eLynx, a provider of electronic document communications for the financial services industry, announced its Web-based electronic signature service, uSign, has been enhanced for insurance carriers. Allianz Income Management Services (AIMS) used the eLynx electronic process to reduce turn time for agent consent. By implementing an electronic process for appointed agents of the income annuity product, AIMS reduced cycle time and costs.
"Historically, capturing and tracking the consent of agents and brokers has been a paper-based process, for both carrier and agent alike," says Robert Nilsson, eLynx vice president of marketing and market development. "By incorporating our uSign technology, AIMS has transformed agent consent into an entirely electronic process."
uSign is also being used by carriers issuing memorandums of insurance (MOI) to customers, enabling the applicant to electronically verify their application data via the Internet. This speeds processes, decreases costs and increases underwriting accuracy while decreasing exceptions. Since uSign is a Web service, all of these benefits come with no substantial upfront investment or drain on IT resources, and work with legacy systems as well as SOA platforms.
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