Five Ways COI Tracking Software is Increasing Insurance Compliance
Risk managers are having a tough time keeping up with insurance compliance as the number of regulatory mandates grows and businesses want lower and lower costs to achieve full coverage.
The days of dedicating a chunk of your week to tracking certificates of insurance (COIs) and endorsements by hand are over. This post outlines five advancements that allow risk managers to ensure higher compliance in less time with lower costs by using a COI tracking software.
1. Save Time with Automation
Risk managers who use COI tracking software can spend their time on other aspects of the risk management process instead of reviewing and requesting COIs and renewals. COI tracking software uses automation to determine when a COI is up for expiration and sends automatic renewal notifications to the insured before their certificate expires.
This process leaves time for risk managers to ensure compliance is met in other places and have peace of mind that all COIs are compliant.
2. Implement Proactive Processes
By using Optical Character Recognition (OCR), COI tracking and compliance management software scans certificates and inputs when they expire. By reading the certificate, the software knows when to send renewal requests.
These renewal requests are sent before a COI expires allowing risk managers to focus on other aspects of the compliance process.
Being proactive when tracking COIs ensures higher compliance while saving time and money in the long run.
3. Create Visually Appealing Report Dashboards
Certificate of insurance tracking software allows risk managers to create reports and dashboards where compliance reports appear in a visually appealing way. There’s no reason for risk managers to create presentations from scratch because a certificate tracking software generates visually appealing reports.
Wow audiences and bosses with these reports, and even better, increased compliance.
4. Access Data in Real-Time
With real-time 24/7 access to COI tracking software, risk managers can make sure compliance is always met. Systems store information that is searchable from one location so there is no need for manual paper filing.
5. Align Compliance & Business Strategies
Yes, one department tracks COIs, but to ensure full compliance, all employees need to know what they are covered for and where they are not. Employees also need to be aware of risks and safe behaviors to mitigate claims from arising.
Thanks to certificate of insurance tracking software, risk managers can save time and educate employees on safe practices.
Implement COI Tracking Software Today
The goal of any compliance program is to ensure 100% compliance. Those who use a COI tracking software see a much higher success rate.