3 Technology Features That Help Effectively Review COIs and Avoid Costly Claims
Dealing with COI’s (certificates of insurance) is a dangerous game if you aren’t equipped with the proper tools to do so in both a prompt and correct manner. Technology is always being developed to improve processes and streamline issues most people face, no matter the job. Let’s take a look at how COI automation can help you.
Technologies like Optical Character Recognition, Automated Renewal Notifications, and Automated Certificate of Insurance Tracking all allow for a more efficient way to manage compliance for risk managers, insurance consultants, and brokers.
Integrating these COI automation technologies helps your company’s ease-of-use and performance, while also helping your client’s journey to compliance. Let’s delve into how these technologies work and how they affect compliance management workflows.
1. Optical Character Recognition
OCR (optical character recognition) is the recognition of print or written text that analyzes patterns of dark and light to determine the shapes of letters and translate them into character codes. This process allows the character codes to digitize what information is in the scanned document.
With COI’s, it’s as simple as having your vendor or insured send over a certificate and uploading it to a program that integrates OCR. This means your team doesn’t have to key in every field from an ACORD form.
To further streamline the management process, the software stores and organizes the certificates in a central location where they are searchable by company. This allows for a lot less man-power being used to input COI data, as well as a much more accurate review process.
2. Automated Certificate Renewal Notifications
With Automated Renewal Notifications the tedious task of collecting renewed certificates as they expire and the risk of facing costly claims due to non-compliance is close to eliminated. Implementing a system using Automated Renewal Notifications allows for automatic tracking and notification of insureds or vendors when their certificates are near expiring.
This time-saving technology ends the need for manual monitoring and allows for easy submission of COI’s and other documents with a single click, giving you a more streamlined process and reduced time spent during the COI communication process.
3. COI Requests and Online Submissions
Automating certificate requests and allowing for online submissions tracks and notifies users when a business is requesting a certificate and tells the user when the COI is approved, or if any errors need addressing. This technology also notifies the business when their insured or vendor sends a certificate or document.
These technologies allow for centralized communication as well as allowing businesses to follow up with a vendor without having to manually draft an email or reach out to each vendor.
Learn How to Use COI Automation Software
Interested in how these technology features can help your business? Sign up for a free, customized software demo with SmartCompliance, and learn how to automate certificate renewal notifications, end manual data entry, and ensure compliance!