April 3, 2015

Why Should I Outsource COI Tracking to myCOI?

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Pulling the trigger on new technological solutions for your organization can be a daunting decision. We get that. Our clients have shared many concerns with us before choosing to partner with myCOI for their certificate of insurance tracking and monitoring services.

“We currently do it well in house.”
Have you sat down with your employees recently and had a conversation about your company’s COI process and your employees’ pains? When many of our clients sat down with these employees and had an honest conversation, they were very surprised to hear the struggles that their employees are experiencing, and just how time consuming and difficult the task really is.

The reasons vary. Your staff may not have the insurance knowledge and tools to track and monitor certificates effectively and correctly. Tracking your company’s COIs may be one of many tasks for a staff member. As a result, the time dedicated to the process may not be sufficient.

myCOI can manage your company’s COIs more effectively and efficiently. We have developed a system and a process that has made us best in class! When you go through our process, you will be surprised at how effective we are. After doing audits on many of our clients, they saw a substantial increase in the tenants and vendors that were compliant vs non-compliant.

“It will cost too much money.”
Many of our clients are surprised to hear that there are different levels of solutions available, and different options to offset the cost of effectively tracking their COIs. With myCOI, there is something available for any and all budgets.

“We will lose control over the process.”
We designed myCOI Central to solve the problem of tracking and monitoring certificates of insurance. The solution primarily involved simplifying how and to whom information was communicated. The information put into the system comes from you. Any coverage exception, override request, or change comes from you. Our solution is extremely efficient and effective, but myCOI will not make your business decisions for you.

myCOI designed a solution that allows us to focus our time and resources on tracking and monitoring your certificates, while you spend more of your time and resources on revenue generating tasks.

“I already receive notices of cancellation when a company cancels their policy.”
There are a limited number of insurance carriers that provide a notice of cancellation to parties other than the First Named Insured. These companies are the minority.

The majority of insurance companies do not provide such notice. We recommend reviewing the notices of cancellation that you have received and see which carriers they come from. This is a serious exposure to risk that your business has accepted. myCOI developed a quarterly tracking option to address this exposure.

“How much time will it take and what are we responsible for?”
myCOI makes it easy for you. As soon as we start the implementation process, we will provide you a checklist with target due dates.

We will set up the system and tailor it to your needs. Once we launch, we simply ask that you respond to any notifications we send you regarding a status or approval question.

myCOI can outsource or automate the collection of certificates for your company. myCOI Central is an intuitive system that can also track endorsements, AM Best rating, and automate the compliance review of the provided certificates. Contact myCOI today for a demo.

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