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The latest developments across the P&C insurance industry regarding fraud, risk and compliance.
23 March 2017

DLL Automates Contract Drawing with Solution for Signatory Authorization by FRISS

Roel Smolders (Manager Implementations Vendor Finance) and Theo Eykholt (Project Manager) from DLL tell about their solution for signatory authorization. They developed the solution together with FRISS.

DLL_Roel_Smolders_Theo_Eykholt_Signatory_Authorization_SolutionDLL in short

DLL is a worldwide partner for integrated financial solutions. With leasing and factoring, we support the full life cycle for both the commercial and private sector. The solution for signatory authorization was developed on behalf of the Vendor Leasing department.

What is important for DLL when taking care of contracts?

DLL aims to be market leader in service, customer satisfaction and usability.  This is our strength. We value digitization and data quality and want to deliver the best tools to our agents. That is the reason we work with the online portal AtOnce. In this tool our agents can import lease requests for their customers. This varies from requesting a quote to generating the contract.

All information required to complete a contract is prefilled once the contract is generated, as long as the information is available. This means that agents can easily complete a lease request, do calculations and run credit checks.

What was the challenge in this process?

In the delivered contracts, a way to include all authorized signers from Chamber of Commerce (CoC) abstracts was still missing. That information needed to be extracted and entered manually after the contract was set up. This caused delays in the process and proved to be error prone. Typos, wrong interpretations of the data and outdated knowledge around rules and regulations could be embedded in the contracts.

To solve this, the demand from business to IT was to deliver a solution that could print the authorized signers on the document without having to do a manual check. Because DLL wants to fully enable self-support by the business and deliver value to our agents, IT went out to search for a signatory authorization solution.

Build versus Buy

At DLL, we do not want to invent the wheel over and over again. We always look for solutions that run in-house already. As the authorized signers are extracted from CoC abstracts, it made sense to start our search for the inclusion of signatory authorization at the Chamber of Commerce itself. After evaluating several options, it turned out that the CoC could not guarantee the quality of a possible signatory solution. Besides that, we would have had to build the connection ourselves.

Within DLL the Special Cases department worked with FRISS. FRISS was already used to screen organizations in order to find the Ultimate Beneficial Owners (UBOs). Special Cases had an excellent experience in working with FRISS on both ease-of-use as well as the quality of data they delivered. It was a logical step for us to contact FRISS and explore if they could realize this solution. FRISS reacted enthusiastically on the challenge and accepted our invitation.

How was the signatory authorization solution realized?

In the online tool AtOnce we created an integrated solution with FRISS. Whenever an agent enters a quote, we will generate a contract if the quote gets accepted. During the generation process, FRISS receives a request to search for any authorized signer at the applicant, based on a CoC number. This can be done to structure the organizational chart and filter out the natural persons who are authorized to sign contracts. Those names will then automatically be printed on the contracts.

In the case of sole-proprietorships, corporations or trading partnerships all business relations must be included in the contract. In the case of private companies FRISS delivers all persons authorized to sign. It is then up to the agent to decide who will eventually sign. If there is a joint responsibility to sign, all people will be included in the contract. And in case the owners turn out to be a natural person and a corporation, FRISS will dive deeper until all authorized signers are found.

The results

Both the internal customer (the Vendor Leasing department) and the external customer (our agents) are very satisfied with the solution. We have improved several critical parts in the process by automatically adding authorized signers:

  • The process is more user friendly. Requests can be managed from one applications and are automatically enhanced with details;
  • The process is more accurate. Typos are past-tense and there is no need to interpret information. Above all we are sure that all authorized signers are added correctly to the contract;
  • The customer satisfaction improved. We deliver the correct contract details at first instance. Therefore, we do not have to go back to the customer in case something turned out to be wrong after the contract had been signed. Also, no authorized signatures are missing;
  • A higher runthrough-rate. This is a bonus for us. Finding and adding all the authorized signers to the contracts would take 15 minutes. Because this information is now instantly available, we save ourselves this precious time when we generate a contract.

We cannot permit ourselves to include wrong information in the contract; they need to be juridically waterproof.  To control this, the solution feeds back an ‘error’ if the system is not sure of the outcome. This way, we are ensured that only valid contracts are delivered. Fortunately, we rarely receive this ‘error’.

What are the future perspectives for this solution?

We experienced a very smooth implementation and roll out of the solution. FRISS was easy to approach and delivered good support. Originally we scheduled an evaluation to go through all points of attention, but as those were virtually non-existent we cancelled the meeting.

Vendor Leasing is not the only department that has a need for the solution. Looking at the future we want to expand the solution company wide. When we designed the architecture we already took this into account.

Looking at the number of solutions that run in a company the size of DLL, this might seem only a small solution. However, it does take away an important and error prone challenge for us. It also is a huge improvement regarding customer satisfaction; to our colleagues, agents and our customers.

We only receive positive feedback; the solution is clear, has fast response times and people can easily work with it.

 

Are you facing a similar challenge? We will be happy to get in touch and discuss the possibilities for a signature authorization tool for your organization. Please contact us at marketing@friss.eu.

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