Risk and insurance · Certificate Issuance (rm.Certificates)
Certificate of insurance issuance software
Issue, renew and distribute certificates of insurance to your customers on demand.
The problem
Customers, landlords and lenders ask for proof of insurance before work starts or a contract is signed. Each request goes to your broker by email and waits, many need special wording or endorsements, and every certificate must be reissued at renewal. At volume (Tyco handled over 40,000), it becomes a full-time job and slows sales.
- Premiums32%Not directly affected.
- Retained losses62%Not directly affected.
- Cost to manage risk6%In this example, issuing certificates takes about 430 staff hours a year, roughly $31,000, before the broker time behind each request.
Typical split from the Risk Diagnostic’s example: a public agency with a $1.2 billion budget. Take the diagnostic and this chart shows your own numbers.
What it does
Self-service requests
Your sales and account teams request certificates through a simple form, 24 hours a day. Some programs let customers request their own.
Templates and holders
Standard wording and a managed list of certificate holders: customers, landlords and lenders.
Bulk renewal
Reissue certificates to every holder when policies renew.
Audit trail
A record of every certificate issued, to whom and when.
ACORD, ISO and manuscript forms
Standard ACORD and ISO forms, plus manuscript templates such as evidence of self-insurance and memorandums of insurance.
Auto ID cards
Auto ID cards for all 50 states, on demand.
Endorsement library
Pick endorsements from a library, or include them automatically.
Non-standard requests
Business rules flag non-standard requests and route them to the right reviewer.
Cover letters and delivery
Customizable cover letters, with delivery by email, fax or US mail.
Supporting documents
Attach the contract or purchase order behind each request.
Full record and reporting
Every action and message between your team and outside parties is logged, and ad-hoc reports give real-time certificate, process and performance data.
Broker attestation
Your broker attests to new policy information, digitally or by hand, before it is used on certificates.
How it works
- 1Certificate requested
- 2Template and holder selected
- 3Certificate issued
- 4Reissued to every holder at renewal
What to expect
Who uses it
Risk and insurance teams at companies whose customers require proof of insurance before they sign or pay: contractors, suppliers and service providers.
“With the help of Exigis software RiskWorks, Tyco eliminated the manual handling of over 40,000 certificates of insurance and achieved aggressive ROI goals. We couldn’t have done it without Exigis!”Christian Heinisch, Senior Manager, Risk Management · TE Connectivity
Questions
Who issues the certificate?
RiskWorks produces ACORD and ISO certificates, and manuscript documents such as evidence of self-insurance and memorandums of insurance. Before new policy information appears on a certificate, your broker attests to it, signing digitally or by hand, and the sign-off is kept in the document trail.
Who can request certificates?
Usually your own people, most often sales and account teams, through a web form. Some programs also open the form to their customers, so they can request a certificate directly.
What happens at renewal?
Every active holder can be sent a new certificate in one batch when the policy renews.
Related
Policy Management
Every policy, binder and endorsement in one register, read in by AI, with renewal dates, documents and approvals attached.
Learn morePremium Allocation
Allocate insurance premiums and fees across business units and locations, and bill them back.
Learn moreKnowledge Management
Keep policies, procedures and FAQs in one library, and route questions to the right subject matter expert.
Learn moreWhat does risk cost your organization?
The free Risk Diagnostic gives you an approximate total cost of risk and shows where your organization’s time goes, compared with your industry. Then review it with an Exigis analyst at no cost.