Renewing your Certificates of Insurance (COI) can be quite a chore when mixed with several other administrative tasks. It takes more than just collecting and verifying the details included on each certificate to make sure that the company is compliant with the insurance company’s terms. What’s more, most companies receive hundreds, if not thousands, of COIs each year that are handled only by very few in-house employees. And because these employees are not laser-focused on COI tasks, COI compliance is often dismissed and overshadowed by other administrative tasks related to their department. This, in turn, causes delays and issues surrounding the conformity to the COIs and liabilities of the insurance company. To resolve such issues, companies have sought out a modern solution: automated COI trackers. Here’s how you can become insurance compliant without the extra need for hiring people who can do the job of COI tracking for you:
Practice proactivity with your COI duties
The habit of putting off work due to distant deadlines happens in every company in any industry. And as much as companies want to avoid this, it’s constantly brushed off as human error. But these errors add up, form, and gather, creating chaos in COI compliance. Remedy this by including consistency modules in your employees’ training. This will allow them to become more proactive with the company’s COI needs and to meet the demands that follow such as expiration, updates, liability cancellations, and etc.
Learn how to spot COI fraudulence
In every industry, there will always be people who will try to con companies into thinking they’re safe and that a good insurance deal is in their hands. This situation requires the need for reliable employees who can spot fraudulence at first sight. But the fraud doesn’t stop at the people who practice them, it has to do with the COIs as well. When a representative from your company receives and signs with a fraudulent company for insurance, it not only gets the company in financial problems but in legal problems as well. An incident like this may not only endanger your company’s reputation but your employees’ livelihoods as well. But with a representative trained in fraud prevention, your company will be in good hands the next time you encounter a COI for your business.
Watch out for liability cancellations and COI expiry
Aside from fraud, immediate cancellations and expirations are some of the things that companies and COI handlers need to watch out for. Liability cancellations and COI expirations are very critical aspects of every COI released. These factors can definitely make or break projects when they remain unnoticed. They can interfere with schedules, processes, communication, and even the employment of all the people involved in the project. These events are particularly trackable, but not by one or two people, but an established system that works to send reminders when needed. But for those using a non-particular system, errors in tracking is often the most common error. A system that’s not dedicated to tracking your COIs is a system that’s for better use somewhere else. You need a solution that generates results and provides you with services that you can benefit from.
Invest in a modern COI tracking tool
With the advancements in technology, there really is no excuse for having outdated COIs or even missing renewal and expiry notices. COI tracking systems come in different prices and features, you only need to find that reliable, innovative COI tracker that covers everything you need from scanning to tracking. A good measure for any trustworthy COI Tracker is one that offers you more than the expected results. Among these results include automated COI renewal, easy certificate submission, lowered costs, reduced risks, and best of all, increased compliance. Another benefit is that this software is mostly customizable, so you can set your own requirements and save time and effort that you used to exert for following up on renewal requests, reviewing/validating COIs, and making manual inputs in order to record the data obtained from the certificates.
Since you’ve already spent a good amount of time reading through this blog, why not try your chances at getting the best tracking experience with a highly-dependable COI tracker that allows you to scan, record, save, and track your insurance certificates 24 x 7 x 365? And if you’re still not convinced yet, why not request a FREE demo today and find out if this system works for you?