2011 02 08 enabling ins agents esignatures

8/7/2019 2011 02 08 Enabling Ins Agents eSignatures

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Enabling Insurance Agentswith E-Signatures

Silanis Technology Inc., 2008 All Rights Reserved

February 8, 2011


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Welcome

Toll Free 1-877-880-7295

Toll: 1-719-234-7819

TELECONFERENCE PASSCODE

580104

LIVE MEETING TECHNICAL SUPPORT

1-866-493-2825 #1

Steven LeighTommy Petrogiannis

-Principal Research Analyst,Insurance

Gartner

Silanis Technology



3/27

Electronic Signature Definition

Three Key Definitional Elements

- Identity of signer

- Affiliation of content with the assent

- Archive and retrieval of signing event

Electronic signature is not dependent on any single technology as long

as the characteristics are met

Electronic signature is often stronger than paper signature



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Electronic Signature Insurance Trends

Dramatic increase in interest for insurance particularly for click to sign, digitized

signature, and voice.

Insurers are looking at their process to combine a variety of signature

approac es

Hardware continues to be a barrier particularly in independent distribution and

-

Underwriting enables insurers to validate customer identities making insurance

a good use for electronic signature

Existing point solutions are now being replaced by newer technology often

without dealing with adoption issues



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Current Adoption Patterns

Electronic signature vendors report which business processes they havedeployed for insurance customers

Life InsuranceP&C Insurance



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Electronic Signature Business Drivers

Increased recognition that straight through processing without

electronic signature is not really straight through processing.

Agents are beginning to push insurers for electronic business

alternatives and insurers want to be easy to do business with

Consumers are becoming more expectant of electronic signature from

other industries and insurers do not want to be left behind

Simplification of service transactions is growing in priority



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Benefits

Electronic signatures

-

- Improve audit trails and create a better understanding of agent behavior

-

- Create a better green footprint

- Shorten rocessin times

- Lower costs of paper and postage

- Keeps insurers out of court

- Provide an archive of the signing ceremony

- Help to force an electronic sales process



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Challenges to E-Signature Deployment

Environmental Complexity the existing agent environment is

-

accommodate

- Different products

- Different channels

- A wide range of technologies

- Different consumer markets

- Different workflows

- Different locations

- Online/Offline

Ergonomic Problems with Electronic Selling agents do not yet feel

comfortable selling from a computer or handheld device



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Challenges to E-Signature DeploymentContd

Point Solutions the existing environment already contains point solutions

which must move toward enterprise electronic signature platforms

Lack of Integration many existing technologies are poorly integrated,

Reliance on hardware-based alternatives



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Recommendations

Create solutions that support and enhance agents existing selling styles and

understand the complexity of the environment

Provide training and support that change agent behaviors.

Dont create a usage dis-incentive by charging agents directly for use

Create seamless integration with e-apps and other interactive technologies

Expect to use multiple methods of signing for different channels and service

events

Seek vendor alternatives with enterprise capabilities

Dont assume lack of adoption is a technology problem, address adoption issues

prior to deploying new technology



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What were hearing from the market

Agents are ready

"We're going to lose opportunities for new business because a certain'

ability to transact business in that type of efficient manner, Tom Minkler,president of Clark-Mortenson Agency Inc.

Customers are ready- 50% of business is originating online carriers and agents need to be

where customers want to be served.

Technolo solutions are mature and read

- E-applications and e-signatures are converging- Flexible and scalable, enterprise solutions are now available

Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved


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Baseline e-Signature Requirements



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E-Transaction ProcessFront Office Back Office

e-Signature Process Management

Execution

ChannelData

Capture

Doc

GenOps Fulfill

Archive &

Retrieve

DocumentPortal

Presentationand Review

Affirmationand Intent

Authenticationand Binding

Orchestration

CallCenter

Broker ECM, BPM EASDocument

Output andDelivery

Customers

BusinessApplication

DocumentGeneration

Resources Reporting Compliance

Legal

gen

Web Self-

service

Secure Ca ture of Data

an or a

Prepare Control Monitor

BusinessPartners

EVault

Evidence

Audit and Review and

Finance

UnderwritingBranch

BusinessPartners

MgmtEvidence Archiving

Silanis ApproveIt Web Server

Integration


Scalability Channel Harmonization


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Agent channel - special considerations

Best Practices Support agents current way of doing business/workflow

Choose method of signing that suits agent environment .

Leverage availability of mobile devices in field e.g. iPad, webpad etc Solution must address in-person and remote signing

Things to Remember Agent connectivity Cost of additional software/hardware requirements Deployment logistics

Begin with captive agents; begin with early adopters Agent education & incentive programs are key Involve agent representation in project



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Method of Signing & Document Review

- -

Click-to-sign from home

On screen document review

aper- ase ocumen rev ew

Signature Capture Tablets, iPad, Playbook,

n ro , n ows



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Off-line Support

,

Upload and synchronize when connected

capturing additional signatures

We go to wherever the employers are to do an enrollment. If you're in a rockquarry out in Uncertain, Texas, you just aren't going to get good Web

connectivity. Gerald Shields, CIO, AFLAC



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Hybrid Process - electronic & paper

yp ca usage scenar os:

Reinstatement of wet-ink signed documents

Provision of an opt-out option

nser on o paper- ase anc ary ocumen s e.g. r ver s cense, proo o prev ous nsurance

Signer prints document(s)with barcode

Signer wet-signswhere applicable

Signer sends by fax ancillarydocuments and wet-signeddocument(s)

Signer selects document(s)to wet-sign or opts-out of e-sign or selects fax cover

sheet for ancillarydocument(s)

Barcode added todocument(s)

Electronic fax serverreceives faxeddocument(s)

Faxed documentsconverted to PDF andsent to a designatedmailbox

ApproveIt Web Server monitors mailbox,extracts PDFs, reads barcode & addsdocument(s) to appropriate e-signaturetransaction

Faxed document(s) are made part of thedocument package & can be viewed, e-signed and downloaded

Notifications can besent as required



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User Authentication / Attribution

SMS

Unique password sent to signers via SMS text

Voice

Recorded affirmation becomes part of electronic

s gna ure an au ra

User ID and password

signing process

Face-to-Face

Verify credentials and sign with tablet



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Weighing the Options

Pros Cons

Signature Tablets Culturally familiar Cost H/ware & S/ware installation &management

SMS Browser-based

Adds security to point-of-sale,click-to-sign Becomes part of electronic

Customer may not have cell phone

evidence 95% of cell phones have SMS SMS commonly used in mobile

banking

Voice rowser- ase Adds security to point-of-sale,click-to-sign Becomes part of electronicevidence

u t- n or externa m c s nee e

Web Pad Simulates paper experience Browser-based Positive user feedback

Cost Wide variety of web pads on market



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Flexibility for Enterprise ScalabilityData Capture Document E-Signature Processing & Storage && Validation Generation Process Execution Underwriting Archival

Channel Access Authentication Consents Presentation Affirmation Delivery

Username/Password

http://

Email

Paper-based Auth.

Screen-based ReviewSignature Pad Secure Download

Portal Link

Challenge/ResponsePaper-based Review

Click-to-SignPaper Copies



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Use CaseData Capture Document E-Signature Processing & Storage && Validation Generation Process Execution Underwriting Archival

Channel Access Authentication Consents Presentation Affirmation Delivery

Username/Password

http://

Email

Paper-based Auth.

Screen-based ReviewSignature Pad Secure Download

Portal Link

Challenge/ResponsePaper-based Review

Click-to-SignPaper Copies



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Case study 2200 Life Agents

e a enge:

Field agents carrying around stacks of forms

Paper-based life insurance applications led to NIGO submissions (50-

70%) and extended the time to issue new policies by 30-50%.

Having to go back to the customer repeatedly (write backs) to correct

errors and omissions created a perception that the company was

.

Agent productivity affected by write backs

Several ears back the carrier introduced e-a s but the initiative fell

short of expectations because the solution did not include e-

signatures.



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o ut on:

e-Application by StoneRiver (desktop app on agent laptop)

Web-based ESPM by Silanis.

Topaz tablets

Wireless aircards

Agents are connected Ability to print review copies

Comprehensive education, rollout and incentive plan to promote adoption

Hard cost savings are being given back to the representatives in the form ofincentive rewards. To ensure agents make it past the initial learning curve,




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esu ts: Write-backs significantly reduced

-

15 20% improvements in cycle time

45% of reps using system, 40% all apps in first 6 months

Goal > 90% ado tion in 2 ears

Reduce costs associated with paper & printing

Improve agent productivity / new business policies per FTE (sales person)

Capturing intent helps ensure compliance

Elimination of duplicate data entry


Reduced status calls from field



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NEXT STEPS

UPCOMING WEB SEMINAR

demonstration

Presenter: Yazan Alwaid, Senior Business Architect

Tuesday February 22, 2011 @ 2 pm ET



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QUESTIONS?



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2011 02 08 enabling ins agents esignatures

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