2011 02 08_enabling_ins_agents_e_signatures

Enabling Insurance Agents
with E-Signatures
g
February 8, 2011
© Silanis Technology Inc., 2008 All Rights Reserved

Welcome
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Tommy Petrogiannis
Steven Leigh
President & Co-Founder
Co Founder
Principal Research Analyst,
Silanis Technology
Insurance
Gartner


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


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


Current Adoption Patterns
Electronic signature vendors report which business processes they have
deployed for insurance customers…

P&C Insurance Life Insurance


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


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


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


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


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


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 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

Baseline e-Signature Requirements


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 Delivery

Customers 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


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


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


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 you're in a rock
quarry out in Uncertain, Texas, you just aren't going to get good Web
connectivity.“ Gerald Shields, CIO, AFLAC


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 insurance

Signer selects document(s) Barcode added to Signer prints document(s) Signer wet-signs Signer sends by fax ancillary
to wet-sign or opts-out of e- document(s) with barcode where applicable documents and wet-signed
sign or selects fax cover document(s)
sheet for ancillary
document(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


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


Weighing the Options
Pros Cons
Signature Tablets • Culturally familiar • Cost
• H/ware & S/ware installation &
management
g
SMS • 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
banking
Voice • 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
evidence

Web Pad • Simulates paper experience • Cost
• Browser-based • Wide variety of web pads on market
• Positive user feedback


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

Channel 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


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

Channel 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


Case study – 2200 Life Agents

The Ch ll
Th 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.



Solution:
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.



Results:
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


NEXT STEPS

UPCOMING WEB SEMINAR

Insurance use cases and solution
demonstration

Presenter: Yazan Alwaid, Senior Business Architect
Tuesday February 22, 2011 @ 2 pm ET


QUESTIONS?


2011 02 08_enabling_ins_agents_e_signatures

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