Team communication can erode quickly due to the pressures of ensuring vendor compliance. Speed up the process with myCOI software and spend all that extra time taking to your team again.
Anyone who deals with vendors and their compliance on a regular basis understands that insurance tracking is a very important process. And as a compliance administrator who is tasked with tracking the certificates, you know there is a lot of pressure associated with all of the steps that go along with ensuring compliance. From collecting and reviewing all of the certificates and supporting documents to following up with vendors until they are confirmed to be compliant, to internal team communication and so much more, there’s a lot of pressure to make sure everything is taken care of—and in an efficient and effective manner.
But along with all of those tasks, team communication can go bad very quickly. It doesn’t take long before executives are clamoring for faster processing or for team members to point fingers if something slipped through the cracks. And when relying on manual processes to make sure everything stays on course, it’s no wonder team communication is little more than a buzzword.
How Is Your Team Communication Today?
It’s probably safe to assume that ensuring compliance for each vendor is just one of your many, many responsibilities. The process is not only difficult to manage, but the typical process is extremely manual, relying on memory, sticky notes, Excel files, and many other manual steps. In addition, other team members are waiting on you to ensure compliance, so you have double the pressure to make sure the process is efficient and also accurate. Because many vendors are restricted from working on a project until a certificate is deemed compliant, the organization may have to delay a project until a stamp of approval is given. Unfortunately, this type of process lends itself to irate executive teams and harsh tones shared among team members who are impacted in the process.
As an administrator initiating the process, you’re often the “middle man”, working with the vendors, their insurance agents, and internal stakeholders who are waiting for approval. These individuals often get impatient, and it seems unfair that those you’re working to protect are constantly on your back. However, you know from experience that if something goes wrong in the insurance tracking process, your organization could end up paying a hefty price for an avoidable error.
Streamline Team Communication and Improve Compliance
As part of our mission, myCOI believes that improving our clients’ lives and simplifying processes is an extremely important aspect of the services we provide. In fact, myCOI’s communications and processes are set up in a way to go directly to the vendors’ insurance agents with specific information about what insurance is required and what documents are needed, and puts the process in motion without the compliance administrator having to coordinate every step in the process (and then repeat again when it’s renewal time).
Add to that our options to have the myCOI insurance pros review incoming certificates and field incoming calls regarding compliance, and it is undeniable that myCOI is the solution to the insurance compliance and communication issue. As an administrator, what does that mean for you? The process becomes more automated, resulting in more time that you can spend on team communication –communicating with team members on status, resolving other issues that are on your plate, and thinking strategically (instead of reactively) about compliance.
Certificate of Insurance Tracking Solutions such as myCOI exist for one reason: to help you handle the everyday tasks and associated stresses of managing COIs and protecting your company against underinsured claims, costly litigation and failed audits. Our 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.