2011 02 08_enabling_ins_agents_e_signatures

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Slide Deck from the February 8th 2011 Silanis Webcast with Featured Guest Gartner - Enabling Insurance Agents with Electronic Signatures.

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2011 02 08_enabling_ins_agents_e_signatures

  1. 1. Enabling Insurance Agents with E-Signatures g February 8, 2011© Silanis Technology Inc., 2008 All Rights Reserved
  2. 2. Welcome TELECONFERENCE Toll Free 1-877-880-7295 Toll: 1-719-234-7819 TELECONFERENCE PASSCODE 580104 LIVE MEETING TECHNICAL SUPPORT 1-866-493-2825 #1 Tommy Petrogiannis Steven Leigh President & Co-Founder Co Founder Principal Research Analyst, Silanis Technology Insurance Gartner © Silanis Technology Inc., 2010 All Rights Reserved
  3. 3. 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 © Silanis Technology Inc., 2010 All Rights Reserved
  4. 4. 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 approaches h • Hardware continues to be a barrier particularly in independent distribution and insurers are drawn to non-hardware alternatives non hardware • 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 © Silanis Technology Inc., 2010 All Rights Reserved
  5. 5. Current Adoption Patterns Electronic signature vendors report which business processes they have deployed for insurance customers… P&C Insurance Life Insurance © Silanis Technology Inc., 2010 All Rights Reserved
  6. 6. 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 © Silanis Technology Inc., 2010 All Rights Reserved
  7. 7. Benefits Electronic signatures… - Create complete straight through processing - Improve audit trails and create a better understanding of agent behavior - Improve productivity in agents’ offices agents - Create a better “green” footprint - Shorten processing times p 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 © Silanis Technology Inc., 2010 All Rights Reserved
  8. 8. Challenges to E-Signature Deployment • Environmental Complexity – the existing agent environment is extremely complex and electronic apps and e-signatures must e signatures 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 © Silanis Technology Inc., 2010 All Rights Reserved
  9. 9. 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 adoption • Reliance on hardware-based alternatives © Silanis Technology Inc., 2010 All Rights Reserved
  10. 10. 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 © Silanis Technology Inc., 2010 All Rights Reserved
  11. 11. What we’re hearing from the market • Agents are ready "Were going to lose opportunities for new business because a certain segment of consumers out there will get turned off if they dont have the don t 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 ready gy y - 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
  12. 12. Baseline e-Signature Requirements ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  13. 13. e-Signature Process Management Front Office E-Transaction Process Back Office Data Doc Archive & Channel Ops Fulfill Capture Gen Retrieve Execution Call Presentation Affirmation Authentication Output and Center and Review and Intent and Binding DeliveryCustomers Broker Portal Document Orchestration Document ECM, BPM EAS Agent Package Package and Portal Business Application Document Prepare Control Monitor Reporting Web Self- Generation Resources Compliance service Legal Secure Capture of Data p Finance Business Branch Partners Evidence Underwriting Business Partners Audit and Review and EVault Evidence Archiving Mgmt Silanis ApproveIt Web Server Integration Scalability Channel Harmonization ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  14. 14. 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 solution vs. • 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 Adoption • Begin with captive agents; begin with early adopters • Agent education & incentive programs are key • Involve agent representation in project ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  15. 15. Method of Signing & Document Review • Click to sign Click-to-sign on agent laptop • Click-to-sign from home • Voice signature • On screen document review • Paper-based d P b d document review t i • Signature Capture Tablets, iPad, Playbook, Android, Windows 7 A d id Wi d ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  16. 16. Off-line Support • Capture signatures offline on agent laptop offline, • Upload and synchronize when connected • Continue downstream processes online including capturing additional signatures “We go to wherever the employers are to do an enrollment. If youre in a rock quarry out in Uncertain, Texas, you just arent going to get good Web connectivity.“ Gerald Shields, CIO, AFLAC ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  17. 17. Hybrid Process - electronic & paper Typical usage scenarios: Reinstatement of wet-ink signed documents Provision of an opt-out option Insertion of paper-based ancillary d I ti f b d ill documents e.g. d i ’ li t driver’s license, proof of previous i f f i insuranceSigner selects document(s) Barcode added to Signer prints document(s) Signer wet-signs Signer sends by fax ancillaryto wet-sign or opts-out of e- document(s) with barcode where applicable documents and wet-signedsign or selects fax cover document(s)sheet for ancillarydocument(s) Electronic fax server Faxed documents ApproveIt Web Server monitors mailbox, Faxed document(s) are made part of the Notifications can be receives faxed converted to PDF and extracts PDF’s, reads barcode & adds document package & can be viewed, e- sent as required document(s) sent to a designated document(s) to appropriate e-signature signed and downloaded mailbox transaction ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  18. 18. User Authentication / Attribution SMS • Unique password sent to signers via SMS text Voice • Recorded affirmation becomes part of electronic signature and audit trail User ID and password • Existing credentials can be leveraged during signing process Face-to-Face • Verify credentials and sign with tablet ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  19. 19. Weighing the Options Pros ConsSignature Tablets • Culturally familiar • Cost • H/ware & S/ware installation & management gSMS • Browser-based • Customer may not have cell phone • Adds security to point-of-sale, click-to-sign • Becomes part of electronic evidence • 95% of cell phones have SMS • SMS commonly used in mobile bankingVoice • BBrowser-based b d • B ilt i or external mic i needed Built-in t l i is d d • Adds security to point-of-sale, click-to-sign • Becomes part of electronic evidenceWeb Pad • Simulates paper experience • Cost • Browser-based • Wide variety of web pads on market • Positive user feedback ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  20. 20. Flexibility for Enterprise Scalability Data Capture Document E-Signature Processing & Storage & & Validation Generation Process Execution Underwriting ArchivalChannel Access Authentication Consents Presentation Affirmation Delivery Username/Password Email Screen-based Review Signature Pad Secure Download Paper-based Auth. http:// p Portal Link Paper Copies Challenge/Response Click-to-Sign Paper-based Review ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  21. 21. Use Case Data Capture Document E-Signature Processing & Storage & & Validation Generation Process Execution Underwriting ArchivalChannel Access Authentication Consents Presentation Affirmation Delivery Username/Password Email Screen-based Review Signature Pad Secure Download Paper-based Auth. http:// p Portal Link Paper Copies Challenge/Response Click-to-Sign Paper-based Review ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  22. 22. Case study – 2200 Life AgentsThe Ch llTh 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 with with. • Agent productivity affected by write backs • Several years back, the carrier introduced e-apps but the initiative fell e apps short of expectations because the solution did not include e- signatures. ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  23. 23. Case study – 2200 Life AgentsSolution:S l i • 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. ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  24. 24. Case study – 2200 Life AgentsResults:R l • Write-backs significantly reduced • web-based web based app ensures all questions are answered • 15 – 20% improvements in cycle time • Adoption better than expected • 45% of reps using system, 40% all apps in first 6 months • Goal > 90% adoption in 2 y p years • 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 ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  25. 25. NEXT STEPS UPCOMING WEB SEMINAR Insurance use cases and solution demonstration Presenter: Yazan Alwaid, Senior Business Architect Tuesday February 22, 2011 @ 2 pm ET ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  26. 26. QUESTIONS? ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
  27. 27. ©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved

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