A manual vendor compliance process can be frustrating, error-prone and keeping you from a well-deserved vacation. Ditch the pain today with myCOI’s automated tracking software!
If you’re an admin tasked with managing paperwork, including compliance and insurance tracking, you know just how frustrating the compliance process can be to track down all of the necessary information: the certificate of insurance, the additional insured endorsements, the waivers of subrogation, agency information… the list goes on and on. And for a company that contracts with hundreds (or maybe thousands) of subcontractors and vendors, the compliance process can be downright ruthless. And the worst part? It literally NEVER ends! You think you’re finished for the day, but by the next morning, your inbox is full again and begging for attention. The compliance process can spiral out of control very quickly as emails add up even faster when policy renewal tracking is added to the to-do list. Are you nodding your head in agreement yet?
Compliance Process: How Many Emails Does It Take?
You may be collecting hundreds of certificates at a time for a new project, and each one of those requires a follow-up to ensure they aren’t faulty, that all proper policy requirements (like endorsements) are in place, and that the certificates are up to date and accurate. And when your tracking process is manual, there’s always the chance that steps will be missed, increasing risk of a legal battle or significant financial loss in the event of a claim.
Because of our extensive insurance backgrounds, the team members at myCOI understand firsthand just how frustrating the process can be, let alone how much stress it can add to those in charge of ensuring compliance. We see administrators who are overwhelmed with paperwork, having to manually enter dates into an accounting system or Excel, which exposes them to making errors. We see admins creating their own reminder systems via a calendar or even sticky notes to remember to follow-up, which begs for a forgotten to-do. We see admins afraid of taking a day off (forget about a week) to enjoy vacation because no one else knows how to do their job and it’s easier to keep working than to get behind in the compliance process.
We understand your pain… but can we share a better way?
Ditch Painful Manual Compliance Processes
Rather than continue with the same manual compliance process that can cause so many issues and headaches, what if you automated your compliance process with insurance certificate tracking software? With the right tracking solution, the stacks of paper and manual follow-up for every little task would disappear. Your business, your subcontractors and vendors, and their agents could all be on the same page with a software solution designed to provide the communication each party needs. And the best part? You could take a vacation without worrying about the fires you’ll have to put out when you return!
Streamline Your Compliance Processes
The wrong compliance process with too many manual steps creates the opportunity for important tasks (like following up on those hundreds of emails) to fall through the cracks. All you need is the right process and tools in place to ease the pain.
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.