If you’re in construction, you’ve probably handled your fair share of Certificates of Insurance (COIs). COIs should be required from every party working or stepping on a construction site. The incredibly high level of inherent risk on a construction site means that they are one of the most critical pieces of information construction managers and general contractors can collect.
While most construction management teams understand the importance of COIs and recognize their role in mitigating construction risk, they tend to be tracked and filed alongside other project details and timelines, most likely in an Excel spreadsheet. Let’s be real: construction management teams are not the only ones using spreadsheets to track critical information! In fact, it’s one of the most common ways corporations and project teams track enterprise risk management (ERM).
Spreadsheets are a double-edged sword. They are often the go-to and easily accessible for most companies for quantifying and tracking metrics. However, there are many gaps where critical information can slip through the cracks. Not to mention, 90% of spreadsheets contain errors!! For construction teams, COI-specific tracking solutions not only replace spreadsheets, but they also eliminate the need for manual (and constant!) data entry.
So where does Excel fall short? Here are three reasons construction teams should look to automated solutions instead of spreadsheets to track risk management and COIs:
Manual data gathering wastes time and resources.
While spreadsheets have become the baseline for metrics tracking and project planning for a reason, they also require substantial manual time and effort. For construction teams dealing with COIs, this means hunting down COIs from vendors, suppliers,contractors, subcontractors and others, entering insurance compliance data into a spreadsheet, and then manually setting reminders to check on any updates or renewals that may be involved. With an online solution, this lengthy workflow becomes a set-it-and-forget-it process with automated reminders to update or renew COIs when necessary.
Spreadsheets are error-prone.
While nobody likes making mistakes, we’re all human, and it happens. If you’re relying on people to enter COI data into a spreadsheet, or even to just check COIs against your current liability coverage requirements, things could slip through the cracks. That’s not to mention the infamous Excel errors that happen while creating or working with formulas! COI tracking software automatically detects if there are deficiencies or errors evident on a COI so your team can instantly identify errors and work with the appropriate parties to resolve them and gain compliance, eliminating exposures.
Automated solutions can help ensure 100% compliance.
As previously mentioned, construction is an inherently risky industry with plenty of room for liability. By simply tracking COIs and other relevant information in a spreadsheet, your team can only see information that they have access to. But with a secure online COI tracking solution, myCOI can aggregate all of your insurance data, giving you the ability to create holistic dashboards with insurance documentation storage and analytics. Highlight areas where your contractors, subcontractors, vendors and suppliers might be falling behind in compliance, in real time.
Want to learn more?
If your team is currently wasting time and resources with Excel, it’s time to turn to a streamlined solution. With myCOI’s robust software and platform options, you are guaranteed efficiency, accuracy and centralization to fit your organizations needs.With myCOI, your team can manage all aspects of the COI tracking process. Learn more about new standards in insurance trackinghere.