Insurance Brokers & Agents: 3 Ways to Differentiate Your Company & Win More Business
The insurance industry is becoming more and more competitive every day. Today’s buyers want to choose an agent or broker based on their coverage offerings, price, qualifications, expertise, and value-added services. Buyers want to have a strong reason for going with the broker they choose.
As a result, agents are utilizing innovative insurance technology to differentiate their company and stand out from the competition. Offering access to a leading certificate of insurance (COI) tracking solutions, like SmartCompliance, helps build stronger relations with clients, win new business, and generate more revenue.
Discover how SmartCompliance, the top COI tracking and management software for brokers, can help your firm grow and become a best-in-class agency.
1. Offer Clients an Innovative In-House COI Tracking Solution
Centralize Compliance – A majority of your insureds probably use a manual, time-consuming, error-prone process that leads to unpredictable and expensive claims. Brokers can offer an online, easy-to-use tracking system like SmartCompliance to their clients to help them consolidate and manage third-party COIs and requirements in a more efficient way. By resolving a major burden for your client, you enhance client relations and increase retention rates.
Automate COI Communication – When your insureds are managing their COI communications by hand, these tasks can take them an enormous amount of time. From keeping track of coverage renewal dates to spending hours on continuous follow-up for COIs from third parties, there are multiple COI efforts that SmartCompliance can automate.
By offering SmartCompliance to your insureds, you can help them automate requests for updated or missing COIs, limit their time spent managing files, identify issues, and ensure third-party compliance faster. You’re able to help them save time and decrease stress, resulting in an improved client relationship.
Eliminate Manual Data Entry & Mitigate Risk – With SmartCompliance, your insureds can scan COIs, transcribe the data, and compare to their customized risk requirements to guarantee third-party compliance. They can also create reports to understand and address any risk exposure in a fraction of the time it took before.
By being proactive in mitigating risk, your clients can save thousands of dollars from avoided claims – which is one of their biggest threats and helps your agency stand out from others.
2. Offer Certificate of Insurance Management Service
Clients focus on running and optimizing their business, with COI tracking being the last thing on their minds. Insureds also don’t always understand the complex language associated with COIs, know what they’re overlooking, or what questions to even ask their broker – so offering to use SmartCompliance to take over the entire COI management process will increase client retention and generate even more revenue for your agency.
3. Assist Clients with Compliance Review
Agencies can use all the COI tracking features and tools within the SmartCompliance in-house client offering to assist their clients with compliance review or management. Brokers can use their expertise and provide an extra, revenue-generating service by helping clients review their incoming COIs and allow each client to generate reports on their third-parties. Insureds, in turn, will have reduced risk exposure and increased perception of their agent’s value.
Stand Out from the Competition with SmartCompliance
Process your client’s third-party COIs and endorsements the smart way with SmartCompliance, so you can win new business, increase client retention, and generate more revenue. See for yourself how the SmartCompliance partnership program gives brokers and agents the ability to offer streamlined COI tracking, increased compliance, saved time, and additional insurance expertise to keep clients protected – schedule a free demo here.