6 Ways Certificate of Insurance Tracking Software Saves Time
When you think about your Certificate of Insurance (COI) tracking process, do you imagine a slow and manual workflow that consumes time, effort, and money? Thanks to innovative technology and software development, this became the old way to handle insurance requirements.
Regardless of the industry you work in, it is a fact that efficiency has a direct impact on productivity. Employees who optimize processes not only save time but can also focus on important company goals to achieve better results. In this context, technology (like optical character recognition, auto-notifications, and automated emails) gives you the advantage to streamline repetitive actions and speed up workflows.
This reality is especially true for compliance management efforts. When your team relies on Excel spreadsheets, paper documents, phone calls, and emails to guarantee compliance for vendors, they are wasting hours that could be spent on other tasks. Not to mention that this manual information transfer can also lead to expensive mistakes.
It is important to give your staff the tools they need to succeed in the insurance management process. With COI tracking software, you can save time while setting more accurate goals. Keep reading to find out the best solution you can provide to your team to easily secure compliance.
How Does COI Tracking Software Save Time?
When you implement a certificate tracking software solution you will immediately have access to six effortless ways to improve compliance and save time:
1. Centralized Certificate Collection
With one place to collect and store certificates of insurance, your team will never have to spend hours searching for a misplaced document. It is so easy that vendors just upload their compliance documents to the software. The platform stores this data and makes them easily searchable by keyword and filters.
2. Speed Up Vendor Onboarding
Any business with a strong risk management plan includes certificate of insurance collection in their onboarding process. Instead of waiting for a vendor to email or mail you a COI, simply have them upload it to your compliance management software. Once a vendor uploads their proof of insurance, you can confirm compliance or request updated documentation and move on with onboarding.
3. Automate Requests for Renewal
Compliance management is not a one-time task for you to complete and leave behind. It is a continuous process that requires constant monitoring. Insurance policies expire so any business working with third parties needs to know when to request updated proof of coverage. Doing so manually takes hours of work each week and leaves room for error and gaps in compliance.
Certificate tracking software speeds up this process by recording when a cert will expire and sending reminders for renewals before the expiration date. In this way, your team does not have to cross-reference dates. Instead, all they must do is check that the vendor uploaded their certificate and that it meets the requirements established for the case.
4. Find Gaps in Compliance
Conducting a manual insurance review can take weeks to complete and human error leads to gaps in coverage going undetected. COI management software eliminates the need for this slow process. Instead, staff members can easily create reports within the software and determine where compliance is met and where the correct insurance documentation is missing.
5. No Need for Multiple Tools
Say goodbye to Excel, piles of paper, and numerous phone calls and emails. A certificate of insurance management tool provides your team with one software to manage the entire compliance process. This means no more looking for files, composing messages, or calling vendors to request COIs. Instead, the software sends automatic notifications to third parties who need to upload or renew their insurance certificates. In other words, your team will now only have to verify compliance.
6. Real-Time Compliance
The best tracking software also offers optical character recognition technology. With this solution, the system immediately reads documentation and scans the information into the software avoiding having to manually input the data. Thanks to this feature your compliance will always be up-to-date and employees will not have to update compliance status or double-check emails to make sure everything is accurate.
Is Our Software The Right Fit For You?
With our software, you can relieve your employees of the manual tasks associated with certificate of insurance and compliance management to save time and allow them to focus on other business functions.
If you are looking for a solution to streamline COI management, schedule a short product demo with SmartCompliance!