Just as you have a need to protect your personal items at home, of equal or more importance, you have a need to protect your professional E&O exposure in your insurance agency.
In your home, you may have a security system. In your agency, your “security system” includes your agency management system. We’ve been told the way to avoid E&O exposure is to “document, document, and document”.
This is where your AMS becomes your “security system” foundation much like an onion with different layers of protection. Maybe even have a field in your AMS that asks “Did you document to protect your E&O exposure with this account today?” Your AMS should be nimble and smart to allow you to add these types of customizable fields. Also important is to send emails, texts and log your calls through your AMS to document each interaction with a client.
TechCanary has built into its system different layers of protection for your agency to help protect against a possible E&O claim. TechCanary AMS provides this protection directly in the customer’s account record with email integration, text messages and phone integration. The phone integration will bring up a customer’s account within the system (based on caller ID), so you can quickly make requested changes in their Policy while the system is logging and tracking the call. Once the call is completed the system created a task, logged the duration of the call, recorded the call, and related it all to the policy, contact, and account.
Email marketing campaigns help spur conversation with customers that may have Home Owners insurance but not Flood. For example, when you send them a Flood email marketing campaign, it will cause them to think about whether they have Flood insurance or not. Many homeowners believe Flood insurance is included in their standard Home Owners insurance. This is why you need to have them sign a form to decline Flood insurance. The email campaign is one more layer of protection, in case the form wasn’t signed; you have a record of sending them an offer for Flood insurance in the system, attached to their account.
Your system should prompt you 40 days ahead of a renewal. Agents can then use this opportunity to review the renewal policy with the customer for any changes in their life since the last renewal. With the right AMS in place, you can attach ACORD forms in the system so if there are changes, your agent can easily and quickly send out the ACORD form through the system to the customer for any changes they need that can be documented on the form with the customer’s signature.
With TechCanary in place as your core, you can benefit from the App Market. The App Market allows other companies such as DocuSign to bolt right on to your system. As you may know, DocuSign is accepted as an electronic e-sign vendor for insurance applications and other documents. This integration with TechCanary allows the e-signed documents to be attached directly to the person’s account.
These layers of protection are valuable for any line of insurance whether personal or commercial. The key to your protection is having a solid system like TechCanary as your agency management system. To learn more about how TechCanary can help protect your E&O exposure, call or email us today. We’ll be happy to provide these layers of protection for your agency against E&O exposure.