• The strategic partnership is addressing new consumption patterns and aiming to cut subscription costs by ten
Mphasis, an Information Technology (IT) solutions provider specialising in cloud and cognitive services, today announced that it has signed a partnership agreement with Oodrive, the European leader for sensitive data management. Oodrive will integrate its CertSign digital signature solution
with Wynsure, Mphasis’ core software solution for the insurance industry.
Major changes in the insurance sector
Mphasis, a key player in the insurance industry, offers the Wynsure suite, its core business software product that supports business functions and industry best practice across the insurance life cycle and fully integrates the end-to-end ecosystem.
The rise of Insurtechs, and new customer demands for digital and tailored services, are transforming the insurance industry. To keep up with these fast-evolving changes, Mphasis has focused in the past few years on establishing strategic collaborations with innovative technology partners to develop its offer and support customers’ digital journeys in Europe and globally.
Digital signature : the cornerstone for new usage
Digital signatures are one such solution, necessary to address new mobile consumption patterns including immediacy and mobile usage.
Anurag Bhatia, Head of Europe, Mphasis said, Having the capabilities to provide insurers with support and prepare them for a digital future is a priority for Mphasis. The insurance space is shifting its focus on digital services, and industry players must consequently modernise their IT systems and operations. Through this complementary partnership with Oodrive, we are perfectly placed to drive true digital transformation for new and existing insurance customers.
A crucial factor in our choice, besides the technological excellence of the Oodrive solution and its proximity to our French customers, is that it offers the best certificates and digital signature standards. The company also offers extensive knowledge and expertise on the sector’s transformation issues, he added.
Innovative and value-added partnership: cost-cutting potential of up to ten times
By integrating Oodrive’s CertSign digital signature solution, Mphasis is able to offer a new digital subscription process, ensuring paperless signature authentication and online contractual value. CertSign complies with the General Security Repository (RGS) and the elDAS European regulations, which are currently the highest standards on the market for sensitive data protection.
By embedding Oodrive CertSign technology into its offering, Mphasis opens up access to an entirely paperless process throughout the life cycle of insurance contracts to its customers in France. It can also result in ten times lower management and administrative costs for subscription processes compared with manual processing, as well as significantly shorter processing time. The solution also addresses new insurance or micro insurance
products, which better responds to customers’ expectations than actual business models.
Further, CertSign improves transformation rates, resulting in stronger retention of customers, who are often in favour of a paperless subscription process. A number of Mphasis’ insurance customers have already implemented the CertSign solution and are estimated to produce 100,000 digital signatures by the end of the year, and over a million in three years. At present, the solution including CertSign is available in France.
“We are proud and eager to support the development of the Mphasis offer. Our CertSign solution is an additional step towards the digital transformation of the insurance industry. It responds to a major industry challenge. Not to mention, it’s an essential component to the value chain and an offer end-users have been eagerly waiting for,” said Sylvain Lefeuvre, Head of Sales Channel at Oodrive.
