March 22, 2021

myCOI is a Value-Add to Your Insurance Agency Management Tools

Your insurance agency can benefit by changing the way it works. If you’re still doing anything manually, then you could be wasting time and money. Insurance agency management tools can automate and simplify all the tasks you’ve been doing by hand.

Work takes time. Agency management systems for insurance can reduce those hours to minutes, freeing up staff to generate new leads and revenue.

Other tools like certificate of insurance software can complement existing systems. A certificate of insurance (COI) verifies the insurance coverage of the named insured. This document can protect the company that hired the insured from insurance claims in the event the insured injures others or property. Companies that require COIs have to track and manage them – one for each third party they hire.

Insurance tracking software like myCOI can be a powerful asset for your agency. Helping your insureds reduce their compliance risk means fewer claims for you and your clients, gain new business and forge stronger client relationships 

What is Agency Management Software

Like most professional software, the best insurance agency management software can make your job easier. 

What is agency management system software?

Insurance agency management software (AMS) is an application that allows agencies to operate more effectively. The best agency management software can:

  • Automate repetitive tasks to create efficiency and consistency.
  • Manage leads and other sales opportunities in one location.
  • Monitor analytics to prevent problems.
  • Track current and prospective insureds.

Some of the top insurance agency management systems are cloud-based, meaning they can be accessed anywhere in the world with an Internet connection. This feature allows employees to work from home at any time of day.

Another perk of being completely electronic is a higher level of security. Insurance agency management tools typically allow documents to be scanned and uploaded to their respective platform. The documents can then be locked away in storage or destroyed. Since they can be accessed online, there is no need to keep physical copies where anyone can get to them.

How to Choose the Best Agency Management Software

In general, insurance software can be worth the investment. Buying the right kind that fits perfectly within your existing processes is no different than shopping for any other product.

How can you find the best agency management system?

The first thing you should do is determine what your agency does every day. Use this information to narrow your choices to those that can take over as many routine tasks as possible.

Next, you can research your top picks. If you search online, you can find numerous platforms that claim to be the top insurance software on the market. You should look for what actual users have written about regarding their experiences. Reviews are the constant lifeblood for many companies. They can be found on several websites.

Reading all the reviews, not just the best and worst, can give you a well-rounded general opinion. With this in mind, you can be empowered to make an informed purchase.

Top agency management systems can be expensive. Opting for free insurance agency management software could save you money now, but will the software stand the test of time? How well is it supported?  Will it help make life easier? Can it help your agency grow?

5 Things to Check Before You Select Agency Management Tools

You should consider a few key features before you choose the tools to push your agency beyond expectations:

  • Options: Examples like customer histories and intra-platform communication may not seem important, but they might come in handy in the future.
  • Scalability: Can the software grow with your agency?
  • Ease of use: The platform you select should be user-friendly for people of every skill level.
  • Integrations: Software that integrates with other applications can yield a larger return on the initial investment and make your job even easier.
  • Hardware compatibility: Whatever system you pick is useless if your existing hardware can’t run it.

myCOI Can Add Value to Your Agency Management Tools

Your agency can gain new business and forge stronger relationships with your insureds when you offer them myCOI. You can either provide access to the insurance tracking software or perform compliance review services, generating extra revenue for your agency.

myCOI can help simplify insurance tracking. The platform presents its users with one place to view their COIs, compliance, and risk reporting. This feature can reduce the burden of processing every single collected COI.

Your agency can also directly benefit from myCOI when it:

  • Automates certificate renewal requests, eliminating time-consuming phone calls and emails.
  • Automates non-compliant notices.
  • Keeps you up-to-date with a flexible dashboard and email alerts.

Insurance agency management tools show their worth by their effectiveness. The more they do for you, the more you can gain.

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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.