With over 75 insurers currently evaluating electronic signature initiatives, there's a real need for LIDMA's seal of approval on solution options that reduce legal, compliance and implementation risks
Montreal, QC (Vocus) November 22, 2010
Silanis Technology – the electronic signature provider for 21st Century, ANICO Direct, Blue Frog, Country Financial, Liberty Mutual, and other insurance carriers, today announced that its e-Sign Enterprise Platform solution has been awarded the ‘seal of approval’ from the Life Insurance Direct Marketing Association (LIDMA) for its ability to meet Federal and State E-SIGN laws, and other critical requirements in insurance.
During LIDMA’s annual conference last month, LIMRA revealed that 72% of surveyed life carriers have identified electronic signatures as a technology that will have a moderate to significant impact on their business. As such, increasingly more carriers are planning to adopt e-signatures in the next few years.
“With over 75 insurers currently evaluating electronic signature initiatives, there’s a real need for LIDMA’s seal of approval on solution options that reduce legal, compliance and implementation risks,” said Tommy Petrogiannis, CEO and co-founder of Silanis Technology. “By passing LIDMA inspection, carriers can adopt Silanis’ e-signature solution knowing that it has met all requirements deemed essential for the life insurance direct channel.”
To help carriers select a solution that doesn’t undermine the integrity of the electronic signature and increase legal risks, LIDMA evaluates a vendor’s solution based on a list of stringent compliance, authentication, workflow, and system requirements. It then vets the solution’s ability to meet these requirements by a life insurance carrier that has been using the solution. ANICO Direct, who has been using Silanis’ e-signature solution in its direct channel for more than three years, served as a reference during the evaluation process.
“We couldn’t have an effective online channel without e-signatures,” said Scott Luchesi, past President and CEO of Garden State Life Insurance Company (now ANICO Direct) back in 2007 when it first began using Silanis’ solution. “When we decided to offer applications online, there was no question that we needed electronic signatures. Completing the transaction while you have the customer’s attention is essential.”
Click here to view a partial list of LIDMA’s e-signature requirements that Silanis’ solution has proven to comply with.
Over the past three years, insurance carriers have made significant investments to enhance their web portals, add e-applications, and upgrade to new business systems. Moreover, insurers have proven to be one of the fastest adopters of electronic signatures, despite their high aversion to risk and reputation of being technology laggards.
“Many lessons have been learned and best practices have been established by these early insurance adopters, making the path easier and less risky for their peers,” said Petrogiannis. “What’s more, new cloud-based services have emerged that make what was once only within the reach of large insurers available to small and mid-size carriers, agencies, and producers alike.”
Earlier this year, Silanis introduced a new dedicated cloud service that provides ready-to-use, insurance best practice templates for rapid integration, as well as a shared service that supports collaborative processes on the cloud.
Silanis’ suite of e-signatures solutions includes:
- e-Sign Enterprise Platform: Available as an on-premises solution, the e-Sign Enterprise Platform provides the most flexible and scalable enterprise solution. Carriers can deploy electronic signatures across all lines-of-business, products and channels, while lowering total cost of ownership.
- e-Sign Dedicated Service for Insurance: Available as a dedicated cloud service, this solution enables carriers to quickly and cost-effectively integrate e-signatures with their e-applications using ready-to-use, best practice templates in insurance.
- e-SignLive: Available for a low monthly subscription fee, this software as a service (SaaS) offering combines electronic signatures with online collaboration and social networking features to provide carriers with a powerful “collaborative e-commerce” solution.
Silanis' solutions have processed hundreds of millions of e-signatures since the company was founded in 1992 (50 million in 2010 alone), making it the most widely used e-signature solution. The world’s largest insurance and financial services companies, government agencies, and service providers depend on Silanis to accelerate business transactions and reduce costs while improving compliance with legal and regulatory requirements. The company’s on-premise, cloud and SaaS e-signature solutions eliminate manual, paper-based processing to enable e-commerce and e-government transactions to be executed fully electronically from start to finish.