Another insurance company e-signed

EL SEGUNDO, USA:VoiceVault announces that their voice biometric e-signature solution has been selected by one of the top five U.S. health insurance companies to facilitate the execution of applications for health insurance over the phone.

With this announcement, as per a press release, the company is now delivering voice signature solutions to three of the top five US based health insurance organizations, which combined, cover 174.6 million lives.

As it further claims: VoiceVault’s biometric e-signature solution provides a ‘speak on the dotted line’ capability to phone and smartphone-based transactions. Using an individual’s voice to perform the e-signature, it enables the implementation of legally binding signature under E-SIGN Section 106.

"Efficient application processes are critical as health insurers prepare for the massive consumer migration from small group to individual plans as part of healthcare reform”, commented Julia Webb, VP of Sales and Marketing for VoiceVault. “Our voice signature solutions are ideally positioned to make the process easier for both the consumer and the insurer. This new contract is yet another validation of the value of being able to generate a legally binding signature over the phone.”

The results are significant; companies who have adopted voice signatures as part of the health insurance sales process have increased telephone sales closure rates by over 25 per cent, it adds. Organizations are also able to adhere to ‘go green’ mandates and reduce administrative costs associated with the typical paper trail that accompanies hand-written signatures by up to 80 per cent.