Insight from M3 Insurance on leveraging an automated insurance verification platform

Whether a business is struggling with becoming successful or staying successful, it’s important to strip back to the basic layers of what makes a business: its processes and its people. Optimizing processes sounds like a daunting task to take on, but is it really? With the right partners, platforms, teams, and structure, it can be done as easily and efficiently as checking email in the morning.

Technology is everywhere. It might as well be embraced. Let’s face it…the businesses that don’t will be left in the dust (or worse). Want to know what else looms over businesses? Certificates of Insurance (COIs). How can they be handled? Automation, AI, and so many more ways. Let’s get into how a platform like TrustLayer has helped M3 Insurance automate what might be the most arduous task.

Recognizing the problem

Knowing there’s a problem, when to make a change, and actually implementing said change land on opposite ends of the spectrum. There can be pain, lost time, employee stress, monetary damages, research, and buy-in that needs to happen in order to take the next step. Knowing the business’ processes well enough to recognize when something needs to change should be a top priority of all business owners and managers. That’s easier said than done.

TrustLayer’s partners at M3 Insurance noticed how the sheer volume and manual management of COIs impacted the ability to scale business and offer clients a more efficient solution to a necessary task. In some cases it could take a business years to realize there’s even a problem to be addressed. Others implement a process or change before there’s a problem. Those businesses would rather be proactive than reactive. What advice did Dani Noble, Technology Account Manager at M3 Insurance have for others in her position before leveraging TrustLayer? “Vet all the options, ask any and all questions, and do as much research that you can.”

Importance of visibility

Now that the problem, and potential consequences, have been recognized, what should the next steps be? How exactly can an automated insurance tracking platform help scale a business? With a detailed dashboard with reporting and filter functionalities, TrustLayer saves time, headaches, and may even prevent staff from walking out…okay, maybe they won’t stage a strike, but it will certainly make their job easier, more enjoyable, and give back time to tackle and accomplish other projects.
 

Dashboard & Reporting

The first view in the platform is the compliance dashboard which highlights compliance trends, percentages, and an overview of general workload, like how many COIs need to be reviewed or managed. In M3’s case, the dashboard and reporting features are used together to give clients a detailed, granular report of what parties are compliant, whose COIs are expiring and when, and who needs a W9 submitted. And because the dashboard is the first thing when logging in, there’s no need for clicking around.

An easily accessible dashboard along with easy-to-navigate reporting and filtering functions may be the most popular features on the platform, but they’re certainly not the only ones. Dani Noble at M3 Insurance says “a big reason why we use these  is to have visibility into compliance, whether that be for our clients or for the insurance market to show where they are and if compliance is trending up.” Having that visibility helps Dani, and others in her position, recognize if there’s a consistent, upward trajectory and how to replicate that momentum and process from one client to another. 
 

Value-add vs. necessity: where to spend

A question that may be asked is if a platform or tool like this one is just a value-add or a necessity. At this point in time, some may see it as either, but once the platform is used to scale, automate, and efficiently increase business? It quickly becomes a necessity in any business process. Having a user-friendly tool that becomes an asset in reaching more customers - both current and potential - is more than just a value-add. It showcases itself as a necessary part of the solution (and future business processes).

Regardless of how a business views an automated compliance platform, three things are for sure: everyone loves efficiency; everyone loves saving time and money; everyone can benefit from a tool that helps with all three. So why not get ahead before falling behind? (And get a leg up on those competitors).