The prompt processing and timely submittals of insurance contracts is an industry challenge, especially when based solely on paper. Another challenge is the accurately recorded timing of policies to eliminate fraud. A common fraud tactic occurs when a potential policy customer gets in an accident and then applies for a policy to cover the accident. If the time of the accident (e.g. police report) and the timing of the policy (secure time stamp) could be compared, then this fraud is eliminated.

The Kyberpass TrustPlatform provides the basis for secure electronic submissions of policies, including the ability to accurately track the effective date and time the policy goes into effect. The Kyberpass TrustPlatform provides for the following:

• Secure time stamp form a trusted time stamp server
• Ability to sign web form documents from remote locations with a digital signature
• The ability to provide for legally admissible digital signatures on documents based on the issuance of secure credentials from a trusted third party.
• Non repudiation of policy signing
• Authentication of agents issuing policies
• Centralized control of policy issuance and procedures

As in any document based business, insurance policy processing can benefit from the move to electronic submissions instead of paper-based submissions.