You were probably handpicked for the job, and that means you’ve got what it takes to take on the daunting task of COI compliance. But if you’re like the majority of people managing their firm’s certificate of insurance portfolios, there’s a good chance that you don’t know how to properly interpret the data you come across on COIs.
In fact, compliance officers rarely ever get the insurance training they need before they assume their posts. They learn the ins and outs of the job hands-on. And while that may give them sufficient experience to do the job without a hitch – granted they don’t make a mistake in the record before that! – they don’t learn everything they need to equip them for proper compliance assessments that might ultimately cost your firm tens of thousands from your bottom-line.
So Much to Learn, So Little Time
It’s likely that you’ve encountered terms like “waiver of subrogation” or “additional insured” enough that they sound familiar to you by now, but you feel that you haven’t grasped the real meaning behind these concepts – and if so, you’re not alone. Even seasoned compliance officers can still struggle with insurance jargon, especially if they didn’t receive the training required to fully understand the terminology. You feel like you should know these terms by now, and the fact that you don’t is downright demoralizing.
But who can blame you, though? Between guaranteeing compliance per COI, processing and compiling all the information manually (most likely on different programs), and following up on non-compliant vendors and keeping tabs on policy expiration dates, you hardly have the time for anything else. You certainly don’t have the kind of time to read up on things that can help you be more efficient on your job. And if you’re working for a company that deals with a lot of vendors simultaneously, it’s not like you ever get done, too: finish a pile one day, and you’re certain to have another one waiting for you the next morning.
A Tall Order – But What if You Can Keep Up?
But here’s the thing: when the crap hits the fan and your firm is faced with a general liability claim that happened because of your oversight, you’re going to get blamed anyway. That’s the harsh reality of being a compliance admin, and the only option you really have is making sure that everything you have on file is correct, every COI you’ve gone through has a compliance of 90% or higher, and each vendor and deadline is accounted for in your system.
That’s a tall order for anybody, especially if you’re the only compliance officer in your company (a typical scenario for small businesses). Naturally, that’s a lot of pressure to deal with – but what if you had a tool that would make your job 40% easier? What if you actually had the time to brush up on your insurance jargon, take a few online classes, maybe? Surely that will help you track compliance better, and in keep costly litigation at bay in the long run.
It’s Called COI TRACKER
COI Tracker exists for one reason only: to help you manage your certificates of insurance with ease. Powered by best-of-breed OCR technology, it takes manually compiling and recording data from your hands, as it does tracking expiration dates and following up on non-compliant vendors. This cloud-based insurance tracking solution automates your most time-intensive tasks and aggregates the data for easy access later on.
Managing your COIs has never been easier with COI Tracker. Still not convinced? Contact us today for a free demo and get instant time to work on your knowledge of insurance terms today. It’s the best, most cost-effective way to keep your organization protected from costly, unnecessary, and unnecessarily costly claims you’ll ever tried.