March 29, 2021

Agents: Your Insureds Deserve Automated COI Tracking

If you are an insurance agent, then you know how busy your job gets. If you are one of many independent insurance agents, then your job is even more hectic because you don’t have the support of a nationally-known company.

Insurance agency management systems can help you do your job more efficiently by automating routine tasks that take up too much of your time.

What is an agency management system? How do you choose the right one? What features should you check before buying one? What other software can you use to add value to the system?

What is an Agency Management System?

Like general insurance software, agency management system software can streamline all of the processes your agency performs every day. 

What is agency management system software?

Insurance agency software allows agencies to function more effectively. Top insurance agency management systems can help agencies save time and improve accuracy when they:

  • Automate repetitive tasks: Anything you do every single day takes time. Letting technology take over these chores can allow you to do more important things like generate leads.
  • Manage sales leads: You shouldn’t have to struggle to nurture prospective customers.
  • Monitor analytics: Statistics can help determine your agency’s strengths and weaknesses so they can be acknowledged.
  • Track current customers: You must know everything about your customers as it pertains to your agency. Being informed can increase efficiency across the board.
  • Are cloud-based: Platforms that can be accessed anywhere in the world with an Internet connection open up a myriad of flexible work times and locations. You and your agency don’t have to be rooted in one location.

How to Choose the Best Agency Management System

Before you shop for an insurance agency management system, you should evaluate what areas in your agency need improvement and/or streamlining. Make those pain points a priority as you search for a system.

The other item to consider is price. Can your agency afford an insurance agency management systems cost? Factoring in an agency management system cost into your budget can help you allocate money for one in advance instead of scrambling to gather funds. Free insurance agency management software exists, but like with many free things downloaded from the Internet, your results may vary.

You can look for software online. Reviews can help you become better informed about each product, but they shouldn’t completely guide your decision. You know what works best for you and your agency. You have the final word.

5 Things to Check Before You Select Agency Management Systems

Agency management systems for insurance prove their worth by their effectiveness. The more they do for you, the more you can gain. There are a few things you should check before finalizing a purchase:

  • Ease of use: People of every skill level should be able to learn and use the system you choose.
  • Hardware compatibility: Can your existing hardware run the software?
  • Integrations: Software that works with other software can provide extra benefits.
  • Options: Customer histories and messaging within the platform are two options that might come in handy.
  • Scalability: You should also assess what a system can do for your agency now and in the future. Will it still help you when the number of your insureds grows?

Purchasing an agency management system isn’t as simple as it seems. It takes time. Finding a powerful system that everyone in your agency can use to make their jobs easier can serve them and your customers better.

myCOI is a Value-Add Like No Other

Certificate of insurance software can complement large and small insurance agency management systems. A certificate of insurance (COI) verifies a person’s insurance coverage. This document can protect a company that hired the person from insurance claims in the event the insured injures another person or any property. Companies that need COIs have to track and manage one for each third party they hire.

Insurance tracking software like myCOI can be a capable aid for your agency. Helping your insureds mitigate their compliance risk means fewer claims and greater benefits for you.

Your agency can earn new business and build stronger relationships with your customers when you offer them myCOI. You can present access to myCOI or use it to perform compliance review services, creating an extra revenue stream for your agency.

myCOI gives its users one place to view their COIs, compliance, and risk reporting. The platform can reduce the burden of processing COIs.

Your agency can also put myCOI to good use. You will be able to:

  • Automate certificate renewal requests and non-compliant notices.
  • Eliminate time-consuming phone calls and emails.
  • Stay updated with a flexible dashboard and email alerts.

Supplementing your existing services with myCOI can be a smart business move that keeps you one step ahead of the competition.

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Is Your COI Process Healthy ?

How do you think your certificate of insurance tracking process stacks up?

We’ve got a quick, seven-question quiz you can take right now, free, that will help you gauge the health of your COI tracking system.