2011 02 08_enabling_ins_agents_e_signatures
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Transcript of 2011 02 08_enabling_ins_agents_e_signatures
Enabling Insurance Agents with E-Signatures
© Silanis Technology Inc., 2008 All Rights Reserved
gFebruary 8, 2011
WelcomeTELECONFERENCETELECONFERENCE
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Steven Leigh Tommy PetrogiannisPresident & Co-Founder
Principal Research Analyst,InsuranceGartner
President & Co FounderSilanis 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
happroaches
• Hardware continues to be a barrier particularly in independent distribution and
insurers are drawn to non-hardware alternativesinsurers are drawn to non hardware alternatives
• 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 have deployed 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…- Create complete straight through processing- Create complete straight through processing
- Improve audit trails and create a better understanding of agent behavior
- Improve productivity in agents’ officesImprove productivity in agents offices
- Create a better “green” footprint
- Shorten processing timesp g
- 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
extremely complex and electronic apps and e-signatures mustextremely complex and electronic apps and e signatures must
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 Deployment–Cont’d
• 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,
confusing users and lowering adoptionconfusing users and lowering adoption
• 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.
• Don’t 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
• Don’t assume lack of adoption is a technology problem, address adoption issues
prior to deploying new technology
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What we’re hearing from the market
• Agents are ready"We're going to lose opportunities for new business because a certain
segment of consumers out there will get turned off if they don't have thesegment of consumers out there will get turned off if they don t have the 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.
• Technology solutions are mature and readygy y- 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
ChannelDataCapture
DocGen Ops Fulfill
Archive &Retrieve
DocumentPackage
Portal
Presentationand Review
Affirmationand Intent
Authenticationand Binding
Orchestration
CallCenter
BrokerAgent
ECM, BPMand Portal
EASDocumentPackage
Output andDelivery
CustomersPackage
BusinessApplication
DocumentGeneration
Resources Reporting Compliance
Legal
Agent
Web Self-service
Secure Capture of Data
and PortalPackage
Prepare Control Monitor
BusinessPartners
EVault
Evidence
Audit and Review and
Finance
UnderwritingBranch
BusinessPartners
p
MgmtEvidence Archiving
Silanis ApproveIt Web Server
Integration
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ScalabilityChannel Harmonization
Agent channel - special considerations
Best Practices• Support agent’s current way of doing business/workflow• Choose method of signing that suits agent environment• Consider pros and cons of software vs hardware solutionConsider pros and cons of software vs. hardware solution• Leverage availability of mobile devices in field e.g. iPad, web
pad etc… • Solution must address in-person and remote signing
Things to Remember• Agent connectivity• Cost of additional software/hardware requirements• Deployment logistics
AdoptionAdoption• 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 on agent laptopClick to sign on agent laptop
• Click-to-sign from home
• Voice signature• Voice signature
• On screen document review
P b d d t i• Paper-based document review
• Signature Capture Tablets, iPad, Playbook,
A d id Wi d 7Android, Windows 7
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Off-line Support
• Capture signatures offline on agent laptopCapture signatures offline, on agent laptop
• Upload and synchronize when connected
• Continue downstream processes online including• Continue downstream processes online including
capturing additional signatures
“We go to wherever the employers are to do an enrollment. If you're in a rock quarry 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 & paperTypical usage scenarios:Typical usage scenarios:
Reinstatement of wet-ink signed documents
Provision of an opt-out option
I ti f b d ill d t d i ’ li f f i iInsertion of paper-based ancillary documents e.g. driver’s license, proof of previous insurance
Signer prints document(s) with barcode
Signer wet-signs where applicable
Signer sends by fax ancillary documents and wet-signed document(s)
Signer selects document(s) to wet-sign or opts-out of e-sign or selects fax cover sheet for ancillary document(s)
Barcode added to document(s)
Electronic fax server receives faxed document(s)
Faxed documents converted to PDF and sent to a designated mailbox
ApproveIt Web Server monitors mailbox, extracts PDF’s, reads barcode & adds document(s) to appropriate e-signature transaction
Faxed document(s) are made part of the document package & can be viewed, e-signed and downloaded
Notifications can be sent 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
signature and audit trailsignature and audit trail
User ID and password• Existing credentials can be leveraged during• Existing credentials can be leveraged during
signing process
Face-to-Face• Verify credentials and sign with tablet
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Weighing the Options
Pros ConsSignature Tablets • Culturally familiar • Cost
• H/ware & S/ware installation & managementg
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
B b d B ilt i t l i i d dVoice • Browser-based• Adds security to point-of-sale, click-to-sign• Becomes part of electronic evidence
• Built-in or external mic is needed
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://
Paper-based Auth.
Screen-based ReviewSignature Pad Secure Download
p
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://
Paper-based Auth.
Screen-based ReviewSignature Pad Secure Download
p
Portal Link
Challenge/ResponsePaper-based Review
Click-to-SignPaper Copies
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Case study – 2200 Life Agents
Th Ch llThe Challenge:• 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
difficult to do business withdifficult to do business with.
• Agent productivity affected by write backs
• Several years back, the carrier introduced e-apps but the initiative fellSeveral years back, the carrier introduced e apps but the initiative fell
short of expectations because the solution did not include e-
signatures.
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Case study – 2200 Life Agents
S l iSolution:• 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 of
incentive rewards. To ensure agents make it past the initial learning curve,
incentives only kick in after six electronically completed applications.
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incentives only kick in after six electronically completed applications.
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Case study – 2200 Life Agents
R lResults:• Write-backs significantly reduced
• web based app ensures all questions are answered• web-based app ensures all questions are answered
• 15 – 20% improvements in cycle time
• Adoption better than expectedAdoption better than expected
• 45% of reps using system, 40% all apps in first 6 months
• Goal > 90% adoption in 2 yearsp y
• 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
Insurance use cases and solutionInsurance use cases and solution demonstration
Presenter: Yazan Alwaid, Senior Business ArchitectTuesday February 22, 2011 @ 2 pm ET
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QUESTIONS?
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