2011 02 08 Enabling Ins Agents eSignatures
Transcript of 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
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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
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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
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- Improve audit trails and create a better understanding of agent behavior
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- 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
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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
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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
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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
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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
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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
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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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Case study 2200 Life Agents
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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Case study 2200 Life Agents
esu ts: Write-backs significantly reduced
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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
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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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