Putting a Lock on Straight-Through Processing: Life Insurance E-Signature Vendors 2017

by Colleen Risk,  Karen Monks, April 28, 2017
Vendor Reviews
Asia-Pacific, EMEA, Latin America, North America

Abstract

The traditional way of signing documents is changing. Paperless processes require electronic signatures.

Celent has released a new report titled Putting a Lock on Straight-Through Processing: Life Insurance E-Signature Vendors 2017. The report was written by Karen Monks and Colleen Risk, Analysts in Celent’s Insurance practice.

The future of business is digital, and the adoption of mobile technology is driving change. The trend to digitize and transform business is accelerating. Insurance leaders and analysts agree that it is time to remove paper from everyday processes. As a result, the traditional way of signing documents is changing. Paperless processes require electronic signatures.

When deciding on an e-signature vendor, insurers should ensure that the following components are provided by the system:

  • Allow both sender and recipient users to sign documents on a variety of devices and operating systems.
  • Encrypt and secure communications and shared documents between the users of the solution.
  • Track document status and notify users when actions are required
    (sign, approve, etc.).

Vendors profiled in this report include Adobe, AlphaTrust, SignNow by Barracuda, DocuSign, eOriginal, eSignLive by Vasco (was Silanis), Euronovate, InsureSign, Kofax by Lexmark, NamirialGmbh (which bought XYZMo), and SIGNiX.

“Adoption of e-signature technology is expanding rapidly for life insurance,” said Risk, a Senior Analyst. “The reduction in both cycle time and cost provides a compelling reason to embrace electric signatures.”

“The vendors in this report represent a large percentage of the client base using
e-signature in life insurance,” suggests Monks, an Analyst. “This report should help life insurers feel comfortable in selecting a vendor who understands the needs of a life insurer.”

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

2

E-Signature Software Market

6

Report Methodology

9

Technology Overview

10

ESignature Vendors

17

Adobe Systems, Inc.: Adobe Sign (an Adobe Document Cloud Solution)

18

AlphaTrust Corporation: PRONTOSign

23

Barracuda Networks: SignNow

28

DocuSign Inc.

32

eOriginal, Inc.: eOriginal SmartSign — eSigning and eAsset Management

36

eSignLive by VASCO: eSignLive

40

Euronovate SA: Euronate ESignature Platform

45

InsureSign: InsureSign

50

Kofax, Inc. : SignDoc

54

Namirial, Spa : SIGNificant, xyzmo, eSignAnywhere, and Graphosign

58

Signix, Inc. SIGNiX MyDoX

63

Conclusion

67

Leveraging Celent’s Expertise

68

 

Support for Financial Institutions

68

 

Support for Vendors

68

Related Celent Research

69

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