MIB Group introduces first e-signature platform specifically for life insurance

The first e-signature and workflow support platform specifically designed for life insurance should bring speed and simplicity to the industry, MIB Group said.

Paperless Solutions Group, an MIB company, leveraged existing technology to create PSG eXpedite to help manage electronic signatures while improving document processing, explained Andrea Caruso, executive vice president and chief operating officer at MIB.

"It takes the basics of e-signature, allowing seamless, secure interfaces back and forth, but it also adds on abilities like the ability to tag and add from an existing forms library," Caruso said. "It allows for you to send it to multiple parties and add on additional elements that might need to be signed if you have an application and it needs to go to an advisor and then also to a client."

The hope is that eXpedite will make life easier for producers and remove a commonly cited barrier to getting life insurance, Caruso said. Much of life insurance investment in recent years has focused on ways the power of technology can make buying life insurance and annuities a less stressful process.

"The agent needs to fill stuff out. The client needs to fill stuff out. And they get stuff from trustees or a policy owner service. There are always things," Caruso noted. "You need to make sure all of your things are buttoned up. Having that without inconveniencing the client or the advisor and, frankly, streamlining the workflow associated at the BGA level or the carrier level, that was the ultimate goal."

Not just life insurance

While developed to meet the unique needs of life insurance workflows, eXpedite can also support any process requiring an e-signature, including core functions such as human resources, vendor contracting, and other insurance segments, Caruso said.

"We focused it on life insurance because that was the advisory board that we put together," she explained. "As we brought this to market, we brought it with life insurance in mind, but any organization that has broader needs is something that we could definitely look at as well."

MIB rolled out eXpedite last year via APEXA, a centralized contracting and compliance solution that connects Canadian life insurance carriers, MGAs, and advisors through a single digital interface. APEXA is also an MIB business.

"We literally replaced their entire e-signature platform with this, and they have hundreds of thousands of transactions, and we did that last February," Caruso said. "So, it's been over a year, and it's been working seamlessly."

eXpedite is equipped to handle a multitude of tasks, MIB said in a news release, including:

• Unlimited signature parties and the capability to designate the sequence of signatories.
• Delegation of document control (to a BGA, advisor, or other) to enable other parties to tag fields, add questions or a cover letter, and expand document(s) routing to additional individuals for signature.
• Assignment of roles for recipients (those needing a copy of the final signed document) and watchers (those monitoring status).
• Robust notification system that keeps all individuals (signers or others) informed of document status.
• Adaptable email templates that can be adjusted to reflect client company voice and style.
• Ability to upload unique client forms and/or leverage the PSG carrier library of forms for easy package creation.
• Secure authentication, including text messaging or personalized one-time event (shared secret) process.
• Full API capabilities that easily integrate into new or existing workflows and systems.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.