Top 3 Reasons to Bring Insurance Certificate Issuance In-House
Relying on your insurance broker, carrier, or agent to issue your Certificates of Insurance (COIs) can be an invaluable service. However, once the number of certificates grows and the contractual requirements become more complex, challenges can arise that would warrant bringing your issuance process in-house.
Check out the top 3 reasons below on why you should bring COI issuance in-house and utilize a certificate of insurance issuance software.
1. Certificate of Insurance Delays
Every time a new contract is in place, the agent must be notified through email or by phone about the required third-party insurance coverage’s and limits. The communication process to ensure the broker has received the policy information and issued the certificate of insurance can be time-consuming and prone to error. It may even take them a couple of days to issue the COI causing costly delays.
For example, if you’re a subcontractor and your agent fails to provide the GC the required certificate of insurance, you may be unable to access the job site, leading to project delays and zero payment.
By bringing your insurance issuance in-house, you’ll be able to quickly, accurately and cost-effectively generate and issue the new COIs. With an in-house process or issuance software, you can save days and effort on following up with brokers to issue your COIs, as well as 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 not involved in your internal day-to-day discussions, so when a new contract starts or an old contract is completed, relaying this info to a broker in real-time can be a burden to keep up with.
With an in-house process, accompanied by a COI issuance solution, you’ll be able to keep everything organized and control the data. Staying up to date with the active versus inactive contracts and which coverage’s or limits are required becomes easy and manageable. When bulk-renewal time comes around, you will have access to the right data to make effective risk decisions.
3. High-Cost Bulk Issuing of Renewal COIs
A broker will inevitably include fees to manage, create and send out all your renewal certificates (on top of the day-to-day admin fees). We’ve talked to several large self-insureds who are managing the bulk of the issuance process and at the same time paying a large amount of money on broker issuing fees, which is unnecessarily tedious and costly.
So why pay for a broker to manage your COIs when you’re doing all the work anyways? With a COI in-house issuance solution, the expensive broker fees and manual issuance tasks would 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’ll be able to completely automate your COI creation, delivery, storage and management.
Interested in using an in-house COI issuance solution?
If your team is currently wasting time and money with a broker or agent, it’s time to turn to a streamlined issuance solution. With SmartComplaince’s robust software and platform issuance options, you are guaranteed efficiency, accuracy and centralization to fit your organization needs. With SmartCompliance, your team can easily and cost-effectively manage 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,” said Linda Thomas, Insurance Compliance Manager at CCMSI.
Request a free demo today to get started!