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