August 31, 2016

How Much Time Do You Waste Using Different Insurance Tracking Systems?

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If you’re still manually tracking Certificates of Insurance (COIs) and endorsements for every single subcontractor or 3rd party vendor, then you know better than anyone else what a task that can be, especially since the cycle never ends. With so many systems that you need to use for tracking, do you ever wish the process could be easier and less reliant on manual input and memory?

The Pain of Manual Processes

As a COI or compliance administrator, you know firsthand that keeping insurance documents organized often includes updating excel sheets, manually typing information into accounting systems, and using a complicated system of post-it notes can be cumbersome and time-consuming. Manual processes can also lead to errors or omissions either because of the manual processes you have to work through on your end, or because the vendor’s insurance agency has left something critical off of the certificate or endorsements.

In addition, what happens if you are unexpectedly on a leave of absence, or take 2 weeks off for vacation? Chances are, no one else in the organization knows the processes and understands how to work through collecting and reviewing the documents in as much detail as you do. Not only does that add mounting pressure on you as a compliance administrator, but it also adds significant risk to the organization.

Tracking COIs, Endorsements & Renewals

As a COI or compliance administrator, you need to keep track of when insurance expires and renews so the entire process can be repeated to verify compliance. In many cases, a worker’s compensation policy will expire at a different time than the general liability policy, meaning you have yet another date to keep track of. Multiply that by all subcontractors and 3rd party vendors that your organization works with, and it’s impossible to maintain – at least at a level of quality.

The pressure is always there to keep track of the important insurance paperwork that passes through your hands. Even if you’ve received a COI from a subcontractor or 3rd party vendor, it certainly doesn’t mean it’s actually compliant. Therefore, each certificate and endorsement must be reviewed thoroughly. It’s no wonder that compliance staff members often feel overwhelmed and stressed. And we know that insurance tracking is far from the only task you have on your daily to-do list, too, and may be focused on other important risk initiatives beyond COI tracking.

Streamline Your Insurance Compliance Processes

What if you could simplify how you track COIs and reclaim the time you’re currently wasting on all of those manual processes? Instead of worrying about coordinating different systems, what if there was one software system that integrated and streamlined the entire process? Imagine a system that not only eliminated data entry for tracking policy dates, but also helped you actually make sure you’re compliant and up-to-date.

You know better than anyone else that all the time you spend devoted to COI duties really adds up. Would you like to find out how you can save up to 40 hours of work per year for every 100 certificates?

Insurance Tracking Solutions exist for one reason – to help you handle the everyday tasks of managing COIs 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.

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.

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