Top Three Reasons to Bring COI Issuance In-House
Relying on your insurance broker, carrier, or agent to issue your Certificates of Insurance (COIs) is an invaluable service. But, once the number of certificates grows and the contractual requirements become more complex, challenges arise that warrant bringing your COI issuance process in-house.
Check out the top three reasons why you should bring COI issuance in-house and use a certificate of insurance issuance software.
1. Certificate of Insurance Delays
Every time a new contract is in place, the agent gets an email or phone call about the required third-party insurance coverage and limits. The communication process to ensure the broker has received the policy information and issued the COI is time-consuming and prone to error. It may take them a couple of days to issue the COI causing delays that will cost you more.
Imagine you’re a subcontractor and your agent doesn’t supply the general contractor (GC) the required COI. You may be unable to access the job site, leading to project delays and payment issues.
By bringing your insurance issuance in-house, you’re able to generate and issue the new COIs faster with more accuracy while saving money. With an in-house process or issuance software, you save days of effort on following up with brokers to issue your COIs, and get more accurate results.
2. Control of COI Data
Keeping your COI data up-to-date and accurate is critical to guarantee the right contractual policies are in place. Brokers are unaware of your internal day-to-day discussions, so when a new contract starts or an old one ends, relaying this information in real-time is a burden to keep up with.
With an in-house process, accompanies by a COI issuance solution, you’re able to keep everything organized and control the data. Staying up-to-date with the active versus inactive contracts and which coverage or limits are necessary becomes easy and manageable. When the bulk-renewal time comes around, you have access to the right data to make effective risk decisions.
3. High-Cost Bulk Issuing of Renewal COIs
A broker includes fees to manage, create, and send all your renewal certificates (on top of the day-to-day admin fees). We’ve talked to several large self-insureds who manage the bulk of the issuance process and at the same time pay a large amount of money on broker issuing fees, which is tedious and expensive.
So why pay for a broker to manage your COIs when you’re doing all the work anyway? With an in-house COI issuance solution, the expensive broker fees and manual issuance tasks disappear. Insurance issuance software like SmartCompliance, exist to help you handle the tasks of generating and sending out renewal COIs at a fraction of the cost. You’re able to automate your COI creation, delivery, storage, and management.
Interested in Using an In-House COI Issuance Solution?
If your team is wasting time and money with a broker or agent, it’s time to turn to a streamlined issuance solution. With SmartCompliance’s robust software and platform issuance options, you’re guaranteed efficiency, accuracy, and centralization to fit your organization’s needs. With SmartCompliance, your team manages all aspects of the COI issuance process.
But don’t just take our word for it…
“For the past 8 plus years, we’ve used SmartCompliance to help us issue and track certificates of insurance, as well as manage the renewal process of over 60,000 certificates. Without SmartCompliance, this monumental task would be unachievable, regardless of how many personnel resources were available.” – Linda Thomas, Insurance Compliance Management at CCMSI.
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