How to Increase Client Compliance by 60% With COI Tracking Software – Case Study
Insurance consultants have continuously searched for a solution to ease the pain of compliance and monitoring for their clients. Luckily, the use of Excel Spreadsheets, Outlook Email and Calendar reminders to track COIs for their clients are becoming a thing of the past and COI tracking software has been introduced to streamline the process.
So, exactly how does COI management software simplify the tracking and ensure compliance? Let’s jump into a recent case study to learn why insurance consultants prefer a COI solution over manual methods.
Commercial Insurance Consultants (CIC) practices a multifaceted, risk management process supporting clients to make informed and strategic insurance buying decisions. They collaborate with clients to understand their business needs, identify risk, and design programs to maximize coverages and manage costs.
Previously CIC used manual methods like spreadsheets, email, and calendar notifications to track certificates of insurance for their clients. The process was cumbersome, leaving a large margin for errors and misinterpretation, as well as time-consuming with most of their hours spent on frustrating phone calls and emails to chase down certificates. CIC knew they needed a better system because the consequences are so critical if third party/vendor insurance is non-compliant.
Centralized Compliance Database
As previously mentioned, CIC had been using a multitude of programs to manage client certificates of insurance, which didn’t exactly ensure end-to-end compliance. The tedious manual processes led to hours spent finding the correct computer files and confusion over who had the most current documents.
By consolidating their compliance efforts, CIC was able to eliminate paper trails and efficiently manage all of their client’s certificates, requirements, insured relationships and other documents in one location. The centralized, web-based solution provided an easier, more cost-effective way to manage COIs and guarantee insured compliance.
Automate COI Tracking to Ensure Client Protection
One big challenge CIC and many other insurance consultants face when tracking compliance for their clients is staying on top of insureds for renewal requests for missing or expiring certificates. CIC was able to replace this once time-consuming, frustrating manual task with a simple online solution that automated all insurance certificate requests, collection and compliance resolution.
By taking advantage of the automated COI communication workflow, they eliminated the burdensome back and forth among their staff and clients, as well as guaranteed insureds were compliant and client subrogation coverage was met.
Eliminate Manual Data Entry & Mitigate Risk
Manually comparing the insureds certificates and endorsements against risk requirements left margins for costly errors and omissions, potentially making CIC’s clients liable for injury or damages. With the use of OCR (Optical Character Recognition) technology, CIC was able to automatically scan COI forms, transcribe data, compare to the clients customized risk requirement sets and guaranteed insureds were complaint.
The OCR technology within the COI tracking software supported the centralized analysis of compliance of documents, so CIC was able to quickly understand and address any risk exposure for their clients.
The ROI of Compliance Software
With the COI tracking software and enhanced services in place, CIC efficiently reviewed all client accounts, noted ongoing compliance needs and began addressing those that fell short. One client, for example, with the help of CIC and using the new COI solution, was able to increase compliance by 60% in a matter of two months.
If you’re curious to learn more about how CIC used certificate of insurance tracking software to increase client compliance, read the full case study here. Or if you’re ready to see for yourself how COI management software can help your company, request a free demo today!