The expense of still doing certificate tracking manually is considerable. Add in the error factor and that feeling of imploding from work that’s never done – well, could be time to switch to a more efficient automated program.
As an executive who always keeps one eye on productivity and cost savings, you may be interested to know just how much in-house certificate tracking is affecting your bottom line—and what might be costing MORE than an insurance tracking solution.
Did you know that for every 100 certificates that need to be tracked in your system, your compliance team could be saving 40 hours each year? To put it another way, if your company needs to track 1,000 certificates every year for your subcontractors and vendors, you could be giving your team a whopping 10 extra weeks of time to devote to other priorities during the year, just by switching to a more efficient certificate tracking program!
What’s The Cost of a Compliance Error?
What is the cost of completing all of the steps from collecting certificates and endorsements to data entry to reviewing and issuing renewal requests and beyond? If your team of compliance administrators is like others in the industry, they certainly don’t have the capacity to be strategic in their role. And, consequently, they often aren’t able to spend the proper amount of time on each item, which can increase the risk of errors and omissions or simple oversight, such as keeping all certificates up to date.
On average, myCOI’s customers yield a 30 percent total cost savings, including both the software costs and management costs. You might even realize that you and your team could already have a solution in place if it weren’t for spending money on bad habits that have developed as a way deal with the stress of compliance… are we right?
7 Things That Could Be Costing You MoreThan Outsourcing Certificate Tracking
- Your co-worker’s daily Starbucks Grande Caramel Frappuccino caffeine habit
- Counseling and therapy sessions that your admin needs after working through compliance issues
- The parking (or speeding) tickets your employees will incur by leaving work late because they’re putting out compliance fires
- Your employees’ cell phone data overage rates because they’re sending so much email on nights and weekends
- Your compliance admins fast food takeout diet because she can’t leave her desk for lunch
- The printing costs for wasting stacks and stacks of paper by printing every certificate and endorsement for every contractor
- Holiday “thank you” gifts that are more of an apology for the countless compliance issues that were sorted through that year
Save Costs With An Insurance Tracking Solution
myCOI exist for one reason: to help your team handle the everyday tasks of managing COIs and protecting your organization against underinsured claims, costly litigation and failed audits. Solutions like myCOI integrate directly with accounting software to automate the communication process and to centralize reporting.
The software and certificate tracking services are combined into an easy-to-use solution developed and supported by a team of insurance professionals. The product and services are built on a foundation of insurance industry logic to automate the COI communication process and ensure your organization remains protected.