Why Can’t We Get It Right?

*Why Can’t We Get It Right?*
**By Tony Garritano**

TonyG***It’s crazy, I still hear some lenders doubt the legality of electronic signatures. Are you kidding? The whole world is using e-signatures for everything, yet the mortgage industry remains a very slow follower. For example, I just heard that Florida Peninsula Insurance (FPI) has chosen to integrate electronic signing and management technology from eSignSystems. And they’re using e-signing in a smart way, too. Here’s the scoop:

****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’ SMART Safe application 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.”

****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 electronic document management throughout the life of the policy, including secure transmission and storage of the signed and 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 e-signatures 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.”

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.