As the individual who deals with compliance and insurance tracking for your organization’s vendors and contractors, you’d probably agree that one of the biggest frustrations that any compliance administrator deals with is simply getting through all of the tasks involved in tracking. From collecting and reviewing certificates of insurance to contacting the parties involved to get all of the necessary information, to double and triple checking the documents, to handling renewals and cancelled policies… the process seems never ending.
Compounding Pressure For Compliance Administrators
There is simply so much to get done in the day, especially on top of the other tasks you need to accomplish, but unfortunately most organizations haven’t factored in the time needed to reach strong compliance rates. If you’re forced to rush through all of the tasks on your plate, how can you be sure you’re not missing important aspects of the process and have time to double check your work?
What likely compounds this frustration even further is that although you’re making these “million dollar decisions” and are doing everything you can to protect the organization from a potential financial disaster, you probably haven’t been given the training needed to really understand the terms you’re reading. Do you feel like you’ve been given the tools you need to be completely confident in your work? Have you received training on compliance and insurance terms? Do you have resources you can reach out to for help in the process?
Insurance Terms Can Blur Together
Eventually the terms start to blur together and important items lose meaning. Terms like “waiver of subrogation” and “primary and noncontributory” can trip up even experienced administrators when it comes to understanding how the policy is affected. All of this confusion can cost you valuable time, but more than that, can cause errors if proper training is lacking or if the process is rushed, all of which adds significant risk to your organization.
That is a lot of pressure for one person, but what if you had extra support? What if you had at your disposal a mix of certificate of insurance tracking tools created by a team of insurance experts that could save you time, and most importantly, reduce risk and give you a sense of security? A solution does exist, tailor made for certificate of insurance tracking needs, and it can become a part of your process immediately.
Be Confident In Certificate Tracking Tasks
Insurance Tracking Solutions help you handle the everyday tasks of managing certificates 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.
Need some additional help by myCOI’s team of insurance professionals? They are ready and waiting to help walk you through the confusing world of insurance, explaining terms and definitions and working through processes one-on-one to help you feel as comfortable as possible throughout your process of ensuring certificate of insurance compliance.
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.