Are you stressing out about the competition? With more than 1.1 million agents, brokers and service employees (Statista) and $1.2 trillion in premiums up for grabs in the U.S. (Insurance Information Institute), insurance is more competitive than ever. Client turnover represents a growing challenge in an industry once driven by long-term customer relationships, now disrupted by cost comparison tools and new insurance models.
Today’s consumers demand more than the traditional “good coverage at a fair price.” They want value-added services to improve their experience. In response, savvy agents creating a unique sales strategy to edge out the competition are turning to innovative insurtech like myCOI. Offering technology like myCOI helps win and retain business. According to Forrester, a 5% improvement in customer retention could equal as much as 25% in increased profits.
myCOI represents the industry’s leading, cloud-based software for tracking and managing certificates of insurance. This smart technology is backed by in-house insurance professionals and provides insureds with a single source for organizing COIs, automating compliance, and monitoring risk reports. Here’s how that translates to a standout value proposition for Assurex agents:
Delivering a Superior Client Experience
Managing COIs is not easy! Most companies have a manual, error-prone process, and too frequently suffer from the painful impact of preventable claims. Agents offering a high end solution to address a major client pain point; they eliminate the back-and-forth emails, reams of paper copies, and incomprehensible legal jargon that slip through the cracks and increase risk. By replacing these arduous headaches with an automated solution to track COIs and proactively manage renewals online, agents are creating stickier relationships with excellent client service.
Preventing Risk & Lowering Costs
With myCOI, agents help clients avoid losses and gain real-time visibility for offering assistance. By tracking COIs, verifying coverages, and proactively monitoring compliance through myCOI, insureds mitigate risk much better. This could mean millions in savings not only from avoided claims, but also from premium rate increases over time. It can take clients up to five years of clean loss histories to lower premiums after a claim event. Proactively preventing risk keeps premiums low and claims reserves unused – the most important service any agent can provide its clients.
Poor management of COIs and compliance is a problem many companies know they have but are not sure how to fix. Agents offering a solution have a more attractive sales position to earn business. A municipality awarded a large contract to an agent because of one differentiating factor – they were the only bidder that offered a COI tracking solution. Another agent assisted its client’s subcontractor with a COI for a claim. The subcontractor noticed how easily they managed the documentation through myCOI and moved its business to the agent to gain access to the system.
Brand Awareness for Improved Customer Connections
myCOI supports white-labeling, which means agents can use their own name and logo within the system. Each time a client logs in, they see the agent’s brand and are reminded of the support. This unique feature combines the agent’s expertise with myCOI’s innovative software. EY reports that only 14% of consumers are satisfied with the communication they receive from insurers and nearly half have had no interaction with their insurers in the last 18 months. White-labeling myCOI puts you in front of your clients every day.
Make myCOI Part of Your Next Sales Pitch
Lindsay McCarty, a Compliance Specialist at IMA Financial Group, said, “myCOI has definitely improved our relationship with the insureds. The investment was well worth it. We are much more involved, and they are very happy with it. We already have a line of clients waiting to get into myCOI.” Take the next step of adding myCOI to your sales strategy by scheduling a demo. See firsthand how myCOI empowers Assurex agencies to offer streamlined COI management, improved compliance, saved time, and multiple layers of insurance expertise to keep your clients protected.