E-Signatures in Life Insurance: A Vendor Spectrum

by Karen Monks, October 11, 2013
Vendor Reviews
Global

Abstract

Celent research has found that insurers are finally utilizing e-signatures across many functions and processes in an effort to lower costs, shorten cycle times, and improve the services they provide to both business partners and consumers.  But despite the ease of using e-signatures and their obvious benefits, one quarter of insurers surveyed in our report have not implemented e-signatures.  This report serves to provide a brief overview of the vendors who compete for life insurance e-signature market share to help make the vendor selection process easier.

In this report, Celent profiles e-signature vendors that have North American life insurance clients or are targeting the market. Many of the profiled vendors have been in the market since the inception of the e-signature laws took effect.  Others have recently entered the North American life insurance market after having had success in other geographies or industries.  All but two profiled in this report have a significant number of insurers using their e-Signature systems either through a direct license with the vendor or through resellers and third party vendor systems.

“Celent believes that all the vendors profiled have a chance to capture a piece of the life insurance e-signature market. Besides having products that allow for electronic signature capture, these vendors have experience in other financial services sectors that can be applied to the specific problems found in insurance,” says Karen Monks, Analyst with Celent’s Insurance Group and author of the report. “Life insurers that investigate e-signatures will be pleasantly surprised by how quickly and relatively inexpensively they can be implemented and how easily and securely a paper signature process can be automated.”

This report examines the technology behind e-signature applications for life, health and annuity insurance. It briefly reviews current e-signature approaches and summarizes the market for e-signatures. It also identifies the major e-signature software vendors, and provides information and comparison on the marketed products.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

3

E-Signature Software

4

 

E-Signatures in Life Insurance;; A Market Overview

4

 

Product Selection

5

 

Report Methodology

5

 

Profiled Vendors

6

Vendor Preview

7

 

Deployment Options

7

 

Access Methods

8

 

E-Signature Approaches

9

 

Security Features

11

Insurer Feedback

13

 

What Is Being Used and How?

13

E-Signature Vendors

15

 

Adobe: EchoSign

15

 

AlphaTrust Corporation: PRONTO Enterprise Platform

18

 

AssureSign; AssureSign

21

 

Communication Intelligence Corporation: Signature One

24

 

DocuSign; DocuSign

27

 

RPost; R-Sign

30

 

SIGNiX: Enterprise DoX

33

 

Silanis Technology: e-SignLive and
e-Sign Enterprise

36

 

SOFTPRO: SignDoc

40

 

Xyzmo: SIGNificant

43

Conclusion

47

 

Strong Life Insurance Company Interest

47

 

Race for Market Share

47

 

E-Signature Checklist

48

Leveraging Celent’s Expertise

49

 

Support for Financial Institutions

49

 

Support for Vendors

49

Related Celent Research

50

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