3 Technology Features That Help Effectively Review COIs and Avoid Costly Claims
Dealing with COI’s can be a dangerous game if you aren’t equipped with the proper tools to do so in both a timely and accurate manner. Luckily, technology is constantly being developed to improve processes and streamline issues most people face, no matter the job. Technologies like Optical Character Recognition, Automated Renewal Notifications, and Automated Certificate Tracking all allow for a more efficient way to manage compliance for risk managers, insurance consultants, and brokers. Ultimately, integrating these technologies benefits your company’s ease-of-use and performance, while in turn benefiting your client’s journey to compliance as well. In this article, we are going to delve into how these technologies work and how they can impact compliance management workflows.
1. Optical Character Recognition
Optical Character Recognition, or OCR, 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 then allows the character codes to digitize what information is contained in the scanned document. With COI’s, it’s as simple as having your vendor or insured send over a certificate, uploading it to a program that integrates OCR, and OCR transcribing this data. This means your team does not have to manually key in every field from an ACORD form. Certificates are easily scanned and transcribed to streamline the reviewing process. They can also be stored in a centralized location, organized and searchable by company, to simplify the management process. 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 certs as they expire and the risk of facing costly claims due to non-compliance is nearly 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 eliminates the need of manual monitoring and allows for easy submission of COI’s and other documents with a single click, giving us a more streamlined process and reduced time spent during the COI communication process.
3. Certificate Requests and Online Submissions
Like Automated Renewal Notifications, automating certificate requests and allowing for online submissions will track and notify the user when a business is requesting a certificate from an insured or vendor, and notify them when the COI is approved, or if there are any errors that need to be addressed. This technology also notifies the business when their insured or vendor submits a cert or document. This allows for centralized communication and allows the business to easily follow up with a vendor without having to manually draft an email or reach out to each vendor individually.
Interested in how these technology features could benefit your business? Sign up for a free, customized software demo with SmartCompliance, and learn how to easily automate certificate renewal notifications, eliminate manual data entry, and ensure compliance!