As an executive at an organization that deals with many vendors and contractors, keeping everyone safe and protected is a high priority for you, and as a result, you stress the importance of compliance with your team. While that focus is important and has great intention of saving your organization from big legal troubles, it can take a toll on your compliance administrators—the ones that actually have the manual tasks of reviewing certificates of insurance and endorsements for every single vendor and subcontractor you hire. And that’s not to mention handling renewals and all of the back and forth that’s associated with getting compliance. It’s not as simple as asking for a certificate and entering in the information into your accounting and other back end systems or spreadsheets. No, the process is arduous, and the extra pressure you place on your compliance admins can actually cause errors rather than reducing them.
The Risk of Errors In Compliance
What is the cost of manually checking off all of the steps from collecting certificates and endorsements to data entry to reviewing and issuing renewal requests and beyond? If your compliance administrators are like most, they certainly don’t have an extra minute in their days to be strategic in their role, and aren’t able to spend the proper amount of time on each item. In turn, this can increase the risk of errors and omissions or simple oversight, such as keeping all certificates, and therefore compliance, up to date.
What could one compliance issue cost your organization? While that answer can certainly vary, it only takes one accident to send your organization into a scramble of trying to fight a potentially huge lawsuit. Regardless of the legal battle outcome, your organization would have to waste significant resources, time, and would struggle to fight off negative perceptions. And worst of all, that can happen with just one error in only a day’s time.
Insurance Tracking Services Can Ease The Load
Has your organization considered an insurance tracking service to help your team expedite processes, have more time to ensure accuracy, and reduce errors and omissions that are common in manual compliance tracking? The work that is taking your compliance administrator hours and hours each week can be simplified into an automatic solution that ensures better compliance.
An insurance tracking service can provide incredible benefits to organizations that handle compliance for vendors and contractors, helping your administrators:
- Save time by eliminating many manual processes
- Become more efficient by automating certain steps and combining alerts and notifications into one single system
- Be more effective by reviewing everything in more detail
- Excel in their role by finding a more efficient and streamlined way of doing their job
- Find more time to be strategic about the processes and certificate of insurance tracking
Based on a recent survey of myCOI users, on average they are able to cut out about 40% of manual processes, allowing them to focus on doing their jobs better and more efficiently.
This savings—both time savings and cost savings—is possible with a certificate of insurance tracking solution. As an added bonus, give your compliance administrators peace of mind and a little more enjoying for their jobs. After all, they are a critical part of your organization’s ongoing success!