eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), today announced that Florida Peninsula Insurance (FPI) has chosen to integrate electronic signing and management technology from eSignSystems. This will directly benefit Florida Peninsula's independent agents and consumer policy holders alike, offering the ability to review, sign and administrate policies remotely -- wherever and whenever it's convenient for them. FPI also benefits from full electronic capture and access to documents, streamlining compliance with evolving insurance regulations and ensuring the fastest response when policy holders need it most -- when filing claims.
Since its founding in 2005, FPI has grown to become one of the largest homeowners' insurers in Florida, serving more than 140,000 policyholders. In a challenging industry and a hurricane-prone state, FPI attributes its growth and success to its dedicated approach of partnering with independent agents and policyholders. Florida Peninsula provides what agents and policyholders expect and deserve, while investing in the people and technology to continually improve and raise the bar for insurance.
Integrating eSignSystems' SmartSAFE will provide faster, legally binding electronic signatures and secure electronic delivery, reducing costs and processing time for online insurance application submissions, streamlining underwriting and speeding claims processing for consumers. Independent agents can sign and complete insurance policies remotely from the office or a client's home, maximizing usage of tablets and laptops. They gain increased document integrity -- while reducing repetitive re-keying of data and tedious review of unreadable faxes.
"Our partnership with eSignSystems provides excellent technology for our agents and insureds," said Chris Chandler, Director of Operations for Florida Peninsula Insurance. "To get a policy, file a claim or make changes to a policy all from the comfort of your home fits well with our pledge to provide Fast, Fair, and Friendly service. We continually strive to raise the technology bar, and our network of independent agents appreciate the ease of doing business with Florida Peninsula. With electronic signature, agents will gain additional efficiencies and make doing business with us that much easier."
Electronic Integration with Third-party Policy Administration Systems
Florida Peninsula's move to electronic document signing and management is further strengthened by direct integration with FPI's policy administration system. This provides full eDocument management throughout the life of the policy -- including secure transmission and storage of the signed & completed document within easy searching capabilities of the Florida Peninsula's policy administration system. This ensures easy access for claims without searching a warehouse or independent agent file cabinets. It also provides a complete audit trail for proof of compliance, and flexibility adapting to new regulations in an insurance industry that continues to improve governance.
"Florida Peninsula is leading the way as one of the first insurers to integrate electronic signatures from initial application of a policy all the way through to the policy admin system," said Kelly Purcell, Executive Vice President of Wave's eSignSystems division. "Incorporating eSignatures into the entire lifecycle of the policy is truly creating a straight-through process, and can reduce the time and cost of insurance for real benefit to every party involved."
The eSignSystems' SmartSAFE software has been deployed worldwide in financial services, insurance, government and healthcare sectors. Maintaining electronically signed records is essential to the lifecycle of legally binding transactions. Once created, these electronic records are verified for authenticity and are securely deposited in SmartSAFE. All records are verified and authenticated from eDelivery through eRetention; ensuring that the access or signing credential (i.e. digital certificate, username or password) is verified and that the records remain free from tampering. Additionally, the SmartSAFE continuously updates the status of the transaction's execution for up-to-the-minute reporting purposes. SmartSAFE software can either be licensed for private-labeled, on-premise deployment or is available through eSignSystems' Solution Providers.
eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), is a leading provider of lifecycle management of electronically signed, legally binding documents, contracts and digital transactions. SmartSAFE enables companies to manage business processes and transactions entirely online. Organizations can address certain regulatory compliance issues, improve productivity and efficiency in processing transactions, and achieve significant cost savings through the elimination of document transportation costs, processing and storage. For more information, visit www.esignsystems.com.
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