Avelo applauds online signature best practice project

Technology supplier Avelo has applauded the move to establish a statement of best practice for collecting online signatures by insurance providers.

As originally reported by COVER, F&TRC Protection Forum is seeking to identify the best processes available from those offered by all online providers.

It hopes this will lead to greater cooperation between insurers in developing future application systems resulting in less confusion across the market for intermediaries.

Avelo, formerly known as 1st Exchange, N4 and Screen Business, welcomed the initiative and said it would be drawing on its own experience in other countries.

Paul Yates, Strategy & Business Development Director at Avelo, said: "F&TRC's best practice statement regarding the collection of online signatures is something that we are firmly in favour of.

"Anything that simplifies the lives of advisers when liaising with multiple providers is a positive move and any developments which help deliver straight through processing are core to our beliefs.

"We connect all parts of the industry and this sort of cross-industry agreement is absolutely fundamental.

He added: "We are currently undertaking research with US firms that widely use e-signatures (50% of US electronic applications include e-signatures) and will be looking to work with all concerned parties to progress this initiative as rapidly as possible."

The technology group has over 30,000 intermediary users and covers point of sale, electronic transaction, CRM technology and product manufacturing.