Insurance Administrative Solutions L.L.C. Implements eSignSystems' Electronic Signature Solution for New Online Application
Brings "Sign and Buy at Home" Convenience for Medicare Supplement Insurance
Press Release Source: Wave Systems Corp. On Wednesday March 17, 2010, 8:45 am EDT
LEE, MA, Mar. 17 2010 /Marketwire/ -- eSignSystems, a division of Wave Systems Corp. (NASDAQ:WAVX - News), announced that Insurance Administrative Solutions (IAS) is implementing its electronic signature solution to IAS's online insurance application and delivery platform. Insurance carriers that use the platform will now be able to offer their customers the option of applying for and signing their applications in the privacy of their homes and, in many cases, can deliver a decision within minutes. Those who are approved can download or print their policy instantly.
For the insurance carrier, delivering an application online that can be electronically signed by the customer eliminates costs of traditional mailing, faxing, and paper. The entire online application and fulfillment process can be completed and submitted in real-time -- compared to the one or two weeks for a traditional paper-based/U.S. Mail process, according to IAS.
"We're proud to implement eSignSystems' state-of-the-art electronic signature and document vaulting into our administrative system," said Victor Castellanos, IAS's Senior Vice President and Chief Marketing Officer. "The adoption of electronic signatures is an important advancement for the insurance industry, and is a particularly good fit for the senior market."
Demand for Supplemental Insurance Set to Increase as Baby Boomers Age
Castellanos noted that approximately 26 percent of all Medicare-eligible seniors purchase supplemental insurance, which offers additional benefits not covered by Medicare and limits some out-of-pocket expenses. The number of policies could rise significantly as the first of the Baby Boomers become eligible for Medicare in 2011. Between 2003 and 2007, the number of Medicare recipients with private insurance grew from 5.3 million to 8.3 million, according to Forrester research. (Source: "Private Medicare Plans Fail to Satisfy Online" by Julie Snyder, August, 2007)
IAS is integrating eSign's SmartSignature Server application into its proprietary platform. SmartSignature Server is a server-side component that allows organizations to customize the signing experience for their users, which is accomplished by connecting the server to existing applications or creating a new interface for signers. The component resides on the organization's servers and acts as a "middle man" between Web applications and eSign's vaulting solution, SmartSAFE.
"Insurance Administrative Solutions is a premier third-party administrator of life and health products in the senior market, with the largest insurers in the world relying on them for back office support," said Kelly Purcell, Executive Vice President for Wave's eSignSystems division. "With their long history of innovation we're honored they selected our SmartSignature Server -- a flexible solution that's ideal for forms or documents that require legally-binding eSignatures and long-term document management."
About Wave Systems Corp:
Wave provides software to help solve critical enterprise PC security challenges such as strong authentication, data protection, network access control and the management of these enterprise functions. Wave is a pioneer in hardware-based PC security and a founding member of the Trusted Computing Group (TCG), a consortium of more than 100 companies that forged open standards for hardware security. Wave's EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG's industry standard hardware security chip, the Trusted Platform Module (TPM) and supports the self-encrypting drive standard, Opal. TPMs are included on an estimated 300 million PCs and are standard equipment on many enterprise-class PCs shipping today. Using TPMs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions. Self-encrypting drives are a growing segment of the data protection market, offering increased security and better performance than existing software-based encryption solutions. For more information about Wave and its solutions, visit http://www.wave.com.
About Insurance Administrative Solutions:
Insurance Administrative Solutions (IAS) is a leading U.S. provider of Third Party Administration (TPA) solutions for the life, health, and Medicare Supplement insurance industry. IAS performs most functions normally associated with an insurance company home office operation and provides solutions through innovative, custom-built platforms and strategic partnerships. These solutions significantly reduce the operational and capital costs involved with in-house plan administration, which allows clients to achieve economies of scale. IAS has helped their clients streamline their operations and eliminate cost uncertainty with both new and existing product line administration. The company covers over 300,000 policyholders, processes over 6 million claims annually, and manages over $500 million in annual premiums. IAS is authorized to perform third-party administration for life and health products in all 50 states and the District of Columbia, and is SAS70 and HIPPA compliant. For more information about IAS, visit www.IASadmin.com.
Safe Harbor for Forward-Looking Statements:
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.
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For more information please contact:
Victor Castellanos
Insurance Administrative Solutions, LLC
6996 Piazza Grande Avenue, Ste. 309
Orlando, FL 32835
Phone: 407-472-3905
Fax: 407-472-3919
Kelly Purcell
eSignSystems
101 Morgan Lane
Plainsboro, N.J. 08536
602-840-1199
602-615-8092
