Certificate of Insurance Services

Our COI service is 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 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 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 certificate 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 backend 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 the certificate of insurance management as per your unique business requirements.

Related Services

Insurance quotes
Loss run processing
Policy checking and administration
Endorsements and certificates
Claims administration
Invoicing, billings and accounts
Bookkeeping and forensic accounting

Outsource Certificate of Insurance 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 outsourcing services can help them redirect their focus where it matters most – business expansion.

Companies like yours should outsource insurance certificate processing for plenty of advantages. Some of them include:

Enhanced Management of Document

Your service provider guarantees you a compliance friendly process that helps in easy management and archiving of documents, thereby making them easy to track.

Improved Efficiency

With your offshore partner taking care of COI processing, you can streamline your frontend operations to generate more business and revenue.

Cost Effectiveness

By outsourcing to third-party vendors, you can prevent the need to hire more resources and investing in additional infrastructure.

Rebuilding Reputation

By outsourcing time-consuming tasks such as certificate of insurance, you can prioritize your customers and improve their experience, thereby enhancing your reputation in the process.

Risk Mitigation

A certificate of insurance company has years of experience in assessing risk and so can help you detect potential fraudulent activity on time.

While these are few major benefits, you can outsource certificate of insurance process to gain other benefits like time zone advantage and meeting resource crunch.

Certificate of Insurance Management Challenges That We Help Solve

Managing COIs 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:

  • 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.
  • The most 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, that too within the regulatory framework. We have a dedicated team to process ACORD COIs for our clients. Our services include:

COI ProcessingWe process all COI requests quickly and affordably. All our COIs are processed on ACORD/ISO forms approved by your insurance provider.
COI ManagementWe offer clear channels of communication to handle and follow-up on all COI requests promptly. Our experts have a keen eye for detail and ensure that all your certificates of insurance meet compliance requirements.
COI ValidationOur insurance professionals have the knowledge to manage complex policy requirements and keep a track of those policies that are either expired or no longer compliant. This helps us in reducing the risk of contract violation and uninsured claims.
Compliance VerificationWe go the extra mile in double checking the accuracy of these certificates straight with the provider. Our process is streamlined and perfected to isolate defunct coverages, endorsement specifications, and additional insured endorsements, in case of errors.

Why Outsource Certificate of Insurance to Insurance Back Office Pro

When you outsource certificate of insurance process to us, we provide the following benefits and more:

Insurance Back Office Pro is a premium certificate of insurance company that simplifies the certificate issuance process while adhering to the industry and compliance requirements. We offer a skilled team of professionals, years of experience, state-of-the-art technology, and tight processes to keep your business free from expensive errors and liability traps. We also follow an efficient process of validating and disbursing the COIs to your patrons, staying well within the compliance framework. Our well-rounded certificate handling process allows us to quickly and accurately finish the job, helping you stay ahead of your competitors.

  • Experienced, licensed insurance professionals
  • 30% reduced TAT
  • 40% reduction in per employee operational cost
  • Flexibility to scale up to 80% during peak times
  • Quality control internal audits
  • 100% Compliance adherence with ACORD, ISO, etc.
  • 99% accuracy in documentation
  • Robust reporting system to ensure transparency and easy detection of flaws

FAQs on Certificate of Insurance Services

A Certificate of Insurance (COI) is a document issued by an insurance company that proves that an insurance policy has been bought. It contains the most significant provisions of the contract and a summary of details such as the type of coverage, policy holder name and effective date, policy limits, etc. It is most commonly used where significant losses or liabilities may occur, which is in most business contexts. It is not a substitute for an actual insurance policy, however.

A Certificate of Insurance provides third parties proof that your business has insurance coverage without needing to present the policy and its terms in full. It is usually requested by your clients or vendors. You will show your COI to any parties who want to work or partner with you to confirm that any damages or liabilities incurred will be covered on your part. Not only does a COI confirm that you have purchased an insurance policy, but it also reduces your exposure to risk, provides quick access to your coverage details, and protects you against any third-party losses or risks. COIs come in useful when you want to prevent being sued or held liable for any damages.

COI outsourcing is the process of handing your COI requirements to a third-party. This is to ensure that every COI meets strict compliance requirements and that generating and issuing insurance certificates is both quick and efficient. Outsourcing your COI allows you to skip the tedious verification process involved in cross-checking policyholder details, policy types, policy limits, and policy coverages.

We can assist you with your COI support needs in as less as two weeks but not more than 3 weeks.

To get a COI, you must first determine what the minimum insurance coverage and policy limits should be. Then contact your insurance provider and purchase an insurance policy that meets the minimum requirements. Request the Certificate of Insurance and provide your vendors and clients with a copy as and when needed.

A COI is generally issued by a broker or insurance company. No other entities are allowed to issue them as they need to be authenticated by the right parties to be considered genuine and in effect.

COA Certificate of Insurance form, or ACORD certificate of liability insurance, is a document that provides proof of insurance coverage. It lists your policy effective dates, liability insurance policies, coverage limits, etc. It essentially demonstrates that you have purchased insurance and that you are adequately insured.I

You can contact Insurance Back Office Pro by email at info@insurancebackofficepro.com or alternatively fill up the brief form on our website to get a quick quote.

As an ISO/ISMS 27001:2013 certified company, we are committed to providing 100% data security guarantee. Additionally, we have a comprehensive backup policy that serves as another security layer to protect client intellectual property. Our infrastructures, systems, and processes are all designed to ensure complete confidentiality and data security for our clients.