Atlanta-based insurance software and e-commerce platform supplier Ebix Inc. is partnering with electronic-signature services provider Silanis.
Ebix Inc. said Silanis’ technology will now become the preferred e-signature functionality within Ebix’s on-demand offerings that are used by hundreds of thousands of brokers and insurers worldwide, representing over $100 billion in insurance premiums annually.
Silanis’ e-signature technology and services are currently responsible for processing over 600 million documents around the world annually. Silanis is headquartered in Montreal, Canada, with main U.S. offices in McLean, Va. Some of its clients include major North American banks and the U.S. military.
Silanis says a number of major insurance companies are already using its services. Silanis says its e-signature technology can help accelerate business transactions, improve customer experience and reduce costs — while improving compliance with legal and regulatory requirements.
Ebix Inc. stated that its EbixExchange division will incorporate Silanis’ e-signature technology in the new business application process within the EbixExchange Customer Relationship Management(CRM) platform. Ebix will also expand the offering to other platforms including EbixExchange’s AnnuityNet, WinFlex and LifeSpeed.
EbixExchange’s CRM customers will be able to complete annuity and new insurance business immediately without the delay of obtaining a paper-based signature from the policyholder, according to Ebix. The company said electronically signing the application will make it possible to close business in one web session or in-person visit.
The e-signature process can improve the compliance of applications by reducing not-in-good-order rates while also eliminating costly manual procedures, according to Ebix.
EbixExchange will initially roll out Silanis e-signature services to its client base including broker/dealers, banks, clearing firms, captive agents, and brokerage general agency communities, with plans to expand the offering through other divisions, including P/C, international, health, and business process outsourcing.