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eLynx to Provide eBusiness Services for Insurance Industry
May 23, 2006
Solutions Designed to Eliminate Paper, Reduce Cycle Times and Ease Compliance
Las Vegas– May 22, 2006 – eLynx Ltd., a leading innovator of e-services that transform costly paper-intensive business processes into secure electronic operations, announced today that the company will offer its suite of e-services to the insurance market. Designed to the specific needs of Property & Casualty, Life & Health, Reinsurance and other insurance divisions, the services reduce cycle times while promoting improved workflow, compliance and quality assurance.
The decision to move into the insurance industry was based on eLynx’s success in the financial services market, where eLynx works with 14 of the top 20 lenders. eLynx has found that automating workflow drives greater efficiency and accountability around recurring document-centric business processes, while increasing productivity and decreasing cost. eLynx has found ways to quickly achieve the most critical integration with customers existing business systems. This simple integration enables insurers to automate policy processing, including management of transaction documents, and review, approve and delivery of correspondence and policies electronically. By streamlining workflow, insurers can focus on underwriting and business development – not on paper management and compliance.
“We have digitized paper-driven customer-centric business processes for many of the leading lenders and implemented solutions, such as e-signatures and e-delivery, which saved institutions millions by reducing cycle times as much as 50%,” attested Robert Nilsson, vice president of business development for eLynx. “eLynx has delivered these customers results through in-depth understanding of the entire document life cycle and has come to realize that this expertise transfers to the insurance industry.”
To guarantee security, eLynx undergoes a quarterly, third party SAS70, Level II audit/certification procedure that assures compliance and documentation of key processes. eLynx services significantly reduce risks because transaction documents are securely encrypted and archived, and only authorized personnel have access.
Noting the particular importance of security and privacy under GLB privacy requirements, Nilsson said, “Our experience with the nation’s top financial institutions has resulted in us successfully addressing the challenges of regulatory compliance. Electronic document delivery not only minimizes production time and expense, it includes built-in quality controls that promote compliance.”
Nilsson added that in 2005 alone eLynx processed more than 25 million secure transactions, delivering hundreds of millions in cost savings for financial institutions. “Our proven track record with financial leaders can now be applied to the benefit of the insurance industry,” stated Nilsson, “Insurance companies stand to see monumental gains from eLynx solutions and we are extremely excited to be a driver of those achievements.”
As part of its launch into the insurance industry, eLynx will demonstrate its entire suite of services at the ACORD LOMA Insurance Systems Forum, May 22-24, 2006 in Las Vegas.
About eLynx
At eLynx, we go beyond delivering eBusiness services, to passionately driving it with ground-breaking ideas and creative solutions to industry challenges. eLynx enables your business to improve workflow and deliver dramatic cost savings by automating paper-intensive processes that quickly integrate with your existing business systems. Our innovative solutions ensure compliance with evolving industry regulations and standards, while maintaining data electronically throughout the document lifecycle. The nation’s top financial services enterprises rely on eLynx to communicate with customers and collaborate with business partners quickly, securely and reliably. For more information about eLynx visit www.elynx.com. It’s time to Enter the World of e.
eLynx is a portfolio company of American Capital Strategies (NASDAQ: ACAS).
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