Save Time & Money at Your Agency: 5 Traits of the Best COI Software

To reduce inefficiencies in your certificate of insurance (COI) processing, you should be using a COI management software that brings the best out of your AMS and helps you:

  • Reduce data input time to produce COIs;
  • Enhance collaboration between teams and offices, and with your policyholders;
  • And reduce the risk of errors and omissions (E&O) claims.

COIs may seem mundane, but a lot of detailed information needs to be included and corrected. COIs must contain insurance coverage details, including the policy name, effective dates, and specific coverage terms. The COI can also assert and verify coverage in the case of particular conditions, which may vary based on the industry or specific agreements between parties. 

We know that many insurance brokers hand the tedious job of completing certificates to their new hires who are already lacking in experience when it comes to the industry. We also know why that is the case — who wants to fill out repetitive paperwork for hours without end? The process takes time given the details that must be included and checked. In other words, manually filing certificates of insurance is a nightmare! 

Reduce Certificate of Insurance Software Data Input Time

One of the biggest issues concerning COIs is the time it takes to fill them out correctly. Attention to detail is imperative, and to the untrained eye trying to work quickly, it is easy and completely understandable why costly errors may occur. 

While, to our knowledge, robots still can’t talk directly with clients to input data perfectly, there is still a human factor when it comes to certificates. Investing in COI management software will help your team free up time to focus on what they do best – generate revenue and service existing clients, both of which ultimately enhance the bottom line.

Your Agency’s COI Software Should Leverage Your AMS Analytics

Your agency will gain immensely when it adopts new technology and changes the way you work. Agency management systems (AMS) are a step in the right direction, but artificial intelligence (AI) can boost your AMS to the next level, providing your team with important data analytics to maximize the speed and accuracy of your certificate process. 

The best insurance management software can make your job easier. Your AMS should be helping you to automate repetitive tasks for efficiency and consistency, uncover sales opportunities, and monitor data to mitigate potential problems.

Your Agency’s COI Software Should Help Reduce Errors and Risk of E&O Claims

Your COI software solution should serve as a guardrail to protect your agency and your employees from making the most common mistakes we know tend to occur. As industry leaders, we know that the wrong language, endorsement applicability, and non-appropriate endorsement modifications can be tricky, especially when the person filling out the certificate isn’t a seasoned veteran. 

With the right COI software, you can be sure that:

  • Inconsistencies between contractual insurance clauses and the policyholder’s current coverages;
  • Endorsements that aren’t applicable to a particular policy aren’t included with the certificate;
  • Custom tags can help include the applicable endorsements.

When you have an all-star employee typing at an incredible rate in order to meet client needs, there is a high probability that they may make a typo or select the template with the wrong endorsement. With the right COI software, like Certificate Hero’s AI-powered solution, your team is empowered to move through issuing certificates quickly with higher confidence that they will be error-free and any policy modifications will be specified to the relevant policy number automatically. 

Your Agency's Certificate of Insurance Tools Should Assist with Understanding the Contractual Insurance Requirements 

Certificate Hero’s AI technology parses insurance contracts to extract relevant data quickly and efficiently. Different lines of business (LOB) have diverse insurance contract requirements, and even within the same LOB, you might find some differing or even conflicting clauses. Certificate Hero’s AI literally analyzes and extracts the relevant language from each insurance clause to auto-populate your COIs. Because you’ll be a certificate editor rather than a certificate creator, you’ll be completing certificates at an exponential rate with a fraction of the dedicated resources to manage the processes. 

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