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 their value-added services. They want to have a strong reason for going with this broker over that.
As a result, agents are utilizing innovative insurance technology to differentiate their company and stand out from the competition. Offering access to leading COI tracking solutions, like SmartCompliance, helps build stronger relations with clients, win new business and generate more revenue.
Discover below how SmartCompliance, the top certificate of insurance 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 implement a manual, time-consuming, error-prone process that can lead to unpredictable costly claims. Brokers can offer an online, easy-to-use tracking system like SmartCompliance to their clients to help them consolidate and efficiently manage third-party COIs and requirements. By resolving a major burden for your client, you continue to enhance your client relations and increase retention rates.
Automate COI Communication – When your insureds are managing their COI communications manually, 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 can be automated with SmartCompliance.
By offering SmartCompliance to your insureds, you can help them automate requests for updated or missing COIs, limit their time spent manually managing files, quickly identify issues, and ensure third-party compliance faster. Ultimately, you’ll help them save time and decrease stress, resulting in an improved client relationship.
Eliminate Manual Data Entry & Mitigate Risk – With SmartCompliance, your insureds will be able to automatically scan certificates of insurance, transcribe the data and compare to their customized risk requirements to guarantee third-party compliance. They can also quickly create reports to understand and address any risk exposure.
By proactively mitigating risk better, 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 are focused on running and optimizing their business, with COI tracking being the last thing on their mind. Insureds also unfortunately don’t 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 certificate of insurance management process will increase client retention and generate even more revenue for the agent.
3. Assist Clients with Compliance Review
Agencies can utilize all of the certificate of insurance tracking features and tools within the SmartCompliance in-house client offering to assist their clients with compliance review or management. Brokers can utilize their expertise and provide an additional, revenue generating service by helping clients review their incoming COIs and allow each client to generate reports on their own third-parties. Insureds in turn will reduce their risk exposure and increase their perception of the 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 empowers brokers and agents to offer streamlined COI tracking, increased compliance, saved time and insurance expertise to keep your clients protected – schedule a free demo here.