COI Tracking Software vs. Manual Tracking Methods
Have you evaluated your certificate of insurance (COI) tracking solution? Is it tedious? Time-consuming? Causing expensive errors?
Perhaps your current COI tracking processes are manual or conducted by a risk manager with little insurance expertise. The manager uses a COI tracking template in Excel, produces paper printouts, and then files in binders or file cabinets (never to be seen again until a claim occurs).
You manage COIs with a confusing, clunky in-house accounting software that nobody understands. The accounting solution stores the COI date but doesn’t provide renewal triggers; leaving you unaware the certificate has expired.
Either way, collecting and tracking these critical pieces of information by hand wastes time and resources, and has hidden errors. For insurance brokers, consultants and risk managers, a certificate of insurance tracking solution replaces the Excel spreadsheets, Outlook reminders, and that limited in-house accounting software. Sounds nice, right?
So how does COI tracking software solve your manual tracking challenges? Check out these three reasons for why insurance professionals need to consider an automated solution over manual tracking processes.
1. Tedious Manual Data Collection vs. Automate COI & Endorsement Collection
- Manual Challenge – Tracking vendor COIs by hand leads to stacks of certificates cluttering your office, hours spent finding computer files, and confusion over who has the most current documents. For risk management teams dealing with COIs, this means continuous follow-up for COIs from vendors, entering data into an Excel spreadsheet, and then setting Outlook reminders to check on renewals.
- COI Software Solution – With an online, easy-to-use tracking solution, this time-consuming process becomes a set-it on autopilot workflow. Automate requests for updated of missing COIs to limit time and resources spent managing files, identifying issues, and ensuring vendor compliance.
2. Risky Renewal Process vs. Eliminate Data Entry & Mitigate Risk
- Manual Challenge – Relying on your risk manager to input COI data into an Excel spreadsheet, or to compare against your risk requirements leads to expensive errors and omissions, making you liable for injury or damages.
- COI Software Solution – A COI tracking software uses Optical Character Recognition (OCR) to scan your certificates, transcribe the data, and compare to your customized risk requirements to guarantee vendor compliance. You’re able to find any errors and send requests for updated information.
3. Low Liability Awareness vs. Ensure 90+% Compliance
- Manual Challenge – By tracking and comparing COIs in a spreadsheet or on printed paper, you’re just viewing the data in front of you, which might be outdated or incorrect. This narrow compliance view leaves you vulnerable to potential litigation if an accident occurs.
- COI Software Solution – With a secure online COI tracking solution, you’re able to merge insurance data into one platform, get 24/7 access to the insurance status of vendors, and view the overall compliance percentage. Create real-time reports and dashboards in seconds to understand and address any risk exposure.
Get Started With a Certificate of Insurance Tracking Solution
If you’re looking to save time, money, and resources on COI tracking and collection then check out SmartCompliance. With SmartCompliance’s easy-to-use, customized platform you’re able to manage COIs to ensure vendor compliance while saving both time and money. Request a free demo today to get started.