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Insurance compliance software often gets slapped together by software developers who haven’t spent any meaningful time understanding insurance. Even more unfortunate is the fact that their customers inevitably suffer from low compliance ratios, software-first support, and a relationship that centers around the platform instead of the product. It’s no coincidence 80% of CertFocus’s clients come to them from competitors.
Recently, CertFocus clients who have spent time in the industry shared their experience with the company. Let’s dig into what they had to say!
Clients repeatedly named CertFocus a critical part of their risk management program. What separates CertFocus from competitors, and even in-house compliance programs, is, as 17-year veteran of risk management Peacola Johnson puts it, expertise: “We wanted not just anyone to look at our process, we wanted people with technical knowledge of insurance actually handling the compliance.” When CertFocus has their credentialed professionals review documentation, they pick out patterns and trends that software passes right over.
The value of having an insurance-savvy team focusing on your compliance program doesn’t stop at the massive boost to compliance ratio. Nermine Demopoulus points out that while “...we started at less than a 40% compliance ratio and that has more than doubled into the 90s,” she also emphasizes how much time her staff saves after outsourcing the process.
Even better than saving time is saving money, and Lisa Kerr is adamant that partnering with CertFocus allows her staff to be “...analyzing the certificates and looking at where we might have gaps and where we might further improve compliance.” That positions her team to better negotiate their insurance rule, keep their rates down, and save a premium. It’s hard to deny the unique nature of a relationship with CertFocus, where support isn’t just troubleshooting software.
Ensuring your company remains safe from risk and large liability, especially when working with a large number of vendors, is absolutely crucial. George Zaroogian, who has worked in the insurance industry for more than two decades, said that without a program like CertFocus in place, his company would be massively exposed. “This is something that is critical to our risk management program. We’ve been very happy with them, they do an excellent job,” he said.
What draws clients like these to CertFocus is not only the doubling of compliance ratios or even the hands-on analysis that saves them big. It’s the ability to rest easy at night knowing their risks are being managed by experts. That peace of mind is invaluable.
COI Management
