Some companies still use spreadsheets to track the certificates of insurance (COIs) they receive from their vendors, contractors, and other third parties. Small companies that hire only a few third parties at a time might find that a COI tracking spreadsheet meets their needs. However, if these companies grow and hire more third parties, their certificate tracking can grow unruly.
COI tracking spreadsheets have to be accurately and promptly updated. Each time a company adds a new third party, someone has to obtain, verify, monitor, and store a COI. If spreadsheets are used, then they have to be modified. This can cost staff time that could have been better spent growing the company in other ways. Factor in a large quantity of COIs and data entry time can skyrocket.
Although they may be useful organizational tools, spreadsheets can’t verify how well a third party’s insurance protects their company. A human has to do that in a company that still manually processes COIs. This person, or team in some cases, must:
- collect COIs.
- review the COIs to ensure they meet their company’s requirements.
- filing all documentation.
- update relevant spreadsheets.
- continuously review third parties for errors or noncompliance.
- contact third parties for information regarding their COIs.
- maintain compliance with the latest laws and regulations.
Completing this process manually can be a burden and create opportunities for human errors. Spreadsheets can only do so much.
A certificate of insurance management system like myCOI is an automated COI tracking solution that can protect companies against the risk of underinsured claims, costly litigation, and failed audits. Companies can put away spreadsheets and simplify their workflows when they leverage COI tracking software.
Your COI Questions Answered
In-office COI tracking requires specialists with sufficient insurance backgrounds to track, review, and correct documents to ensure their company is protected. They have to know the major certificates of insurance best practices.
Not every company has a knowledgeable staff member who can adequately handle certificates of insurance for subcontractors, vendors, and third parties. COI tracking is more than collecting pieces of paper. A COI specialist who doesn’t know what they’re doing can place their company at risk if a third party isn’t properly insured.
What about companies that hire experts who can accurately verify COIs?
They might have problems from time to time, especially if they’re tasked with manually processing a sizable volume of COIs. Just one aspect of COI tracking can snowball into a serious complication if there isn’t time to deal with it.
Insurance certificate tracking software that resolves certificates of insurance issues and answers pertinent questions all but eliminates the chances of something going wrong.
myCOI’s certificate of insurance tracking software can automate certificate requests, collection, and compliance resolution. It can also give users a single, cloud-based repository to view compliance. Transparency can go a long way when dealing with any questions and issues.
Why COI Tracking Software Wins
COI tracking software that has industry expertise built into it can be more reliable than a person with minimal training or an expert with no time to properly process each COI.
Tracking software can be easy and fast to use. When you have a highly-functional platform to work on, jobs can be performed quicker, usually with a few mouse clicks.
Software speed can improve staff productivity. They can do more in less time when they don’t have to worry about finding the correct spreadsheet to update.
Reliability, speed, and efficiency can keep companies compliant and safe from liability risk. COI tracking software wins because it can make people’s jobs and lives easier.
Why myCOI is the Best COI Tracking Software
myCOI makes technology work for its users. myCOI’s automated COI tracking is built and supported by a team of insurance professionals. This foundation of insurance industry logic can keep companies protected with the appropriate coverage.
COI tracking becomes more efficient via OCR-based certificate reviews, rules-based
decision making, and automated communications. myCOI removes the guesswork from each vendor insurance certificate. A confident risk management staff can have more compliant vendors when they are backed by current and accurate information.
It’s Time for myCOI
The best certificate of insurance tracking software improves efficiencies so that business can continue as usual. A certificate of insurance management system can eliminate the worry of insurance compliance by keeping risk management staff, vendors, and insurance agents aware of coverage statuses.
For example, myCOI makes finding how to get insurance certificate online instructions a moot subject. The platform can send agents emails that request they take action on behalf of their insureds to make sure they provide compliant COIs. These COIs can be uploaded directly to myCOI for review and tracking.
A certificate of insurance for business shouldn’t be intimidating. Neither should a thousand of them. myCOI can keep companies compliant and safe regardless of the number of COIs – no spreadsheets required.