Stop Choosing Between Insurance Compliance as a “Nice to Have” or “Must Have”
How can a business focus on insurance risk management when during a pandemic everything feels like risk management?
Business uncertainties and ad hoc cost pressures are creating tough decisions. Having launched myCOI during the recession of 2008-09, we know a fundamental truth: when the economy declines, so does insurance compliance. While there is never a good day for a claim, the worst time to absorb a loss is when budgets already are stretched thin. That is why prioritizing loss prevention is always a sound financial decision.
myCOI’s Essentials and Concierge platforms offer flexible solutions for all budgets and business needs, preventing companies from choosing between insurance compliance management as a “nice to have” versus a “must have.”
myCOI Essentials: A Software-Only Solution
Essentials is a solid choice for companies focused on reducing costs without compromising quality. This self-managed solution is ideal for companies with some internal insurance know-how who need help with efficient Certificate of Insurance (COI) tracking.
Essentials offers:
- Automated workflows – using insurance industry logic, the system issues communication directly to vendors and agents on missing information, renewals, and compliance issues so staff can stop manually monitoring COIs.
- Reduced data entry – the platform reads and records COI information. Non-compliance is flagged so staff can act quickly.
- Eliminated paper trails – all documents get digitally stored and easy search functionality saves time during audits and claims processing.
- Real-time risk insights – centralized dashboards and reports provide a comprehensive view of all vendors ensuring policies remain active and contract compliant.
- Insurance agent access – agents can respond to system emails by directly uploading COIs and endorsements. This streamlined process expedites compliance and eliminates the inefficient telephone game.
myCOI Concierge: A Full-Service Solution
This solution is great for companies trying to do more with less. Concierge offers all the benefits of the Essentials platform while adding the expertise of insurance pros who become an extension of the client’s team. This fully outsourced option works well for companies with limited time, internal resources, or insurance knowledge to sufficiently manage compliance.
Concierge delivers:
- Insurance expert protections – myCOI’s Compliance Team works directly with your vendors and their agents on compliance. Endorsed insurance professionals review all certificates and endorsements ensuring every critical contract requirement is met.
- Staffed support services – a dedicated team of myCOI staff field compliance questions and offer assistance so businesses can focus more on revenue rather than risk.
Feedback from the field: After implementing myCOI Concierge, Texas-based Cadence McShane Construction generated a $45,000 annual return on investment, improved compliance by 30% within six months, and reduced staff time spent on compliance-related issues by 75%. Read the full case study here.
For any company unable to measure the effectiveness of their existing risk management program or unhappy with current results, now is the right time for deploying either myCOI solution. Ask these questions:
- What is our five-year loss history? Is the trend going up or down? How is this trend impacting our budget?
- How much staff time is spent manually tracking insurance compliance? Are there efficiencies to be gained?
- How many of our active vendors are compliant? How many claims in the last five years resulted from non-compliance?
- If compliance goes down when the economy declines, are we set up to prevent losses?
Failing to manage compliance carries a heavy price tag, but often is a mistake discovered too late. Companies using the downtime created by COVID-19 to strengthen all processes affecting financials will emerge as better businesses.
Want to Learn More?
Reach out to our team for a system demo and see myCOI in action. Discover how the system saves companies time, money, and staff resources. When these times have businesses focusing on new challenges daily, myCOI makes sure compliance is not one of them.