Challenges of Managing Certificates of Insurance for Homebuilders

Homebuilders are in the business of trust, relying on their good name to grow their business as they build new homes for families. But while they’re focused on the specifics of developing a neighborhood, the administrative challenges can sometimes derail operations. In particular, managing and tracking certificates of insurance can be a big issue. Subcontractors come and go, and when people are focused on delivering results on deadline, administrative tasks can fall through the cracks, putting companies at risk when they least expect it. “Certificates of insurance, on a large scale, impact the environment for commerce to occur,” says Lee Roth, vice president of Ebix BPO. “People need to know there’s protection should there be a need for it down the road.” Here are some of the issues that can arise when homebuilders manage COIs. Gaps in Coverage In other industries, when companies collect certificates and separate endorsements, the additional …

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New Industry Tools That Could Change the Way You Do Business

Times have changed for financial advisors. The advent of new technology has made it possible for independent advisors and smaller houses to compete with larger firms, and for larger firms to have a global reach. Keeping up with that technology can be a challenge — but it’s vital for any financial advisor who wants to stay competitive. Today’s clients want savvy, responsive financial advisors who are comfortable with technology. Fortunately, new industry tools are easy to use and integrate to provide top-level customer service and performance. “You don’t have a shot if you’re not organized,” says Jason Lara, director of sales and strategy at Ebix. Here are some new industry tools that can change the way you do business. Client Management Being able to manage your clients through scheduling and CRM platforms, as well as provide them excellent advice through market research tools, are among the biggest benefits of using …

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Demystifying the DOL Part 4: Capabilities Required to Meet Operational Requirements

Demystifying the DOL Part 4: Capabilities Required to Meet Operational Requirements

The advisor practice should be prepared to add new procedures and technology platforms to support the DOL operating environment. The requirements of an advisory practice to support DOL comprehensively will involve the capabilities and technologies described in the sections below. Contact Management/CRM Many agencies and advisory firms employ a form of Client Relationship Management (CRM) platform in conjunction with the practice. For many firms, however, the DOL will likely dictate a more comprehensive use of such a platform than many firms currently employ in operations. In the field, the CRM will be required to document prospect and client communications, since most communications can be construed as “recommendations” under the DOL and the advisor must avoid any recommendation that contains “misleading statements.” As such, the advisor and staff will likely have to thoroughly document these communications as a requirement of the Financial Institution and make the content discoverable and accessible in …

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