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eSignatures are a Sign of the Future

 

Walking into a store and signing your name electronically for things like clothes and groceries is now a common occurrence. The convenience of e-Signatures makes shopping easier for the customer and the business owner. Those in the insurance industry hope e-Signatures will have a similar effect for them.

"The desire is to do the same type of thing for documentation that typically is signed with a normal signature," said Marcia Berner, ACORD Director of Property and Casualty Implementation Services.

The U.S. Congress signed into law the U.S. Electronic Signatures in Global and National Commerce Act or E-SIGN in June 2000. Since that time, the use of e-Signatures has grown steadily based on consumer demand. However the transition isn't easy for some, says Berner.

"It can be difficult for some insurance companies to figure out what the requirements are and what it means to an agent or a carrier. So, ACORD is helping to create a buyer's guide."

ACORD and a legal team are working together on the guide, which will explain the current laws and define a standard way to interpret e-Signatures throughout the insurance industry.

"Agents and carriers can use that information to help them understand the requirements for an electronically signed document. We will also help them choose a solution provider to meet their requirements," Berner added.

Berner will be a presenter at the e-Signature Summit for Insurance Executives on May 31at the Le Parker Meridien Hotel. Attendees will learn how e-Signatures:

  • Helped deflect millions of potential customer disputes;
  • Saved one carrier $2.5 - $5M in hard cost savings/year;
  • Reduced the average time to process new business from 52 days to 15 minutes.

 The summit will feature eight speakers, case studies, expert panels and analyst research. To get more information or participate, click here.