Two people reviewing metrics on a laptop

Navigating the True Cost of Issuing Certificates of Insurance

Issuing Certificates of Insurance (COIs) is a common practice to provide proof of coverage. While this may seem like a straightforward process, agents and brokers often underestimate the true cost associated with issuing these certificates. But to unravel the true cost of issuing Certificates of Insurance it is necessary to conduct a thorough assessment of all costs - direct expenses, compliance obligations, and customer relationship dynamics. Agents and brokers who have thoroughly examined their costs for processing Certificates of Insurance (COIs) reveal that the figure exceeds $20 per transaction.

 

Direct Expenses Related to Staff Time and Admin Tasks

Calculate the hours spent by employees on reviewing insurance requirements, gathering and verifying coverage information, preparing ACORD© forms, and communicating with clients. Also consider the cost of printing, folding, and distribution expenses.

 

Compliance Obligations

Staying compliant with industry regulations and legal requirements is essential. Failure to comply with regulations can result in penalties and legal consequences, adding to the overall cost.

 

Customer Relationship Dynamics

Delays or inaccuracies in COI issuance can lead to dissatisfaction among clients. This may result in additional efforts and resources spent on resolving disputes or addressing customer and certificate holder concerns.

 


In the realm of insurance operations, where precision and efficiency are paramount, Certificate Hero® emerges as a transformative force. It doesn't just measure the costs; it reshapes the entire narrative. The adage "If you can't measure it, how can you possibly manage it" takes a back seat when Certificate Hero steps in, offering a holistic and data-driven approach to managing the complexities associated with Certificates of Insurance.

So, embracing cutting-edge technologies isn't just an option; it's a strategic move that transforms a conventional cost center into a profit center.

Certificate Hero isn't merely a tool; it's a paradigm shift in how agencies perceive and manage their business. It's about optimizing processes, enhancing accuracy, and ultimately, converting what was once viewed as an operational burden into a strategic advantage. Feel free to contact us to discuss how Certificate Hero can help your agency drive business growth and profitability. 

 

Request a demo

Next Blogs