Insurance Technology Featured Article

Ebix and Silanis to Provide E-Signature Solutions with 100 Percent Straight-Through Processing

November 05, 2012

Although financial institutions rely heavily on technology, there are some transactions that are still done manually. Even with same day delivery of documents, manual processing consumes too many man hours. Financial institutions have been slow in adopting e-signature solutions because of safety issues, but improvement in this field now make it possible to use with the same confidence as physical documents.

The collaboration between Ebix (News - Alert) , a provider of software and e-commerce solutions for insurance companies, and Silanis, an enterprise electronic signature solutions provider, will improve the functionality of insurance companies with straight-through processing (STP) and other services.

STP is used by insurance companies to speed up the process of financial transactions. It eliminates the need to manually enter information that has already been processed electronically repeatedly. A shorter processing for transactions reduces risks associated with settlements. By using the Silanis e-signature solution, Ebix will be able to provide insurance companies a secure platform for their STP.

The Silanis e-Sign Enterprise and e-SignLive is used more than 600 million times annually to ensure the security of documents for thousands of organizations around the world. It is used by the entire US Army, eight of the top 15 insurance companies and four of the top banks in North America.  They are compliant with legal and regulatory requirements. With a full adoption of this platform, organizations of any size can execute complete transactions electronically, from beginning to end.

"We believe this partnership is key to gaining widespread adoption of e-signatures within complex distribution channels like the insurance industry. When electronic signatures and e-policy delivery are offered as a tightly integrated solution as they are now thanks to Silanis and Ebix, both carriers and their producers win," said Silanis CEO and co-founder, Tommy Petrogiannis.

Ebix supports many financial institutions including insurance agencies, banks, wealth management firms and brokerage & clearing firms. It provides STP for the insurance industry with management tools, compliance, transaction processing, underwriting and other services. It offers the latest technology in this sector to organizations with individualized solutions designed to meet their IT and software needs.

"The Ebix-Silanis partnership provides the answer with integrated, robust e-signatures as part of vertical applications they are already using, whether for new business or customer servicing applications. The flexibility and performance of the Silanis e-signature platform allows Ebix to scale across all our offerings with a legal, secure solution, while the transaction management capabilities provide immediate visibility into the online e-signature transactions for both the carrier and the agent," said Dan Delity SVP & Global Sales Head of Ebix.

Electronic signature solutions will eventually eliminate or greatly reduce the need of physical documentation to process and move transactions forward. Large organizations especially need the convenience and efficiency of e-signature solutions, as paper is quickly being replaced with digital documentation.




Edited by Brooke Neuman

Article comments powered by Disqus

Related Insurance Technology Articles

Mercury Insurance Selects OnBase for Process Automation and Paperless Workflow

One of the greatest benefits of digital technology is it allows businesses to eliminate processes and methodologies that in the past slowed growth and made up a considerable percentage of the overall operational cost of the organization. While paper has served civilization very well, and still continues to do so to this day, for large organizations it is a technology that can be described as slowing down the workflow of a company to a tortoise pace compared to digital solutions. [ Read More ]
10/30/2014

Insurance Industry Focusing More on Customer Satisfaction

Like any other industry, customer satisfaction matters a great deal in the insurance sector. Various studies conducted have proven beyond any doubt that a satisfied customer is the best advertisement for an insurance company. [ Read More ]
10/29/2014

Parents Choose Doctors for Children Based on Online Ratings

New research recently published in the Pediatrics journal shows that the online reputation of a healthcare provider may be just as important or even more so as its real-life one. [ Read More ]
10/28/2014

Auto Insurance Telematics Poised for Explosive Growth

Smart cars are getting smarter and have become foundational elements of our increasingly connected world. The data they generate pertaining to things like driver habits, the car condition and adherence to maintenance best practices, where the car is driven, where it calls home, etc. are all critical in determining insurance premiums. In fact, they are what will enable insurers the ability to reward customers who are good drivers and good owners while charging higher rates for those who are less … [ Read More ]
10/23/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!