How Automation Improves Accuracy and Reduces Errors in COI Tracking
Compliance COI (Certificate of Insurance) tracking is a critical process for businesses to manage and mitigate risk effectively. However, compliance is difficult to assess correctly, and traditional manual methods of COI tracking can be time-consuming, prone to errors, and challenging to scale because it depends on many people across many departments. Manual processes are also prone to human error. Behind that process, someone is transcribing information from paper to a computer, or in the worst case, to another piece of paper.
Fortunately, there is an option that surpasses the need for manual input and that option is software-driven automation. Automation eliminates the tedious and time-consuming task of manual data entry and simplifies management of the wide range of policies and processes that add extra layers of difficulty to manually handling certificates.
In this blog post, we will explore the benefits of automation in COI tracking, how it improves accuracy, and its impact on error reduction.
What is Automation in COI tracking?
Automation refers to the use of technology to perform tasks and processes without human intervention. In the context of COI tracking, automation involves leveraging software and systems to streamline the collection, validation, tracking, and management of COIs. By automating repetitive and manual tasks, businesses can achieve higher accuracy, increased efficiency, and reduced errors.
In other words, no matter how the people change around the system, the system will preserve itself. Therefore, if you set an automation like,let’s say for example send an email every Tuesday at six for contacts labeled ‘new contacts’, that automation will prevail whether there’s someone to see it or not.
You can modify each automation to make it fit you and your business. The idea behind automating is giving your employees more time to solve problems that demand their creativity.
How is Automation in COI tracking, beneficial?
Automation helps a lot in the compliance space. It can reduce the time it takes to process certificates and the margin for human error. Insurance compliance automation brings efficiency and accuracy in the following ways:
- Notification automation
Establishing instant communication with a client or series of clients. An ‘event’ triggers the automation, allowing contacts to be notified of that change. - Communication automation
Very similar to notification automation. When a renewal or expiry date is up, the client is automatically emailed and notified. That saves time for both the insured and the insurer since there is a very narrow margin for error. - Workflow automation
Another ‘event’ triggered type of automation. When a step is done, the system moves to the next one and completes everything without human intervention. This is done to generate reports, send insights to in-house departments, and so on
What are the benefits of automation?
Embracing automation in the compliance space enables organizations to meet regulatory requirements effectively, mitigate risks, and drive sustainable growth while reducing errors and improving overall compliance performance. The biggest benefits of having automations in compliance are:
- Saving time: because it simplifies long and arduous processes and makes certificates of insurance easier to handle.
- Increasing compliance: When automations are used for compliance management, the reduction of human error alone increases compliance.
- Reduce risk: Increasing compliance automation results in reduced risk overall for all agents involved in each insurance process.
- Provides an audit trail: Each phase of an automated process is always recorded. That makes it possible to trace the documents involved, see who did what, and check when each action occurred. It provides the organization with information to improve processes further.
- Increases scalability: automated processing doesn’t change with the amount of information it processes. At least not in the insurance industry. Therefore, scalability is not a problem when needed.
From Manual to Automated with Smartcompliance
Automation has revolutionized the compliance space, empowering organizations to streamline processes, enhance efficiency, and ensure accuracy. By leveraging automation, businesses can automate data collection and validation, optimize workflows, proactively monitor compliance, streamline document management, gain valuable insights through reporting and analytics, and maintain a robust audit trail.
SmartCompliance uses automation to complement the work of the insurer or administrator who is managing insurance. SmartCompliance features automated notification and automated workflows which makes it so much easier for both the insurer and the user. Add an Optical character recognition feature, 24/7 online support, and a cloud-native app and you have a recipe for success.
You can book a demo and see how SmartCompliance can improve your organization.