November 28, 2016

Can Certificate of Insurance Tracking Help You Boost Retention?

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Most insurance brokers would say they face immense competition and often have a difficult time differentiating their offerings and services. Would your brokerage agree? How do you ensure that your brokerage stands apart? Are you able to provide access to more competitive markets, or above and beyond service offerings to make sure your insureds are protected and feel secure with your company?

At myCOI, we speak with many insurance professionals, and we constantly see one trend emerge again and again: ultimately everyone has the same policy forms to sell. Therefore, no matter whether the insured selects a policy through them or through a competing firm, the policy form itself is very similar with few areas for differentiation. The professionals we’re speaking with are constantly seeking out ways that they can offer unique services to win new business and keep it for the long term. This means they have to add value outside of just a competitive premium—an absolute must in world of insurance.

How Can your Insurance Business Set Itself Apart?

Is your brokerage or agency looking for continual opportunities to talk to potential insureds or even current insureds in order to keep them engaged with your organization and add value? How are you doing that today? What are the topics you can discuss?

myCOI’s certificate of insurance tracking solution offers partnership options to insurance brokerages and agencies to help them differentiate their services and provide unique value and expertise to their insureds. How does myCOI accomplish this? The solution allows insurance professionals to differentiate themselves by utilizing myCOI Central, the insurance tracking software, as a retention tool to value-add for clients. Your firm may also choose to use insurance tracking as a way to create revenue by offering the compliance review services in order to build stronger relationships with clients.

Certificate of Insurance Tracking Can Help Boost Insured Retention

Many insureds are now beginning to ask if certificate of insurance tracking is included or offered as part of an brokerage’s services, creating a significant opportunity to boost retention and win new clients.

Your producers know all too well that most prospective clients (and existing ones) shop around when considering where to place their business. Providing certificate of insurance tracking as part of your portfolio will not only help your company stand out when competing for new clients, but it will ensure that you maintain your current book of business for many renewals to come.

Partner with myCOI to Increase Value

myCOI Central is a cloud-based software solution that can help your brokerage provide a value add through certificate of insurance management and protect your insureds against underinsured claims, costly litigation and failed audits. The software is an easy-to-use solution developed and supported by a team of insurance professionals and is built on a foundation of insurance industry logic to automate the certificates of insurance communication process and ensure your insureds remain protected.

Either pay for myCOI Central and offer it to your clients as a free value add, choose to create revenue by reselling the solution to insureds, or use the software as your tool to provide compliance review services to your insured. The choice is yours! Not sure where to start? myCOI’s team of experts can help you identify the right solution to ensure that your brokerage is able to grow and change with your insureds as their needs evolve and change. Have the best program your insureds needs now, and in the future.

Ready to Learn More?

Interested in learning more about insurance tracking services or want to see myCOI in action? Request a product demo or sign up for our newsletter to stay in the know.

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