September 29, 2016

What Annoys You About Your Certificate of Insurance Tracking Procedures?

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As a Certificate of Insurance (COI) administrator, you have your hands in a lot of different tasks, and it’s very likely that certificate tracking is just one of the many responsibilities that you have on your shoulders. At myCOI, we understand how much you’re tasked with: from collecting and reviewing certificates to checking endorsements for accuracy, to communicating with subcontractors and 3rd party vendors, to relaying information internally… and the list goes on and on. And on top of that, if you’re the only one at your organization that knows the procedures, then you have even more weight on your shoulders to ensure the processes run seamlessly week over week, year over year.

While we understand how frustrating it can be to have that kind of responsibility on your shoulders, you play an incredibly important role in your organization—one that is crucial and could save your organization’s reputation, not to mention potential lawsuits or litigations if the proper procedures aren’t conducted.

Top 9 Annoyances of Certificate of Insurance Tracking Procedures

But in the midst of all of the stress, we compiled a fun “Top 9 Annoyances of Certificate of Insurance Tracking Procedures” list that we bet you can relate to. Ready to have some fun and commiserate together?

  1. You have to manage your to-do list by using sticky notes because you don’t have a system in place that “gets it” and can help you manage tasks effectively—and on schedule.
  2. You can’t take time off or “unplug” on vacation because no one knows your processes and explaining it to them would take too much effort—not to mention create risk if the processes aren’t completed correctly.
  3. You have a love/hate relationship with Excel. If only you knew how to use all of the fancy spreadsheet functions! Where’s the instruction manual?
  4. You have to rely on your memory to recall which Certificates of Insurance need to be reviewed, which subcontractors or 3rd party vendors aren’t compliant, and which insurance agents need to be called… and that’s just a Monday!
  5. You are on the phone or responding to emails constantly, many going back and forth all day long. And let’s hope you can actually figure out who needs to be called and who can help answer your question or get you a response! It’s kind of like playing the adult version of the telephone game with all members involved in the COI process.
  6. You haven’t seen your desktop in ages because you have stacks of paper collecting on your desk—especially if you have tons of subcontractors, 3rd party vendors, or tenants that are going through the compliance process.
  7. You aren’t even sure what language you’re reading—are those insurance documents actually in English?
  8. You seem to always be the bearer of bad news, both internally if a subcontractor isn’t compliant and directly with a subcontractor if they aren’t compliant.
  9. You seem to constantly be advising insurance agents after a Certificate of Insurance review. Many don’t understand what is needed and don’t read the (very detailed) notes that you send.

It’s no wonder that compliance staff members often feel overwhelmed and stressed. As insurance tracking is far from the only task you have on your daily to-do list, it may be time to evaluate a solution that can help you solve for some of the annoyances you feel.

There’s a Solution That Can Help

What if you could simplify how you track Certificates of Insurance and remove some of those daily annoyances from your crucially important role? Instead of worrying about coordinating different systems, learning new insurance terms, and forever playing phone tag, 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.

Insurance Tracking Solutions exist for one reason: to help you handle the everyday tasks of managing Certificates of Insurance and protect 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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