COI Tracking Should be a Core Insurance Agency Software Offering

July 21, 2022

If you are an independent insurance agent, then you know that you have a lot to do on your own. Without the backing of a national issuer, you have to fight an uphill battle to keep your agency solvent. You need an advantage or, in the least, assistance to even the playing field.

Agency management systems for insurance, including insurance broker software and insurance agent software, can help you and your team become more efficient by automating routine tasks. Simplicity can make your job easier so you can keep up with all the rigors of business.

Insurance agency software can not only help you maximize your potential but certain software can add value to your agency. Adding COI tracking can prove to be a wise business decision.

Certificates of insurance (COIs) verify insureds’ coverage. This document can protect a company that hired the person from 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. COI tracking software like myCOI can help your insureds reduce their compliance risk. This could yield fewer claims for your agency and higher profits.

Before you learn about how COI tracking can be a valuable addition to your agency, you should learn the basics about insurance agency software and what it can do for you.

What is Insurance Agency Software?

Insurance agency software is designed to help insurance agencies and brokerages manage their daily operations. Insurance agency software can optimize existing processes to run all operations. The software can help track insurance policies, improve agent productivity, and effortlessly give agents access to customer data.

The best agency management system should automate repetitive tasks to streamline workflows, giving staff more time to focus on other revenue-generating duties. The software can also let agents and brokers manage leads and other revenue opportunities from one location. Easy, unified access can foster efficient dataflows. No one has to fumble with different files when they can go to one source to get the information they need.

Additionally, agents and brokers can use insurance management software to monitor how well they are performing. They might even be able to break down analytics to pinpoint problematic areas that need improving.

Insurance agent software can also eliminate paperwork, which can increase data security. Some of the best insurance software platforms can allow documents to be scanned and uploaded where they can be accessed by authorized personnel. The physical documents can then be locked in storage or destroyed. There is no need to keep physical copies where anyone can get to them.

What Makes the Best Insurance Agency Software the Best?

Ideally, the best agency management system for insurance agents and brokers should make their jobs easier. However, from here the question of what makes the best insurance agency software the best gets trickier to answer. Your definition of “best” is unique to your agency.

For instance, accounting software might be the best at streamlining accounting tasks. However, that software is probably not built for COI tracking. You would need a platform like myCOI to manage your certificates of insurance.

The inverse is true. COI tracking software can be effective in verifying and monitoring COIs, but probably useless when it comes to performing accounting. You have to choose the right tool for the right job.

Before you research insurance software providers, you should evaluate what manual tasks you and your team perform every day. Could automating them alleviate your workload? Could a digital solution reduce the time it takes to complete them as well as eliminate errors? What solutions does your company need to be the best it can be?

Once you know what your company needs, then you can look for insurance platform providers that can best fulfill your expectations. Reviews can point you towards insurance SaaS companies that the industry trusts. The best insurance software can either be commercial or free insurance agency management software. It all depends on your company’s demands, budget, and confidence in the platform.

Agency Management Software is About More Than Tasks

General insurance software can make life easier for agents, brokers, and their teams. However, insurance systems can accomplish more than getting the job done. They can ignite a chain reaction of productivity, increased revenue, and other benefits.

Take this example: Your agency offers COI tracking to your customers. They can use the service to better control claims by enforcing stricter insurance compliance. Fewer claims could result in reduced rates, possibly making your customers happier and more loyal to your company. Lower rates could also entice prospective customers to your agency.

Adding value to what your agency does can enhance the way you do business. Insurance agency software can help you keep up with your competitors and possibly outpace them.

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