March 31, 2017

Software Integrations Are Valuable For Mitigating Risk & Improving Efficiency

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Anyone that sits in front of a computer all day or has multiple responsibilities for their role can tell you that mitigating risk and improving efficiency as it relates to internal processes and systems is absolutely crucial. Moving from one system to another throughout the day can bring errors and omissions and therefore, risk. As if the risk they are dealing with in their roles isn’t enough!

Integration of Systems Can Mitigate Risk

Those having to use multiple systems and processes know firsthand that keeping their work-related documents organized often includes updating excel sheets, manually typing information into accounting or payment systems, and using a complicated system of post-it notes that can be cumbersome and time-consuming. These manual processes can also lead to errors or omissions as team members have to juggle multiple systems and keep track of what goes where. When it comes time for reporting, who is putting the puzzle pieces together? If your team is using multiple systems for reporting on their specific tasks, then it’s likely something will slip through the cracks or information will be skewed due to dual entry—or no entry at all.

Also consider what happens when a member of your team (or your one and only administrator) goes on leave. It’s unlikely anyone else in the organization understands how to work through the necessary processes in as much detail as they do. This not only adds even more mounting pressure to your team, but also adds risk to the organization.

Integrating the multiple systems your team uses throughout the day will help them to mitigate risk by being able to concentrate and input all of the relevant data, follow-ups, notes, and even accounting and payment information into a single place.

Integration of Systems Can Improve Efficiency

Your team members are begging you to understand how frustrating their current processes are. In a single day, they’re likely logging into the account system, marking off items in Excel, and then writing down sticky notes manually—not to mention picking up the phone or sending emails to resolve issues with stakeholders as appropriate.

Your employees don’t enjoy logging in to multiple places just to do their job—just like you don’t. Centralizing information and eliminating manual (wasted) effort is absolutely critical for team.

Through integration of the systems your team uses, you can help to improve efficiency and give your administrators more time back in their days. With more time, they can be more thorough in their approach, they can spend more time on each item on their to-do list, and, for those that are ensuring important verifications, such as insurance compliance, they can dedicate the required time to each task.

Streamline Your Insurance Compliance Process

While every team across your organization would like a simplified process, it’s perhaps most mission critical as it pertains to insurance compliance. What if your compliance team could simplify the way they track certificates of insurance and reclaim the time they’re currently wasting by maneuvering multiple systems? What if you could mitigate risk by reducing errors and omissions in the compliance process?

Instead of worrying about coordinating all of the various systems, there is one single software system that can integrate with your other software systems and streamline that entire process. Imagine a system that not only eliminated the need to spend time requesting certificates of insurance and eliminated data entry for tracking policy dates, but also automatically fed compliance into your accounting software.

myCOI’s 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.

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