Outsource Certificate of Insurance Services
Our insurance COI services are designed to remove all complexities from the process of issuing and processing insurances.
Insurance Back Office Pro has over 8 years of experience in providing certificate of insurance processing services to global clients. Our bouquet of services is specifically designed to help clients make the process of issuing and processing insurances uncomplicated, giving them enough time to refocus their attention of core business activities. Therefore, you can consider outsourcing your insurance COI processing requirements to us and allow us to help you streamline your processes so that you can cater to your customer needs adequately. We guarantee you confidentiality of sensitive insurance data to safeguard your clients’ privacy.
The Certificate of Insurance is a document that provides detailed information, such as policy number, insurance provider, coverage limit etc., about an insurance. It is also an official document that validates the insurance cover. With so many insurance covers exchanging hands every day, it is a Herculean task for insurance companies to keep a track of everything and get these certificates verified. The insurance agencies struggle to process certificates of insurance due to its cumbersome and strict procedure. The tedious verification process that goes into its authentication can put an immense strain on agency’s back end and front-end teams. For this reason, many insurance agencies outsource insurance certificate processing for better insurance certificate management.
We, at Insurance Back Office Pro, can also customize certificate of insurance management as per your unique business requirements.
|Loss run processing|
|Policy checking and administration|
|Endorsements and certificates|
|Invoicing, billings and accounts|
|Bookkeeping and forensic accounting|
Outsource Certificate of Insurance (COI) Management to Gain More Competency
Insurance companies were the last ones to get on board the outsourcing wave that started back in the 1980s. After the financial meltdown of 2008, companies started to see the merit in subcontracting their businesses to offshore vendors for efficiency and cost-effectiveness.
Over the years, insurance agencies have realized that their success lies not in administrative paperwork but in core competencies such as risk management, customer service, financial analysis, etc. As a result, insurance companies realized that partnering with a provider specializing in COI outsourcing services can help them redirect their focus where it matters most – business expansion.
Companies like yours should outsource insurance certificate (COI) services for plenty of advantages. Some of them include:
While these are few major benefits, you can outsource certificate of insurance processing to gain other benefits like time zone advantage and meet resource crunches.
Our Services Cater to the Following Verticals
- Motor Insurance
- Worker’s Compensation
- Liquor Liability
- Property & Casualty Insurance
- Inland Marine
- Liability Insurance
- Director & Office
- Annuity Insurance Services
- Employee Benefits
- Life Insurance Services
- Health Insurance
- Personal Liability
Insurance Software We Use
- A1 Tracker
- Agency Systems
- IBM SPSSv
Certificate of Insurance Management Challenges That We Help Solve
Managing COI's is a tedious process that many insurance providers struggle with. One of the biggest challenges faced by insurance providers is need for clarity in terms of what is being represented in these certificates. However, despite all the emphasis on accuracy and clarity, insurance agencies find it hard to meet that goal effectively.
We, at Insurance Back Office Pro, strive to provide you that clarity with services that are geared towards protecting you from liability pitfalls.
Here are some of the challenges we help overcome:
- Summarizing all the insurance policies-related information within a single piece of document is a daunting task. It increases the scopes of missing out on important details in the COI. We create a robust system for the collection and storage of documents that is set in accordance with insureds’ business setup and can be easily accessed by them. This aids them to continuously review the information provided in the COI.
- Accuracy in portraying all environment insurance policy-related information in certificate of insurance is a difficult task because of the absence of specific insurance industry baseline. We help you overcome this by issuing COI with complete knowledge of guidelines and clearing all ambiguities with insurance companies.
- Insurance agencies frequently commit the mistake of treating COIs as policy endorsements and introduce special statements in response to specific requests. We conduct a thorough scrutiny of blanket endorsements and keep a lookout on wordings or statements to ensure COIs are not treated as policy endorsements.
- Insurance contracts can be complex documents for an inexperienced professional to comprehend fully. However, our experts will carefully review the insurance contract requirements against existing insurance to remove all ambiguity due to use of esoteric language.
- Another common problem with certificate of insurance is associated with additional insured status. Our trained professionals remove all uncertainty on their status by using an articulate additional insured agreement.
- We protect your business against compliance violation by carefully assessing the policy terms and ensuring that all the regulatory specifications are fulfilled.
Our End-to-End COI Services
Insurance Back Office Pro has a team of experts who are trained and experienced to handle all necessary activities associated with processing, endorsing, and disbursing the certificates of insurance within the regulatory framework. We have a dedicated team to process ACORD COIs for our clients. Our services include: