This adds unnecessary time delays, errors and costs across their operations.
Montreal, QC (Vocus) November 17, 2010
While electronic signatures are increasingly being used by life insurance carriers to reduce cycle times, NIGO applications and processing costs, adoption by brokerage general agencies (BGA) is lagging due to misconceptions about the opportunities and costs involved, said Silanis Technology - the electronic signature provider for 21st Century, ANICO Direct, Blue Frog, Country Financial, Liberty Mutual and others.
To update BGA’s on the latest technologies and trends that are impacting the life insurance market and how they can be applied to the brokerage industry, subject matter experts from Silanis will be available to NAILBA attendees for private, one-on-one sessions. Schedule a meeting by sending an email to meetings(at)silanis(dot)com.
“Despite the fact that this critical segment of the market is responsible for producing more than $4 billion in first-year life insurance premiums each year, BGAs continue to use manual, paper-based processes to support the majority of their operations,” said Robert Al-Jaar, Executive Vice President of Online e-Signature Services for e-SignLive from Silanis. “This adds unnecessary time delays, errors and costs across their operations.”
Differing opinions with regards to who should be responsible for automating and paying for insurance processes that are shared by carriers, BGAs and independent agents, combined with misconceptions about the cost of electronic signatures, are drawing attention away from that the fact that there are many areas of a BGA’s operations that can benefit from electronic signatures.
“In our experience, many BGAs have the tendency to focus on customer-facing processes when thinking about how to leverage e-signatures, when in reality many internal processes can benefit as well – especially agent on-boarding,” added Al-Jaar. “What’s more, BGAs can now get to market in a fraction of the time and cost because electronic signature solutions are now available as a service on the cloud.”
During the one-on-one session, Silanis will share how today’s more recent electronic signature services can help BGAs to:
- Enhance client interactions and their brand
- Reduce processing cycles, errors, costs and downstream risks
- Get to market quickly with minimal or no additional resources
- Leverage insurance best practices to reduce implementation risks
- Reduce costs by paying per transaction
Request a private one-on-one meeting with a Silanis subject matter expert by sending an email to meetings(at)silanis(dot)com.
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.