EXL’s Real Time Certificate of insurance management powered by Certificial

Transform your COI management process combining EXL’s Artificial intelligence enabled content extraction and Certificial’s Smart COI Network™

Certificate of insurance is a point in time document confirming proof of coverage and is a critical document for the insured since this could define if they get a new contract, get paid against their invoices or are permitted to perform their work at their employer work site. A delayed or inaccurate Certificate of insurance can have significant financial impacts to the insured.

Certificate of insurance management is a manual intrinsic process that impedes the issuer’s ability to respond to the requests accurately and swiftly. Issuers spend substantial bandwidth and cost and the variety and non-standard nature of request adds to complexity impacting speed. The creation of certificates of insurance often requires several to and fro between the Cert holder and the issuer. Owing to the complexity and E&O risk associated with inaccurate COIs issuers may utilize seasoned resources to issue COIs preventing them from focusing on account growth and revenue generation.

Owing to the urgency associated with COI, the insureds expect

  • Access to COIs from anywhere
  • Near real-time response times
  • Self-managed – COI share capabilities

While the holders of the COIs expect

  • Ability to digitally send and receive Certificate of insurance
  • Receive updated COI on policy change & renewal
  • Continuous data driven compliance

Solution

Our solution enables intelligent data-led COI management and issuance that delivers reduced cost of operations, improved speed to service, self-service adoption, and an improved customer experience. It offers:

  • Multi-Channel Intake - to seamlessly integrate with all channels used by the issuer to receive COI requests
  • Pre-Built AI / ML COI Data Extraction Models - Extract data from Unstructured/Semi Structured and Structured document to create a digital request
  • Enterprise Cert Issuance Platform - Enable Real time coverage information exchange between Cert issuers, Requestors and Insureds
  • Continuous data driven compliance and lead generation - Provides instant coverage comparisons against Certificate holders requirements
  • Eliminates repetitive processing for new requests, policy change and renewal - Policy changes and renewals made available to the Cert holders automatically

Key benefits

  • 40% - 50% reduction in operational costs
  • 60% - 70% reduction in renewal COI issuance through automation
  • 5% -10% reduction in error rates
  • Improved Insured experience with ability to issue Certs to Holders directly
  • Increase self-service adoption for COI issuance