Increase Client Compliance by 60% With COI Tracking Software [Case Study]
For decades insurance consultants have searched for solutions to ease the pain of compliance and monitoring for their clients. The use of Excel Spreadsheets, Outlook Email, and Calendar reminders to track COIs (certificates of insurance) for clients have become a thing of the past and COI tracking software has begun to streamline the process.
So, how does COI management software simplify tracking and ensure compliance? Let’s jump into a recent case study to learn why insurance consultants prefer a COI solution over manual methods.
Background
Commercial Insurance Consultants (CIC) practices a multifaced, 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.
In the past CIC used manual methods like spreadsheets, email, and calendar notifications to track COIs for their clients. The process was cumbersome, leaving a large margin for errors and misinterpretation. It was also 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 were critical if third party/vendor insurance was non-compliant.
Centralized Compliance Database
As mentioned before, CIC had been using many different programs to manage client COIs, which didn’t 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 eliminated paper trails and managed all their client’s certificates, requirements, insured relationships, and other documents in one location. The centralized, web-based solution provided a 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 faced when tracking compliance for their clients was staying on top of insureds for renewal requests for missing or expiring certificates. CIC replaced this time-consuming and 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, CIC guaranteed insureds were compliant and clients met subrogation coverage. They also eliminated the back and forth among their staff and clients.
Eliminate Manual Data Entry & Mitigate Risk
Comparing the insureds certificates and endorsements against risk requirements by hand created margins for expensive errors and omissions, making CIC’s clients liable for injury or damages. With OCR (optical character recognition) technology, CIC was able to automatically scan COIs, transcribe data, compare each client’s risk requirement sets and guarantee insureds were in compliance.
The OCR technology within the COI tracking software supported the centralized analysis of compliance of documents, so CIC could better 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 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, increased compliance by 60% in a matter of two months.
If you’re eager to learn more about how CIC used a COI 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!
