E-Signatures on Rise in 2008; ‘Get On Board,’ Group Urges
SHRM, June 9, 2008
This article details how e-signatures are becoming increasingly popular, especially within the financial industry.
Jerry Buckley, one of the counsels to the Electronic Signature and Records Association, states that five of the top 10 insurance carriers in the United States offer electronic signatures.
“Electronic signing was one of the top 10 information technology initiatives for the insurance industry in 2008; 77 percent of mortgage lenders indicated they will implement electronic signatures,” Buckley added.
While HR may have a hard time convincing management to forgo the cost and time needed to invest in electronic records, they can offer these great benefits:
- • Reduced transaction costs;
• Significant increase in the speed and closure rates of transactions;
• Faster detection and correction of errors;
• Process management that is built into transactions so required disclosures, storage retention times and notifications can be handled programmatically and not forgotten; and
• Reduced carbon footprint from eliminating the need to reproduce, process and transport paper contracts.