August 9, 2016

Is Insurance Paperwork Crushing You? It’s Not Your Fault.

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For COI administrators, the task of managing all of the paperwork and documents that go along with the process of insuring your organization and all vendors and subcontracts are properly insured can be an absolute nightmare. You may be collecting hundreds of COI documents, and each one of those requires a follow-up to ensure they aren’t faulty, that all proper endorsements are in place, and that the certificates are up to date and accurate. And when the process is so manual, there aren’t steps that can be skipped without increasing risk of a legal battle or significant financial loss.

We understand that COI administrators are overwhelmed with paperwork, having to manually enter dates into an accounting system or Excel, while likely even creating your own reminder system, whether via a calendar or even sticky notes. We get your pain… but there’s a better way.

Have You Considered COI Software?

Have you considered a software that can help in sending in renewal requests automatically? Or automate many of the manual steps and tasks that you’re doing today?

A Certificate of Insurance Management Solution can provide incredible benefits to COI administrators, helping you to:

  • 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 your role by finding a more efficient and streamlined way of doing your job
  • Find more time to be strategic about the processes and COI tracking

What Is Your Manual Process Costing You?

We know that the manual process of COI tracking can be quite overwhelming – and you aren’t alone. But what is the cost of doing all of the steps from collecting certificates and endorsements to data entry to reviewing and issuing renewal requests and beyond? If you’re like many COI administrators, you don’t have the capacity to be strategic in your role, and 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 COIs up to date.

Don’t Let Paperwork Crush You – There’s a Solution For That

The wrong process with too many manual steps breeds too much work. All you need is the right process and tools in place. Certificate of Insurance Management Solutions help you handle the everyday tasks of managing COIs and protecting your organization and all parties involved against underinsured claims, costly litigation and failed audits.

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.

myCOI exists for one reason: to help you handle the everyday tasks of managing certificates of insurance and protecting your company against underinsured claims, costly litigation and failed audits. The software is an easy-to-use, cloud-based solution developed and supported by a team of insurance professionals and is built on a foundation of insurance industry logic to automate the COI communication process and ensure you remain protected.

Interested in learning more about their insurance tracking services, or want to see myCOI in action? Request a product demo or sign up for our newsletter  to stay in the know.

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