It’s 2021! Time to get with the program and use an insurance tracking software to streamline your reports and make life easier in the office.
Keeping records is a daunting task. Collecting, filing, checking, can take a lot of time which would otherwise have been better off spent in more productive activities in the office. Requesting Certificates of Insurance from vendors and contractors can also be a hassle and you could end up in an endless process of mailing to and from your office just to get the right documents.
And even then, despite how vigilant your records keeper maybe, the margin for human error still exists leading to unwanted losses in the future.
This is where insurance tracking software makes life easier for you (or at the very least, your records keeper’s). Think of it as an office worker who’s always checking, updating, recording, keeping track of your certificates of insurance, and ensuring that everything is filed properly and updated.
What is a Certificate of Insurance and Why is it Important?
A certificate of insurance is a snapshot of a vendor, service provider, or contractor’s policy coverage. This gives you an idea of what their insurance covers them or holds them liable to so as not to affect your own insurance policy.
Without it, anything that can go wrong within your work environment is going to fall under your jurisdiction and responsibility. That means spending on some things to avoid litigation which you may not entirely be responsible for.
In short, that’s money down the drain that the vendor, service provider, or contractor should be spending which is coming out of your pocket.
Reasons Why COI-related Losses Occur
Not all losses arise from not having a COI submitted to you in the first place. There are actually instances where having a COI in hand still costs a business a lot of money. These reasons could be any of the following:
- Outdated COI
- Incorrect COI submitted
- COI submitted expired
- Incorrect details on the COI
- Human error
- Lost COI
- Tampered COI
- Damaged COI
That’s just a shortlist of reasons why COI-related losses happen.
But what if you could do away with all of that?
This is where a Certificate of Insurance Tracking Software comes in handy.
Here are 5 ways an Insurance Tracking Software Makes Life Easier
It is in your best interest to automate your processes in your business. Not only does this remove the human error factor but it also increases your productivity by at least two-fold. So, we’ll start this list with the benefits of automation.
Automation is the Way of the Future
There’s a reason why automation is touted as the future of all industries. Imagine an office where productivity is high while errors are low.
This is what a Certificate of Insurance Tracking Software is: just that office person who never leaves the office and is always working from day to night without asking for more salary. And despite working 24/7, it’ll always have the records updated, organized, and kept safe without the crankiness of a regular office drone.
Human Error Factor Removed or Diminished
“To err is human”
Let’s face it, people make mistakes. And mistakes can be costly. You don’t want that for your business. You don’t need to fully automate your staff. Just the ones that require 100% accuracy and continuous management which would lead to massive amounts of overtime salary.
Your Productivity Increases
Employing a Certificate of Insurance Tracking Software frees up your staff for proper allocation. Instead of having someone dedicated to just poring over the COIs coming in and making sure they don’t have erroneous information or at least within the period of effectivity, you now have a tool to do specifically that. This means you have another person who you can either place in marketing or in the front line to deal with customers.
You’ll Never Have an Expired COI in Your Hands Again
A Certificate of Insurance Tracking Tool ensures all COIs logged into its database are well within their policy coverage periods. Alarms are going to be raised if it detects COIs about to expire. Now, you can set it up to either send out a request for a COI from the vendor, service provider, or contractor automatically or alert you so you can request for it through email.
Whichever method you choose, you’ll be able to ensure that you’ll never have an expired COI in your hands again.
A COI Tracking Software Remains Vigilant for You
A COI tracking software always keeps tabs on each and every document it has saved. It will ensure that you know when to send out emails to follow up your vendors, service providers, or contractors for corrections, renewals, re-submissions, and others.
If you have it set up to send an email to you to keep you on top of things, then you will receive timely notifications in your inbox.
Otherwise, you can program it to send out notices to your vendors, service providers, and contractors to comply with your request for proper filing of their COI.
It’s a Simple Concept Really But One That Has Disastrous Results if Ignored
Keeping track of your COIs is a simple concept really. Except for the fact that you may face massive losses if you fail to keep yourself updated.
Now when COI Tracker came up with the idea to update the records-keeping methods already in place in offices all over the world, it lead to a revolutionary Certificate of Insurance Tracking Software that has replaced the archaic methods everyone was used to.
This software is simple and straightforward to use, which decreases the chances of errors taking place. It’s also a good thing that aside from its highly efficient records management feature, it can also send out notifications to concerned parties.
So, are you still using a spreadsheet to track all of the Certificates of Insurance your office is handling? How’s that going so far? Why don’t you take a step into the future and try our Certificate of Insurance Tracking Software today?
For more details, give us a call or send us an email and we’ll be happy to get back to you as soon as we can.