For agents and brokers, an Agency Management System (AMS) is a must-have. From general CRM functionality to policy management to claims tracking, AMS’s are great for day-to-day operations. In the modern insurance world, however, this ‘general’ or ‘baseline’ service will help your agency function, but it’s not going to give you the leading edge required in such a competitive marketplace. This doesn’t mean agents and brokers should quit using their AMS altogether. Instead, they should start looking for innovative additions and supplemental technology to add value to their current AMS offerings.
When it comes to researching and investing in new tools and solutions, delivering value to your insureds should be at the heart of the conversation. One of the biggest mistakes insurance providers can make is to believe that because they’ve invested time and resources into an AMS, they are providing high-level service differentiators to customers and insureds. Unfortunately, these systems tend to fall short in a few key areas that are critical to delivering value, and more importantly, fail to protect your insureds from risk.
So, What’s Missing?
Certificate Tracking: While your AMS may offer some basic functionality to assist your insureds in monitoring the compliance of their vendors’ and subcontractors’ COIs, these systems do not include the robust features necessary to allow an agency to offer a truly effective and efficient certificate management service. When an insured has hundreds or even thousands of COIs to review each year, using a standard AMS to track COIs is a sure way for critical information and documents to slip through the cracks.
Policy and Coverage Insights: Maintaining the right insurance coverage is just one part of your insureds’ risk management program, and it’s likely they need your expertise for more than just placing their own coverage. Agents and brokers who leverage technology outside of their AMS are able to provide much needed insight in to the exposures their insureds face due to insufficient coverage from the other parties with whom they contract. Provide clients with user-friendly access to an online, cloud-based portal that contains resources, insights, and other information that makes insurance, coverage, claims, and COIs relatable and easy to understand.
Additional Risk Management Services: Your clients’ need for risk expertise often begins long before the first COIs are requested from their vendors, tenants or subcontractors. More and more agents are finding themselves involved in the process of creating new insurance requirements and speaking to best risk management practices for everything from contract language to safety meetings. In the past, these items have been addressed in separate systems or through clunky, manual processes, but implementing the right technology can allow all parties involved to access everything from licensing and contract information to COIs and even full policies in real-time.
Ready to start adding value beyond your current AMS?
Talk to a myCOI consultant today to see how our best-in-class insurance tracking platform is helping commercial agents build value, generate revenue, and create stronger relationships with their insureds. Schedule your personal demonstration here.