The Paperwork Problem

Posted June 2, 2016

Part I The Paperwork Problem: forms, applications and contracts that are sent, filled out and returned.

The picture above depicts the most common alternatives (express mail, standard mail, fax, email) to filling out and signing forms, applications and contracts when a face to face meeting is not possible. The process usually entails several steps, is time consuming and costly if express mail is used. In addition, paperwork can sit uncompleted as people tend to procrastinate and if there are errors or changes, the process starts all over again.

Paperwork has always played a big role and is a necessary evil across all industries. It is especially present in financial services and insurance. From applications (i.e. life insurance, loans, financing) to forms (i.e. new accounts, enrollments, compliance) to contracts (i.e. brokerage services, real estate, employment), paperwork is everywhere!

Throughout history, most paperwork was completed and signed in person with the exception of courier services (pigeon post was used by the army in the times BC). While working on this post, I was curious about the progression of the tools used for business paperwork throughout history and here is what I found:

1450 Up until mid 15th century, handwriting was a specialized vocation (primarily used by the church) and therefore business contracts could only be drawn up by writing experts (i.e. scribe).

1650 By the end of the renaissance period, handwriting became accessible to a wider audience and people were able to draw up their own documents.

1660 The General Post Office was started in Britain and Wales.

1775 U.S. Postal Service began in the United States.

1808 Carbon paper was invented making duplicates possible for forms, applications and contracts.

1860 The modern day typewriter was invented and widely used for business.

1869 Agreements/terms/contracts were enforceable through telegraph signatures.

1918 First airmail route by the U.S. government (flown by Army Air Services pilots between New York and Washington D.C.). Soon after, the Post Office department took over with their own planes and pilots.

1953 First high speed printer introduced to the market.

1959 Copy machine introduced to the market.

1966 Modern fax machine introduced to the market.

1971 Laser printers introduced to the market.

1975 The first personal computer was introduced to the market.

1980’s Faxed signatures became an accepted business practice.

1993 Email became available to the masses.

1999 ESignature act began in the U.S./UK/Canada.

Although we have made huge strides with technology in general, the paperwork process has remained the same with the exception of ESignature since the early 90s when I started out with GreatWest Life selling employee benefits.

Because the process is so cumbersome, Liveoak Technologies has developed a new solution around the paperwork process. We enable you to remotely and securely complete paperwork as if you were in a face to face meeting with one or more people. This process works in realtime, has bank grade security, meets compliance standards, records the sessions and communicates directly with backend systems (including incumbent, legacy systems).

Sounds too good to be true? Contact us and we will show you how we get the job done. We are pumped to be a paperwork game changer!

Andy Ambrose, Andy@liveoak.net and Pete Rung, Pete@liveoak.net

* An interesting side note, the first insurance products were practiced by the Chinese and Babylonian traders in the 3rd 2nd millennium BC. They practiced risk balancing and loans for their shipments (insurance to protect in the case of a ship capsizing).

Digital Transformation

The Paperwork Problem

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