While the insurance industry is still very paper-based, the issuing and managing certificates of insurance (COI) is ready for innovation. A COI is a document that verifies a business's insurance coverage and is typically shared with clients and vendors. Potential clients may request a COI as a condition of doing business. That’s why agents and brokers need the most efficient and reliable way to ensure their customers always have access to the most up-to-date COIs.
Agents and brokers have realized that accurate and timely COI tracking and management is a top priority for their clients. COIs are often shared as physical documents or email attachments, so it doesn’t take long for them to become outdated. In most cases, they must be checked, re-checked, and constantly verified to ensure the information on the form is still valid. Agents and brokers still rely heavily on a manual workflow to review COI requests, leading to potential Error and Omission (E&O), which can cost their clients millions of dollars if the information is inaccurate.
Even though agents and brokers continue to invest in tools to optimize their business processes, they still need the data capabilities required to consolidate and aggregate data from various insurance systems. The inability to efficiently access and coordinate data makes it difficult for agents and brokers to manage COIs, track coverage in real-time, and identify gaps against client and vendor requirements.
Synatic and Certificial have partnered to create a real-time insurance tracking and management solution that enables agents and brokers to convert COI requests into automated digital requests that can be effortlessly shared with insureds and certificate holders.
Certificial combines Synatic’s nimble, simple, and powerful hybrid integration toolset with Certificial’s real-time certificate issuance and compliance management capabilities. Together, Synatic and Certificial real-time COI tracking and identification of coverage deficiencies through the creation of Smart COIs.
A smart COI is a living, breathing document containing policies for real-time monitoring. It uses dynamic data to ensure agents and brokers always have continuous access to insurance coverage data.
Smart COIs remain current due to direct connections through data integration and API technology. This connection allows for seamless, real-time data sharing. The static paper-based that provides several benefits for insurance agents and brokers becomes a digital document that is dynamically updated and easily accessible by the entire insurance value chain.
For insurance agents or brokers, smart COIs make their jobs drastically easier. Agents know immediately if any situations arise. They can spend less time digging through paperwork or double-checking policy information. They can quickly respond to requests digitally without any cumbersome paperwork. Smart COIs also provide agents with real-time alerts that let them know when their clients may need more insurance coverage and how much additional coverage is needed.
Agents and brokers using Smart COIs to share coverage information with clients make them more attractive to do business with. Their clients know that their organization is always up to date in its coverage. There is also less manual, paper-based work for agents and brokers, which leads to greater operational efficiency and less E&O exposure.
Synatic acts as a central platform controlling an agent’s or broker’s data. Using Synatic’s Hybrid Integration Platform (HIP), data can be integrated, aggregated, and orchestrated between an agent’s or broker’s AMS System and Certificial’s Smart COI Network ™, making it easier for them to automate several COI processes which include:
• Issuing COIs
• Receiving and responding to COI requests
• Automating comparison between the Insured’s coverage and the Certificate Holders’ request
• Providing COI updates upon renewal
• Performing coverage Analysis
Synatic can orchestrate data by building integrations and using pre-built and fully customizable APIs to connect to various AMS’s to Certificial’s patented COI solution. In addition to this, triggers can be set up in Synatic to instruct flows to run. These triggers enable an AMS to communicate with Certificial in a time-sensitive manner. Synatic’s comprehensive data management toolset ensures that the right data is available to the right person, at the right time.
If you want to learn more about how you can leverage Certificial’s industry-leading Certificate of Insurance Solution and integrate it with your current systems, contact Synatic today.