Not only are insurance compliance staff members usually tasked with multiple jobs and responsibilities on top of collecting and reviewing each and every certificate of insurance they receive, but on top of that, most are using an old-school manual process that simply doesn’t scale.
Compliance staff at organizations of all sizes and across all industries that are managing vendor and subcontractor compliance typically use a combination of manual processes and their memory. As a COI administrator, you know firsthand that keeping insurance documents organized often includes updating excel sheets, manually typing information into accounting systems, and using a complicated system of post-it notes can be cumbersome and time-consuming. Manual processes can also lead to errors or omissions either because of the manual processes you have to work through on your end, or because the vendor’s insurance agency has left something critical off of the certificate or endorsements.
Can you relate? If you’re like most, the answer is a resounding (and slightly stressed out) “YES!”
Certificate of Insurance Tracking Can Be Messy
It’s not easy wading through mounds of certificates, is it? Especially because every piece of paper is important. If one of those certificates of insurance sitting on your desk falls through the cracks, it could cost your company millions of dollars. That’s a lot of responsibility for only a few, or oftentimes, only one person to have, and it can create a lot of stress, as well as a lot of paper.
Tracking down insurance agents, dealing with 3rd party vendors or contractors that don’t understand insurance, and getting the insurance language straight when you’re not 100% sure what exactly you’re dealing with can be a big source of stress. You’ve got many things on your desk screaming for attention. So how would it change your day if that stack of certificates wasn’t one of your responsibilities constantly screaming for attention?
Reclaim Your Desk & Your Time
Rather than continue with the same manual process that can cause so many issues, what if you decided to automate with the right insurance certificate tracking software? With the right solution, you’d no longer have to deal with stack of papers taking up all that real estate on your desk. In addition, there would be no more paper trail hassle. Your business, your vendors, and their agents could all be on the same page with better software that connects you together in one easy-to-access hub.
Streamlining Your Compliance Processes
Streamlining the process means you don’t have to worry about spending time manually getting through the certificates and painstakingly scanning for errors. It’s not just about getting rid of all the paperwork and saving you time, either. Being able to rely on a system that’s backed up by experts in the insurance industry means you’re never alone when it comes to the murky areas of insurance lingo, endorsements, and renewals.
Insurance tracking solutions like myCOI exist 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 certificate of insurance communication process and ensure you remain protected.