The Benefits of Self & Full-Service Solutions When Tracking Compliance Documents
Thanks to our Self-Service software offering and Full-Service solution for tracking certificates of insurance (COIs), we have seen it all! In fact, we can assure you that the task of manually tracking compliance documents does not have to be tedious and frustrating.
Due to the nature of manual COI tracking, some companies decide to skip the process entirely. For the construction industry especially, the cost and risk involved in this decision is extremely high.
We often see cases where contractors decide to use our service after experiencing the repercussions of a missed expiration date on a subcontractor COI. Most of the time, the subcontractor is hired, and the hiring company requests an insurance certificate. Some time passes and sooner or later the subcontractor ends up reporting an incident on the construction site. After the incident, the contractor discovers the insurance policy on the COI has since expired thus leaving them responsible for the insurance claim.
This is just one of many examples that emphasizes the importance of following every step of the insurance tracking process. It is a critical part of any organization’s effort that helps reduce risks, claims, and lawsuits that can be damaging to the business.
So why is it so difficult to manually track insurance certificates? Keep reading and discover two solutions that will help prevent expensive insurance claims.
The Risks Involved in Manual COI Tracking
The manual process of tracking COIs involves five time-consuming steps that many companies are all too familiar with:
- Requiring and collecting certificates from third parties
- Checking to make sure the information provided is correct
- Adding the info to a spreadsheet
- Constantly following up to check expiration dates
- Requesting new proof of insurance coverage
This process encompasses minor tasks that easily fall through the cracks and may end up in errors and non-compliance of third parties.
But there is a simple and cost-effective way to streamline this process!
What is Self-Service Certificate Tracking?
By getting complete access to software specially developed to automatically track, monitor, and ensure compliance, your staff has the tools and ability to effortlessly track insurance compliance. The automated features will help ensure no errors are made. As a result, it becomes your team’s right hand in compliance management.
Main Benefits of Self-Service Tracking
- Empower Employee Knowledge: Your staff knows your organization better than anybody else. This means they are aware of who you work with and who to request certificates from. They are the most likely ones to catch errors in any new processes and can rely on the software to improve their jobs.
- Save Valuable Time: Using software that works with artificial intelligence (AI) as opposed to spreadsheets, saves time by centralizing all the information and streamlining the documentation process.
- Save Money: A self-service software to track compliance documents is less expensive than hiring lawyers and exclusive employees to manage all your certificates. You pay for access to the software and your team runs it. This gives you the perfect solution to help ensure compliance.
- Better Organization & Communication: No more file cabinets, piles of paper, or documents left on your desktop. There is also no more need to go from document to spreadsheet to email and back again to ensure all the communication process is in place.
- Eliminate Manual Data Entry: Any good certificate tracking software uses Optical Character Recognition (OCR) to scan documents, making them easily searchable within the platform without having to key in data that can lead to mistakes.
What is Full-Service Certificate Tracking?
Full-Service is a great option for any company. Especially those who do not want to deal with the COI tracking and compliance process. Take compliance document management off your team’s plate and hand it over to a team of qualified insurance professionals.
Benefits of Full-Service Tracking Solution
- Fewer Employees: A full-service solution eliminates your need for a full-time employee to track certificates of insurance. Instead, a team of qualified insurance professionals takes over the process so your staff can focus on running the business.
- Save Even More Time: By handing off the entire COI tracking process, you do not have to worry about third parties’ compliance and monitoring compliance status. This means more time to focus on achieving company goals.
- Get Access to Expertise: A Full-Service solution gives your business access to the knowledge of experts who know the ins and outs of COIs and what to look out for on certificates.
- Unlimited Software Access: With a full-service offering, get full access to all the features this unique and tailored technological solution offers. Review reports, communication status, and more in one cloud-based platform.
Discover SmartCompliance Self-Service Software & Full-Service Solution!
SmartCompliance is the leading choice for certificate of insurance tracking across all industries for both self and full-service offerings. If you want to learn more, schedule a meeting with one of our representatives. We would love to hear from you!