5
Nuts & Bolts
Plug & Play
Those of us in the insurance industry know that insurance producers are creatures of habit and can be alienated by a process that doesn't fit their normal selling style. Therefore, if an agent or broker has to change much of their behavior in order to sell an insurance policy online using e-signature technology, chances are they will most likely avoid using it altogether. Likewise, producers will resist using it if their customers are forced through an awkward workflow that is different then what they are accustomed to now. Another key issue for successful e-signature user acceptance is the maturity of the technology and the fact that the process fits seamlessly with other electronic business processes that the agent, broker or carrier are currently using. Most e-signature solutions use a format that is limited in insurance scope plus antiquated in design and function. However, EZBuy is a state-of-the-art technology that uses ACORD XML standards that are specific to the insurance industry. As a result, EZBuy can seamlessly fit into a producer’s or carrier’s existing processes. Implementation is quicker, greater acceptance is achieved and a positive user experience translates into an improved bottom line.
Building Blocks
When it comes to insurance disputes, there are usually four types of misunderstandings that are most common between insurance producers, carriers and their customers:
- The insured denies signing something
- The insured says they agreed to something different
- The insured says they didn’t know what they were signing
- The insured says they had originally requested higher insurance coverage limits at the time of purchase than the coverage limits paid out on an actual claim
Defending against these types of disputes can be an uphill battle for producers and carriers given the pro-consumer tendencies of most state insurance departments. Since the makers of EZBuy come from an insurance background, they know from experience that a properly presented and executed insurance document usually determines the outcome of such disputes and therefore everything has to be right. But getting it right with an e-signature is more than just clicking on the dotted line.
The following list summarizes requirements dictated by the Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA) for proper e-signature implementation, generation and validation:
- The document and signature must be under the exclusive control of the individual.
- The signature must be verifiable as belonging to that person.
- The signature must be unique to the individual.
- It must be confirmed that the individual wishes to be bound by the document.
- It must be highly evident whether the signature and document content have been tampered with.
- Revisions to the document must be identified as authorized or not authorized.
- Copies of the document must be identified as such and can be made only with the approval of the person in control.
- An audit trail must exist for the original and copy that specifies the last person to receive the document.
The EZBuy e-signature process contains the necessary components needed to meet the requirements in the ESIGN Act and the UETA. Additionally, EZBuy’s design follows guidelines set forth in Standards and Procedures for Electronic Records and Signatures (SPeRS) to assure that the process complies with proper e-signature protocol. The result is a solid e-signature and e-document structure built on an insurance sales foundation.
Secure & Safe Haven
EZBuy is hosted, monitored and maintained on co-location servers provided by a third party vendor. Our co-location partner was founded in 1994 and occupies a 55,000 square foot Class-A SAS 70 Type II data center located in Irvine, California as well as having additional space strategically located out of state for disaster recovery. By continuously exceeding customers' expectations, our co-location partner has grown its customer base to include a variety of major multi-national corporations.
Insurance transactions processed through EZBuy use SSL encryption, are “hashed”, stored and backed up daily. Records are retained for the statutory record retention requirements dictated by respective state insurance departments. EZBuy provides an interface that allows producers to access transaction records at any time. Plus the same interface allows producers to generate a variety of reports for evaluation. In short, you can be rest assured that EZBuy records will be poised and ready when they are needed.
