Technology’s industry-leading e-signature solutions and to see examples of our work for leading P&C carriers and other enterprise clients.

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