Finetre.com - Solutions - Virtual e-Signature Solution

How to eliminate paper and wet signatures has become a key issue in today’s annuity processing environment as Straight Through Processing (STP) initiatives focus on the last mile – the achievement of 100% touch-less processing for annuity applications. As firms strive to achieve cost savings by switching to non-paper business automation, they are continually confronted with signature-mandated compliance requirements – which, because of a lack of reconciliation with automation, became a kind of enigma that prevents the benefits of STP from being fully realized. In July 2005, this disconnect was predicted by a group of key industry executives advising Finetre on strategy issues. While the executive group agreed that electronic transaction processing was gaining acceptance as the most effective way to support growing regulatory demands, they also agreed that signature requirements would pose a challenge to managing transactions purely electronically.

Thus, Finetre launched an initiative to deliver to our customers full efficiency via paperless automation. In February 2006 we began conducting focused discussions with our user groups – and obtained consensus from clients’ compliance departments that an image of a wet signature is as legally binding as an original. This consensus opened the door for Finetre and our partners to develop the Virtual e-Signature Solution – a fax server solution which would route the images of the signature forms to the insurance carriers. Signature-required forms would be bar-coded and indexed to the electronic transaction, thereby making the management of signature requirements more efficient than the alternative of managing paper via snail mail. For a copy of the April 25, 2006 Finetre press release announcing the Virtual e-Signature Solution, click here.

At the same time, the industry also began to focus on true touch-less processing. In the fall of 2005, the National Association of Variable Annuities (NAVA) announced its sponsorship of an STP initiative, and in early March 2006 formalized initial strategy and scope and also working groups focusing on true e-signature standards.

Finetre participates and supports the NAVA initiatives which are now well in development. Though Finetre was ready to move forward with the Virtual e-Signature Solution, we informally agreed with our client partners to a temporary moratorium on further development while the NAVA initiative moves closer to consensus. While the fax solution remains a viable option that immediately resolves today’s challenges, Finetre and its partners believe that the ultimate solution is industry-wide adoption of e-signatures.

In addition to the Virtual e-Signature Solution, Finetre’s open-standards, component-based architecture was developed to support rapid adaptation of other e-signature options, including Voice print, Click-wrap, and PKI solutions.

Finetre remains enthusiastic about the unfolding directives from NAVA and other industry forums, and is pleased to do its part to accelerate adoption of current and future e-signature solutions.

For more information, please click here to contact us.

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Case Study: Virtual e-Signature Solution an Example of Finetre Efforts to Empower Financial Services Industry with True STP How to eliminate paper and wet signatures has become a key issue in today’s annuity processing environment as Straight Through Processing (STP) initiatives focus on the last mile – the achievement of 100% touch-less processing for annuity applications. As firms strive to achieve cost savings by switching to non-paper business automation, they are continually confronted with signature-mandated compliance requirements – which, because of a lack of reconciliation with automation, became a kind of enigma that prevents the benefits of STP from being fully realized. In July 2005, this disconnect was predicted by a group of key industry executives advising Finetre on strategy issues. While the executive group agreed that electronic transaction processing was gaining acceptance as the most effective way to support growing regulatory demands, they also agreed that signature requirements would pose a challenge to managing transactions purely electronically. Thus, Finetre launched an initiative to deliver to our customers full efficiency via paperless automation. In February 2006 we began conducting focused discussions with our user groups – and obtained consensus from clients’ compliance departments that an image of a wet signature is as legally binding as an original. This consensus opened the door for Finetre and our partners to develop the Virtual e-Signature Solution – a fax server solution which would route the images of the signature forms to the insurance carriers. Signature-required forms would be bar-coded and indexed to the electronic transaction, thereby making the management of signature requirements more efficient than the alternative of managing paper via snail mail. For a copy of the April 25, 2006 Finetre press release announcing the Virtual e-Signature Solution, click here. At the same time, the industry also began to focus on true touch-less processing. In the fall of 2005, the National Association of Variable Annuities (NAVA) announced its sponsorship of an STP initiative, and in early March 2006 formalized initial strategy and scope and also working groups focusing on true e-signature standards. Finetre participates and supports the NAVA initiatives which are now well in development. Though Finetre was ready to move forward with the Virtual e-Signature Solution, we informally agreed with our client partners to a temporary moratorium on further development while the NAVA initiative moves closer to consensus. While the fax solution remains a viable option that immediately resolves today’s challenges, Finetre and its partners believe that the ultimate solution is industry-wide adoption of e-signatures. In addition to the Virtual e-Signature Solution, Finetre’s open-standards, component-based architecture was developed to support rapid adaptation of other e-signature options, including Voice print, Click-wrap, and PKI solutions. Finetre remains enthusiastic about the unfolding directives from NAVA and other industry forums, and is pleased to do its part to accelerate adoption of current and future e-signature solutions. For more information, please click here to contact us.	Solutions Distributors Carriers AN3 Virtual e-Signature Solution
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