Why Do We Need Insurance Certificate Processing Outsourcing?
It takes much work to organize and track these COIs. Your team must focus on other projects and tasks if it’s not its primary duty.
Insurance companies outsource certificate processing because the verification process is tedious and can put a lot of stress on the staff. Processing goes better when a dedicated team handles and manages all certifications in the same way and on time.
To restore compliance, consider hiring a COI management partner. Outsourcing COI management to an Insurance Certificate Processing Outsourcing partner has these benefits:
- Scaling Resources and Cost Reduction:
If the insurance company or agency uses the same people for these challenging and tiring jobs, they may become disappointed and tired of “not huge” results. If the Insurance Certificate Processing Outsourcing partner provides COI services, they have the resources and skilled staff to handle jobs. When outsourced, scaling is easier. That doesn’t cost the corporation anything.
- Risk Reduction:
Fraud threatens insurance companies outsourcing process. An inexperienced employee may miss fraud. Yet, suppose trained employees perform outsourced Certificate of Insurance solutions. In that case, they will know where and how to look for insurance fraud or non-compliance. It will lower the primary insurance carrier’s risks and costs.
- Faster Delivery:
Staff can work several hours per week for an insurance agency. Throughout those few hours, they must complete other responsibilities. The COI may take a long time to issue. The outsourcing partner saves the day. If COI demand rises, they can expand resources.
- Builds Personal Branding:
Insurance companies compete for practically everything. The insurance agency or carrier will have a good brand if COI processing is done quickly and for a big audience. The insurance agency will also gain industry respect.
- Efficiency Gains:
Streamlining tedious chores is crucial. Insurance agencies also need years of training and study to find the best methods. The insurance agency must do more than simplify COI processing. The outsourced partner has researched the best COI processing method. It lowers processing costs and relieves the insurance agency of R&D and training.
- Cost Savings:
COI outsourcing will save money on certificate processing staff. It will also lower research and development costs for the best and most efficient ways to process certificates. Finally, developing streamlined procedures can take years. Still, if the company outsources certificates of insurance services, it can use the streamlined processes of the outsourcer right away.
How Insuserve1 Helps Outsourcing Certificates of Insurance Process?
We provide agencies with trustworthy Insurance Certificate Processing Outsourcing Services such as:
- Processing Certificate of Insurance
Insurance certificates are issued, received, and processed fast and accurately by our back-office experts. Our staff also guarantees that your insurance agency will approve the certificate of insurance (COI) we issue on ACORD and ISO forms.
- Processing Certificate of Insurance Management
Our insurance professionals handle insurance certificate requests efficiently. By paying attention to the details and following up, we ensure people have insurance, reduce the risk of loss, and improve customer service.
- Processing Certificate of Insurance Validation
An insurance agency needs time and resources to manage and track insurance compliance. Our high-volume insurance professionals at FWS are knowledgeable and trained. To decrease the risk of uninsured claims and contract violations, they track all compliance policies and follow up on expired or non-compliant ones.
- Renewal Requests and Compliance Reporting
With our insurance certificate management database, our insurance policy management experts track all insurance policy renewal requests. In addition to monitoring each request, we generate detailed compliance reports.
- Processing Revised Certificates After Renewals
We keep information about insurance holders, excess liability limits, and other important information in an extensive database. We send updated insurance certificates to policyholders quickly and anonymously by email. We quickly process amended insurance certificates without errors, repetitions, or omissions.
By the way
Most outsourcing services charge by headcount, making more money as more people work on your project. Our outsourcing methodology maximizes project productivity with minimal staff. Insurance Back Office Pro takes care of processing loss runs, reporting on renewals, managing claims, and checking policies.
We deploy robotic process automation to boost project efficiency. Our value proposition is to maximize productivity on your project with a few people.
Try us, and you’ll see why.