Guest blog by Peter Teresi, Certificial
Guest blogs are written by contributors outside of HawkSoft. The author's views are entirely their own and may not reflect the views of HawkSoft.
The Certificate of Insurance (COI) was developed in the 1970s and not much about their format has changed until recently, with the creation of the Smart COI. Let's explore how Smart COIs can help agencies reduce E&O exposure, create operational efficiency, and increase customer satisfaction.
In this article you’ll learn:
- What is a Smart COI?
- Smart COIs reduce Errors & Omissions (E&O) exposure
- Smart COIs create operational efficiency
- Smart COIs increase customer satisfaction
What is a Smart COI?
A Smart COI is a certificate of insurance that exists in real time and is continuously updated with the most current information, as opposed to the traditional COI which is a point-in-time document. Both still use industry-approved forms, which are provided by ACORD in the US and CSIO in Canada. A Smart COI is a data-first experience, so if any changes are made, the COI will immediately reflect that.
How does this work? With Certificial, the data stays updated in real time through our Smart COI Network™. This is a robust network of agents and brokers, industry associations, software partners, insureds, requestors, carriers and MGAs, and government and regulatory bodies that are all connected on Certificial to continuously share and track Smart COIs and related data.
Certificial's Smart COI Network
Smart COIs reduce Errors and Omissions (E&O) exposure
As an agent or broker, the Smart COI provides tremendous value by always having the most up-to-date version of your customer’s COI on file. With every single policy change, a new certificate is created. Policy updates, renewed endorsement documents, and even cancellation notices are seamlessly transmitted to the Requestor or Cert Holder. With each of these being automatic, there is little room for error, thereby dramatically reducing the risk of E&O exposure.
Smart COIs create operational efficiency
As an agent or broker, utilizing Smart COIs will allow you to eliminate 90% of the time it takes to issue COIs.
Smart COI issuanceIssue COIs once, and always have the most current COI on file and in the workforce without ever leaving your management system.
Receive and respond to requests for insurance quickly when the certificate holder is also on the Smart COI Network.
Give your clients the ability to issue their own COIs with pre-approved information.
Stay informed with alerts so that you always know when your client needs more insurance.
Smart COIs Increase Customer Satisfaction
The use of Smart COIs not only makes your life easier, but also makes your clients' lives easier. Here’s how:
Ensure adequate coverage is maintained
Smart COIs help clients know whether they are meeting coverage requirements at any time, and they are alerted when there are gaps in coverage.
Your clients will save time by easily being able to push coverage data to their own clients without having to go back to you, their agent or broker, each and every time.
Getting started with Certificial is easy
Because Certificial is integrated with HawkSoft, it’s easy to manage COI data in a single location. Plus, it’s free for agents, brokers, and insureds. Become a fully digital agency today with Smart COIs.
Take your agency into the digital era
Add Certificial integration through the HawkSoft Marketplace.