2011 02 08 Enabling Ins Agents eSignatures
Slide Deck from the February 8th 2011 Silanis Webcast with Featured Guest Gartner - Enabling Insurance Agents with Electronic Signatures.
Content
Enabling Insurance Agents with E-Signatures g
February 8, 2011
© Silanis Technology Inc., 2008 All Rights Reserved
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
Steven Leigh Principal Research Analyst, Insurance Gartner
Tommy Petrogiannis President & Co-Founder Co Founder Silanis Technology
© Silanis Technology Inc., 2010 All Rights Reserved
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
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
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
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
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
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
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
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
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
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
e-Signature Process Management
Front Office
Channel Data Capture Doc Gen Execution
E-Transaction Process
Ops
Back Office
Fulfill Archive & Retrieve
Call Center
Presentation and Review
Affirmation and Intent
Authentication and Binding
Output and Delivery
Customers
Broker Agent
Portal Business Application
Document Package
Orchestration
Document ECM, BPM Package and Portal
EAS
Document Web Self- Generation Resources service
Prepare
Control
Monitor
Reporting
Compliance Legal
Secure Capture of Data p
Branch
Evidence
Business Partners
Finance Underwriting
Business Partners
Audit and Evidence
Review and Archiving
EVault Mgmt
Silanis ApproveIt Web Server
Integration Scalability Channel Harmonization
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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
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
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
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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) to wet-sign or opts-out of esign or selects fax cover sheet for ancillary document(s)
Barcode added to document(s)
Signer prints document(s) with barcode
Signer wet-signs where applicable
Signer sends by fax ancillary documents and wet-signed 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, esigned and downloaded
Notifications can be sent as required
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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
Weighing the Options
Pros Signature Tablets SMS
• Culturally familiar
Cons
• Cost • H/ware & S/ware installation & management g • Customer may not have cell phone
• Browser-based • 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 • B Browser-based b d • Adds security to point-of-sale, click-to-sign • Becomes part of electronic evidence • Simulates paper experience • Browser-based • Positive user feedback
Voice
• B ilt i or external mic i needed Built-in t l i is d d
Web Pad
• Cost • Wide variety of web pads on market
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
Flexibility for Enterprise Scalability
Data Capture & Validation Document Generation E-Signature Process Execution Processing & Underwriting Storage & 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 Challenge/Response Paper-based Review Click-to-Sign Paper Copies
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
Use Case
Data Capture & Validation Document Generation E-Signature Process Execution Processing & Underwriting Storage & 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 Challenge/Response Paper-based Review Click-to-Sign Paper Copies
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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 (5070%) 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 esignatures.
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
Case study – 2200 Life Agents 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.
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
Case study – 2200 Life Agents 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
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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
QUESTIONS?
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
February 8, 2011
© Silanis Technology Inc., 2008 All Rights Reserved
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
Steven Leigh Principal Research Analyst, Insurance Gartner
Tommy Petrogiannis President & Co-Founder Co Founder Silanis Technology
© Silanis Technology Inc., 2010 All Rights Reserved
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
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
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
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
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
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
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
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
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
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
e-Signature Process Management
Front Office
Channel Data Capture Doc Gen Execution
E-Transaction Process
Ops
Back Office
Fulfill Archive & Retrieve
Call Center
Presentation and Review
Affirmation and Intent
Authentication and Binding
Output and Delivery
Customers
Broker Agent
Portal Business Application
Document Package
Orchestration
Document ECM, BPM Package and Portal
EAS
Document Web Self- Generation Resources service
Prepare
Control
Monitor
Reporting
Compliance Legal
Secure Capture of Data p
Branch
Evidence
Business Partners
Finance Underwriting
Business Partners
Audit and Evidence
Review and Archiving
EVault Mgmt
Silanis ApproveIt Web Server
Integration Scalability Channel Harmonization
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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
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
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
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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) to wet-sign or opts-out of esign or selects fax cover sheet for ancillary document(s)
Barcode added to document(s)
Signer prints document(s) with barcode
Signer wet-signs where applicable
Signer sends by fax ancillary documents and wet-signed 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, esigned and downloaded
Notifications can be sent as required
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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
Weighing the Options
Pros Signature Tablets SMS
• Culturally familiar
Cons
• Cost • H/ware & S/ware installation & management g • Customer may not have cell phone
• Browser-based • 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 • B Browser-based b d • Adds security to point-of-sale, click-to-sign • Becomes part of electronic evidence • Simulates paper experience • Browser-based • Positive user feedback
Voice
• B ilt i or external mic i needed Built-in t l i is d d
Web Pad
• Cost • Wide variety of web pads on market
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
Flexibility for Enterprise Scalability
Data Capture & Validation Document Generation E-Signature Process Execution Processing & Underwriting Storage & Archival
Channel
Access
Authentication
Consents
Presentation
Affirmation
Delivery
Username/Password
Screen-based Review
Signature Pad
Secure Download
Paper-based Auth.
http:// p
Portal Link Challenge/Response Paper-based Review Click-to-Sign Paper Copies
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
Use Case
Data Capture & Validation Document Generation E-Signature Process Execution Processing & Underwriting Storage & Archival
Channel
Access
Authentication
Consents
Presentation
Affirmation
Delivery
Username/Password
Screen-based Review
Signature Pad
Secure Download
Paper-based Auth.
http:// p
Portal Link Challenge/Response Paper-based Review Click-to-Sign Paper Copies
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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 (5070%) 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 esignatures.
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
Case study – 2200 Life Agents 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.
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
Case study – 2200 Life Agents 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
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
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
QUESTIONS?
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
©© Silanis Technology Inc., 2010 All Rights Reserved Silanis Technology Inc., 2011 All Rights Reserved
