Let’s be honest, Condo certs can be a real pain in the you know what. They’re not difficult certificates, just time consuming, especially when mortgage rates drop, and the requests start piling in. So how can your agency profitably address the condo market?
Let’s look at the problem through the lens of risk management – Avoid, Reduce, Transfer, or Retain.
You just avoid the class of business because the certificate process makes writing condos an unprofitable endeavor.
You manage the unprofitable class by only writing small or very large associations.
You outsource condo cert processing to a low wage country.
You accept the risk and leverage technology to optimize the process.
What technology? The biggest advancement in certificate processing was when it went from three-part NCR paper in a typewriter to a template-based word processor. That changed when a team of insurance industry veterans came together and built a tool to address the problem head on. And when the only thing you do is think about certificates, you're going to develop solutions better than everyone else.
Increasing efficiency, improving accuracy, enhancing profitability, and providing analytics for better decision making. Condo certs is one of the verticals we excel at because when your focus is solely on certificates, you usually do it better than everyone else. Contact us to see how Certificate Hero can make your condo book not just palatable but more profitable.