Financial Services
Voltage provides the solutions that allow brokerages, mortgage, banking firms and insurance companies to meet privacy concerns head on. By allowing organizations to protect their most sensitive financial services communications they can better serve their customers and meet compliance requirements (GLBA and SEC17a4), without building a complex infrastructure.
There are obvious costs savings to be enjoyed as more financial service companies begin to communicate securely with their customers over email. One of Voltage's SecureMail customers, who specialize in home loan mortgages, has reduced their mortgage completion timeframe by 2 weeks-results leading to 18% more mortgages processed per annum.
Over the years many financial organizations have looked seriously at the use of Public Key Infrastructures (PKI) as a solution to securing email communications, but due to complexity, high-costs, and the inability to securely communicate with users outside the infrastructure, these projects never came to fruition. This failure is not because PKI technology does not work, but because it is difficult to implement and it's not transparent to the end-user. Some financial organizations thought that a Web-based model might be more appropriate, but the thought of having to maintain an additional Web-based email application (plus server), and drive their clients to a hosted site to pull down information, has proved to be inefficient.
Voltage's Secure Messaging Platform provides financial service companies with secure email, secure statement delivery, and secure end-to-end Blackberry correspondence. By utilizing Identity Based Encryption (IBE)-a next generation encryption and authentication method that doesn't rely on digital certificates--financial organizations can provide customers with multiple channels of secure interaction while remaining compliant with governmental regulations.
Mortgage Mortgage operations remains one of the most volatile and important areas for a retail bank. The transactions are large, complex and extremely dynamic in nature. A mortgage today remains a document driven and detail oriented process, which leads to a costly operations orientation. With this pressure on gaining efficiency in mortgage operations, comes a need for higher levels of privacy as the mortgage process has the potential to expose an individual's most sensitive private information.
In order to protect this data while streamlining operations, mortgage firms are looking to move to secure email for trusted, fast communication. Many are turning to Voltage to provide a secure email communication channel that's easy to use and manage, meets government regulations (e.g. GLBA) and is ubiquitous for both mortgage firms and their customers.
By utilizing Voltage's Secure Messaging platform mortgage banking firms and lenders are optimizing many of the protracted processes and finding:
- Quicker turnaround on current re-finance loans
- Full two way communication with mortgage applicants
- Rapid receipt of key decision documents (e.g. tax returns)
- Online movement of loan origination
- Efficient wholesale loan processing and packaging
According to one Voltage customer since implementing SecureMail--"The information exchanged between loan officers and customers itself hasn't changed, but the speed of the exchange using Voltage is greatly increased. And that translates to faster loan closings, a more user-friendly loan approval process, and happier customers at the end of the day."
Insurance As a highly competitive industry segment within financial services, insurance companies are constantly looking for ways to improve operations while meeting government regulations. Particular attention is now being paid to broker communications and almost all of the leading insurance companies are looking for new and improved ways to service their broker network and strengthen their partnerships.
In order to speed up the quoting process, insurance companies are moving to secure email for trusted, fast communication. Many are turning to Voltage to provide a secure email communication channel that's easy to use and manage, meets government regulations, and is ubiquitous for both insurance companies and its brokers. A channel that will increase the efficiency of communication between partners and meets the abundance of mandates insurance companies need to comply with including: GLBA, HIPAA, PIPEDA Federal regulations as well as state regulations put forth by insurance regulators.
Slow response with rates and quotes may prevent insurance companies from being in the list of choices a broker will present to his client; delays with renewals will irritate broker's clients, which may in turn cause a broker to recommend a client switches to another insurer.
By utilizing Voltage's Secure Messaging platform insurance companies are optimizing many of the insurance/broker processes and finding:
- Efficient delivery of broker commission remittance - tied to EFT payments -limiting the costly use of overnight deliveries for payment remittance.
- Faster customer and partner communication
- Two way communication to speed new business
- Fast turnaround on open issues
- Secure automated distribution of new policy applications
Voltage Security has found by working with the leaders of the insurance industry that they value the combination of a secure, easy to use messaging system. According to one Voltage customer, compliancy is what drove him to search for a secure messaging solution, but they were unwilling to compromise on ease of use for its customers and brokers. Voltage Security has addressed this need better than any other secure messaging provider.
| 
