SNS Silanis

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RNS Number : 3911N

Silanis International Limited

28 September 2012

 
 RNS Release   28(th) September 2012 
 

Silanis International Limited (the "Company") Announces Silanis and Leading Insurance Service Provider Partner to Further Straight-Through Processing for Agents and Carriers

The Company (AIM: SNS) announced today a significant partnership between Silanis Technology Inc. ("Silanis") and a leading international supplier of on-demand software and e-commerce services to the insurance and financial services industries. Following a competitive selection process, Silanis will now become the preferred e-signature solution within the provider's on-demand offerings used by hundreds of thousands of brokers and insurance companies worldwide. This partnership reflects the increased demand globally from insurance carriers and agents to improve the customer experience across all sales channels with 100 percent straight-through processing.

Under this transactional agreement, the provider will first integrate Silanis' e-signature solution in the new business application process, allowing its subscribers to complete insurance applications immediately without the delay of obtaining a paper-based signature from the policy holder. Electronically signing the application will make it possible to close business in one web session or in-person visit, improving the compliance of applications by dramatically reducing not-in-good-order rates while also eliminating costly manual procedures. The provider will initially roll out Silanis e-signatures to its client base including broker/dealers, banks, clearing firms, captive agents and BGA communities, with plans to expand the offering internationally.

Gaining widespread adoption of e-signatures and e-policy delivery by agents has historically been a challenge in the insurance industry, despite clear recognition of the benefits and a desire to use the technology - in fact, applicant and agent e-signatures were rated the top technology initiatives for agencies, according to a 2011 Life Brokerage Technology Committee survey. Lack of adoption stems from reluctance on the part of agents to use a different way of submitting new business applications electronically for each carrier they represent. For carriers, their concern lies in underwriting business that may or may not have been originated in compliance with regulations and corporate policy.

E-signatures are now considered a foundational technology, essential for automating customer-facing transactions. Customers are demanding the convenience of completing an insurance transaction electronically through their channel of choice, and rewarding carriers and agents that give them the option to do so. And with the majority of e-signature transactions launching from mobile devices by 2020 as per Forrester, carriers are focused on leveraging this new sales channel specifically for their agents.

"We believe this partnership is the key to gaining widespread adoption of e-signatures within regulated complex distribution channels like the insurance industry," says Silanis CEO and co-founder Tommy Petrogiannis. "When electronic signatures and e-policy delivery are offered as a tightly integrated solution as they are now thanks to this partnership, both carriers and their producers win. Coupled with our unique electronic evidence, unprecedented customer insight and visibility, the result is a transformational customer experience," continues Petrogiannis.

About Silanis

Silanis is the most widely used e-signature solution in the world, responsible for processing more than 600 million documents annually. Founded in 1992, Silanis' solutions e-Sign Enterprise(TM) and e-SignLive(TM) enable thousands of organizations, including four of the top 10 North American banks, eight of the top 15 insurance companies and the entire US Army to accelerate business transactions, improve customer experience and reduce costs while improving compliance with legal and regulatory requirements. Silanis provides the most flexible deployment options with its on-premise, cloud and SaaS e-signature solutions, eliminating manual, paper-based processing and enabling e-commerce and e-government transactions to be electronically executed from start to finish.

For further details, please contact:

Silanis International Limited

Tommy Petrogiannis, Chief Executive Officer

www.sil-intl.co.uk

Tel: + 1 514 337 5255

Canaccord Genuity Limited

Simon Bridges

Tel: +44 (0)20 7523 8000

This information is provided by RNS

The company news service from the London Stock Exchange

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