Certificate of insurance is requirements create high demand
A certificate of insurance is required any time proof of insurance is needed in order to show compliance with state and local requirements and/or at the start of a subcontractor or partner relationship. It can take a few days or even a few weeks to obtain a certificate of insurance because delivery of certificates remains a very manual, time consuming and needlessly costly process in this modern, technological age in which we live.
The insurance industry is slowly streamlining its processes to better deliver automated experiences for its customers, but it’s lagging in a few key areas. Perhaps the process in which the insurance industry stands to implement the most innovation, to effectively change the most customer interactions, is with certificate of insurance delivery.
The current delivery standard in the industry, for certificates of insurance, is via US mail. When you can access so many other necessary items from your personal devices, it’s clear that insurers must do more with technology to meet consumers’ evolving expectations. In fact, insurance providers are 25% behind consumer demand for website servicing.
Here are four reasons the insurance industry should embrace digital modernization when it comes to certificate of insurance delivery.
1. Improve Customer Satisfaction
It’s past time to give customers what they need – 24/7 access to their certificates of insurance. Obtaining a certificate is a slow and cumbersome process, for the broker, holder, and the insured, involving phone calls and the US mail. In our digitally modern age, this is not a satisfying customer experience. Providing digital access to certificates enables self-service, reduces back and forth, and improves customer satisfaction.
2. Reduce Administrative Costs and Time
Certificate distribution is a high demand, manual process for agencies, and when you add up the numbers, it is costly in both time and money. By deploying a digital certificate delivery method, you can reallocate resources, reduce costs, and increase revenue. A good digital platform will also provide instant confirmation of receipt, eliminating the time spent waiting for confirmation notices.
3. Promote Efficiency
Delivering certificates of insurance via US mail requires a printer, paper, envelope, and postage. Wrapped up in all of that is quite a bit of manual, time-consuming effort, not to mention waste. Choosing to deliver certificates electronically improves your delivery time, eliminates the possibility of lost mail, and provides instant delivery confirmation.
4. Ensure Security
Ever worry that a certificate could be altered or end up in the wrong hands? Eliminate these possibilities by using a certificate of insurance delivery method that uses technology to prevent certificate alteration and that limits access to only specific users.
Certificate delivery is only one component of the certificate process. Improve the way your agency manages the entire certificate process by leveraging new technology and business processing solutions. By modernizing business operations, you empower a customer-centric agency focused on accelerated business growth.
Patra is a leading technology-enabled solution provider for the insurance industry, providing end-to-end certificate of insurance processing services including 24/7 self-service access to obtain a certificate. Patra’s proprietary certificate repository, CertVault, is changing the industry standard for certificate delivery.
About Patra
Patra is a leading provider of technology-enabled outsourcing services and software solutions to the insurance industry. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers through our PatraOne platform. Patra’s global team of over 6,500 process executives in geopolitically stable and democratic countries that protect data allows agencies/brokerages, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value.
