Certificate of Insurance (COI)
For insurance agencies, processing and issuing a certificate of insurance (COI) has traditionally been a time-consuming, repetitive and rigid process. Every year, millions of insurance certificates are issued in the US, the processing of which requires a tedious verification of the policyholders' details, types and limits of insurance coverage etc. This, therefore, leads to increased strain on an insurance agency's back office and customer-facing processes.
As a globally recognized outsourcing provider of insurance services, Flatworld Solutions has helped insurance agencies speed up their time-to-market and streamline resources while providing reliable, affordable and professional services. Our certificate of insurance processing methods enhance the speed and efficiency of generating and issuing insurance certificates, while continuously improving your customer service and satisfaction levels.
Our Services for Processing Insurance Certificates
Our teams of insurance back office experts perform all the tasks necessary for processing, validating and electronically disbursing certificates of insurance while ensuring compliance to industry guidelines. We have a specialized team to process ACORD certificates of insurance apart from other insurance certificates. We offer various other services for our clients, including -
- Processing COI: Our insurance back office experts are proficient in receiving, processing and issuing insurance certificates quickly, accurately, and for a reasonable price. At the same time, we ensure that the certificate of insurance is issued on forms approved by your insurance agency such as ACORD forms, ISO forms etc.
- Efficient third-party communication to process requests faster: Our insurance professionals are trained to effectively manage and follow-up on insurance certificate requests. With a strict attention to detail and by consistently following-up, we ensure a steady increase in your insurance compliance rates, reduced loss exposure and enhanced customer service levels.
- Verifying compliance and identifying non-compliant matters: Properly managing and following-up on insurance compliance is resource intensive and time-consuming for an insurance agency. At FWS, our insurance professionals not only have the appropriate knowledge, but are also extensively trained to handle high-volume work. By keeping a track of all policies which are in compliance, and regularly following up to identify those policies which have expired or are non-compliant, to ensure reduced risk of uninsured claims and breach of contract.
- Renewal Requests and compliance reporting: Our insurance back office experts keep a track of all insurance policy renewal requests by leveraging our insurance certificate management database. In addition to keeping a track of each individual request, we also generate exhaustive compliance reports for the same.
- Processing revised certificates after renewals: We utilize a comprehensive database to store insuree details, excess liability limits and other relevant information and then deliver the revised certificates of insurance to the policyholders via email, quickly and confidentially. We ensure strict quality control and short turnaround times while processing revised insurance certificates; without any errors, repetitions, or omissions.
Advantages of Outsourcing Insurance Certificate Processing to FWS
Certificate of insurance processing and management can be a monotonous process. Any lapse in compliance or procedural inefficiency can lead to complications not only for your clients but for your company as well. With Flatworld Solutions as your outsourcing partner, you are guaranteed a reliable service provider who not only has a deep understanding of global insurance norms and processes, but can also provide you with a suitable edge over your competitors.
Following are the benefits you can reap by outsourcing certificate of liability insurance processing to FWS -
- Multi-location execution centers guaranteeing high scalability of our insurance certificate processing services
- Reduced turnaround times by using reliable data indexing procedures, and automating storage and delivery of insurance certificates
- 100% compliance with ACORD, ISO and other industry specific insurance certificate formats
- Reasonable pricing for COI processing
- Highly skilled insurance experts with extensive hands-on experience in the insurance domain
- Reduced risk of uninsured claims and expensive legal disputes
- Enhanced customer satisfaction as a result of effective handling of COI requests
- 24/7 access to our insurance professionals
- Distinct reporting mechanism to ensure clarity, control and early detection of potential issues
Gain the Upper Hand by Outsourcing COI processing to Flatworld Solutions
For over 12 years, we have provided our certificate of insurance processing services for diverse industry verticals such as P&C insurance, life insurance, health insurance, auto insurance and home insurance. We set exacting standards for ourselves when it comes to safeguarding the privacy and confidentiality of our client's critical insurance data.
Our insurance professionals can customize services according to your business requirements, relieving your insurance agency of the time-consuming processing and issuance of your policyholders' certificates of insurance.
Contact us to outsource your COI processing requirements to us, and save time for your core business activities, while experiencing the efficiency and cost-effectiveness we bring into the picture.