November 15, 2016

Do You Know Your Certificate of Insurance Compliance %? You Should.

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How confident are you when it comes to knowing your compliance percentage for certificates of insurance? If you’re like most COI administrators or compliance managers, you probably don’t even know where to find this information, let alone know it off the top of your head. Understanding all of the nuances of insurance coverage, financial risk, and the whole process surrounding paperwork and follow-ups can be a bit nerve-wracking for even the most even-tempered among us.

Not only are you asked to collect and review each of the certificates of insurance, endorsements, handle renewals, repeatedly place calls or send emails to subcontractors, vendors, and insurance agents, but on top of that, it’s up to you to ensure your organization is compliant and remains that way. It’s a lot to ask for anyone, let alone someone that has multiple demanding job responsibilities.

Insight Into Compliance Ratings Is Critical

When your boss starts to inquire about compliance—or worse—a claim or audit occurs, things can really get stressful if you don’t have a proper handle on the situation. This is why always having insight into compliance ratings is critical. What if you could focus your efforts on the compliant deficiencies that put your organization at risk to begin with, rather than constantly being reactive to problematic situations? Being able to quickly get access to your percent compliance and understand your weak spots is invaluable when it comes to protecting your company over the long run.

Right now what you’re using is probably getting you through the day, but how much more confident would you feel if you had a tool that gave you more than just a checked box on compliance? What if you could anticipate potential problems and have the ability to be proactive in your daily role, versus reactive?

Avoid Gaps In Your Process

Despite how good a company is at keeping up with certificate of insurance compliance, the goal of any company should always be to improve their compliance rates—along with the tracking processes. Since each compliant certificate represents protection from significant risk, the financial security of your company depends on keeping the compliance rate as high as possible.

However, the true reality is that most companies aren’t even in the ballpark of ensuring a 90% compliance on their certificates of insurance, which is the goal that companies should strive to achieve. Most aren’t even aware of what their current compliance rating is. Often times, there’s a disconnect and items may be slipping through the cracks.

To give you a real life example, did you know that a vendor or subcontractor could request for an important requirement to be waived and you might not know about it? Now that’s risky!

Know Your Compliance Ratings In Real Time

With smart certificate of insurance tracking software, it’s now possible to not only keep track of your compliance percentage through comprehensive reporting, but also get specific information regarding why something is non-compliant instead of relying on guesswork. You don’t need the extra stress that comes along with guessing. Upgrade to software developed by insurance experts that gives you the help you need all while saving time and boosting your confidence in the whole process. How much pressure would that take off your shoulders?

myCOI is a cloud-based software solution helps you handle the task of certificate of insurance management and to protect your company against underinsured claims, costly litigation and failed audits. The software and insurance tracking services are combined into an easy-to-use solution developed and supported by a team of insurance professionals and is built on a foundation of insurance industry logic to automate the certificates of insurance communication process and ensure you remain protected.

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