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.

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 (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:

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. Our quality services can be availed at affordable rates with customized service requirements.

Round-the-clock support

Having a supportive team of expert agents readily available to answer your queries and related issues gives you an informative edge over competitors.

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 potentially fraudulent activity on time.

Team of experienced professionals

You can count on the quality services of our skilled professionals who are experienced in handling and managing COI services with great efficiency.

Infrastructure and Scalability

Equipped with the infrastructural advantages that external COI service providers offer, you get access to state-of-the-art tools to execute daily operations. These infrastructural advantages also help you in scaling the business and exploring and cashing in on growth opportunities.

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

  • Nexsure
  • Vertafore
  • Aspire
  • Board
  • ABS
  • InsurancePro
  • A1 Tracker
  • Agency Systems
  • QQCatalyst
  • AgencyIntel
  • AgencyMatrix
  • Sas
  • Plexisv
  • ClickClaims
  • Halo

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:

COI ProcessingWe process all COI requests quickly and affordably. All our COIs are processed on ACORD/ISO forms approved by your insurance provider.
COI ManagementOur COI services include 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. OCOI outsourcing services are streamlined and perfected to isolate defunct coverages, endorsement specifications, and additional insured endorsements, in case of errors.
Renewals ProcessingWe track all policy renewal requests to ensure that they are processed within the appropriate guidelines. We also create detailed exposure summaries after understanding our policyholder’s precise requirements and make the required alterations to each policy so that premiums can be revised as needed.
ReportingOur experts generate exhaustive compliance reports to help trace anomalies, track upcoming certificate expirations, and identify any data deficiencies to mitigate the risk of contract violations and errors.

Why Outsource Certificate of Insurance Services 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 (COI) 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. As a leading provider of COI outsourcing services, 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 finish the job quickly and accurately, 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.