New Technology Changes the Insurance and Financial Industry
PDFeApps (Portable Document Format electronic Applications) is secure, downloadable PDF (Adobe Acrobat®) application technology in conjunction with a web based Document Management System for the submittal and retrieval of a company’s new business applications.
Mr. Jeremy LeClair, founder and CEO, was a seasoned insurance and annuity specialist for 10 years. His goal was to create a true paperless system for the insurance, financial, mortgage and banking trade that would make his job easier. Now, after two years of private development it is about to revolutionize the industry.
PDFeApps is offering the digital application system to every carrier for free. The new paperless system will be supported by minimal monthly membership from field agents, brokers, and representatives using the PDFeApps to submit new business. This new business model will allow carriers a tremendous amount of savings, and squarely lifts the responsibility of administering a paperless system onto the shoulders of PDFeApps.
The top insurance and financial companies have tried to develop such a system for years, but seemed to fall short in many areas. Problems have arises due to online security, the constraint of in-house systems, industry practice of handling the “transfer & exchange” of funds, and the costly development process. Studies have shown that paper-based processes are slow and expensive. Non-digital documents cost an estimated $150.00* per application to print, scan, copy, re-key and process each new business application. Now with the implementation of the PDFeApps system an average carrier processing 15,000 applications a year can save over $2,250,000.00 in business expenses.
PDFeApps replaces the normal printed-paper application a field agent or company uses to complete a sale of insurance, mortgage, or financial products. Another added benefit is that the downloadable PDFeApps do not require the sales representative to be online during the sales transaction. The PDFeApps system only adjusts a carrier’s existing documents, adding auto-propagation fields for client information, digital signature capabilities and a ton of document security. Carriers can easily control the submittal and retrieval features of their new business applications through PDFeApps online Document Management System (DMS). Single-point log in access and 164-bit encryption allows carriers to quickly and securely manage their new business electronic applications.
PDFeApps platform is based on the portable document format (PDF), which allows the use of creditable and indefectible tools when working with your existing applications. Built in security features in Adobe Acrobat® software help control access and ensures data stability at every step. This efficient workflow delivers faster reviews and underwriting, and speed of service. With the extensive use of Free Adobe Reader® software and PDFeApps additional licensing, carriers’ internal staff as well as independent brokers and agents can access documents and features as needed. Furthermore, PDFeApps are designed using XML (eXtensible Markup Language) structure for the importation of application data into a carrier’s back-end system allowing straight-through processing.
PDFeApps provides a simple, yet innovative technology that has been lacking in the industry. The financial and insurance trades will surely receive long lasting benefits, increased security and the reduction of business costs using Portable Document Format electronic Applications (PDFeApps).
*Source: GEO Trust Business Brief, 2002, On-Line Paperless Insurance Applications