The Top Five Benefits of Using Certificate Tracking Software
Keeping track of your vendor certificates of insurance (COIs) with Excel spreadsheets and random notes in various places are, if not impossible… difficult. It’s time for you to learn the benefits of certificate tracking software.
This manual system is time and energy-consuming to manage, and things slip through the cracks at an alarming rate. There’s the chance of forgetting to complete steps, increasing the risk of a legal battle, or significant monetary loss in case of a claim.
Now, there’s certificate tracking software that automates these manual COI tracking tasks, ending human error, and letting you focus on the work that matters.
What is COI Management Software?
Anyone who deals with vendors and their compliance regularly understands that insurance tracking is a critical process. From collecting and reviewing COIs to following up with vendors on compliance requirements, to internal collaboration and much more, there’s a ton of pressure to make sure everything is correct – and completed efficiently.
The benefits of certificate tracking software include helping risk managers, brokers, and insurance consultants manage the everyday tasks and associated stress of tracking COIs and protects the company against claims and litigation. A COI compliance software manages everything from vendor contact information to certificate collection to compliance reporting, so your company can ensure end-to-end compliance.
The Top Five Benefits of Certificate Tracking Software
1. Higher Productivity
With a certificate of insurance tracking software, you can automate tasks like requests for COI renewals or missing certificates, reviewing certificates, compliance reporting, and more. With a tracking solution in place, the stacks of paper and manual follow-up for every task disappear.
The less time your team is spending on certificate tracking and collection, the greater number of hours they have to work on other important company tasks. With COI tracking software, your risk level drops, in turn, increasing revenue.
2. Increased Collaboration
A COI tracking solution is an intuitive communication tool that allows you, your insureds, their third-party vendors, and the vendors’ agents to communicate, ask questions, and supply documentation for review and approval.
The communications and workflows go straight to the vendors with specific requests about what coverage requirements there are and what documents need to be present to ensure compliance. These automatic COI requests put the communication process in motion without the compliance admin having to manage every step in the process (and then repeat one year later when it’s renewal time).
3. Greater Insights
The optical character recognition (OCR) technology featured within the software reviews the certificates, recognizes the gaps in coverage, ends human error, and enhances risk insight. You’re able to find any errors and send the vendors’ requests to update their information.
Get your compliance data in real-time instead of waiting on monthly, quarterly, or yearly reports. Generate analysis and feedback reports 24/7 on all system activity, vendor compliance, communications sent, employee productivity, duplicate vendors, bulk renewals, and more.
4. Centralized Data
Compliance software houses all insurance certificates, endorsements, policies, requirements, vendor guidelines, and other documentation in one searchable location. You’re able to forget about the paper trails and file cabinets that clutter your office and manage all the insurance information in a single system.
Search through your COIs, documents, and insureds by name, field, compliance status, and more in a fraction of the time. If any questions, audits, or claims arise, the insurance data is accessible or downloadable for review.
5. Better Vendor Experience
With certificate tracking software you’re able to create and send insureds professional emails and links to upload their certificates online. Vendors can understand what they need to provide and send their documents with a single click.
These improved auto-notification emails lead to a positive vendor experience, an increase in certificate response rates, uploads by vendors, as well as an increase in compliance.
Want to Get Started?
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’ll be able to manage COIs to ensure vendor compliance. Request a free demo today to get started.