If you’re anything like the typical compliance officer doing their job “old school,” you’ve probably experienced wishing that there were more hours in a day. And what compliance officer wouldn’t, considering the amount of paperwork they go through?
Between keeping up with all your Insured’s compliance, reading 100-page endorsements, and managing all other related insurance documents, you’ve got little time for anything else. You also have to make sure that your COIs are accurate and reflect current information. It can get pretty grueling pretty fast if you’re working for a company that works with multiple vendors or subcontractors.
For perspective, if it takes the average compliance officer upwards of 40 minutes to guarantee 100% compliance on a single COI, imagine how much time it would take for one officer to go through 50? That’s four days just to go through the COIs – assuming that you don’t do anything else in that span of time. And that number doesn’t even begin to include the review of other COI-related documents and the time you’ll spend verifying each with your Insured and their Insurers – on top of everything else.
Overwhelmed is Your New Normal
The worst part about it is you can’t cut corners or skip steps, or else you risk undermining the whole process and your company by extension. As someone tasked to keep your company from costly legal liabilities, your job is to be thorough.
There’s no room for error in the slightest: every spreadsheet has to contain the proper information, and the same applies to everything you enter into your accounting software. And chances are, if you’re one of the more diligent COI admins, you’re probably even using your personal phone as a reminder for expiration dates and follow-up calls.
That’s overwhelming, even for the most seasoned compliance officers. But the harsh reality that we all have to come to terms with is that when you’re tracking compliance, piles upon piles of paperwork are par for the course.
At least, that used to be the case.
COI Software Can Revolutionize Your Tracking
Now you don’t have to sit for hours going through paperwork because COI software can do it for you – and be better at it. Nightmarishly repetitive tasks like data entry and manually uploading info onto spreadsheets or accounting software are now entirely unnecessary thanks to OCR technology. Everything is now automatically scanned and recorded, and follow-up deadlines and expiration dates are intimated to you automatically – no need to use your phone anymore!
Errors and oversight are significantly reduced, too, and you’re able to focus on other things that require your attention without being overwhelmed by the menial work.
COI Tracker’s Best-of-Breed Functionality Will Improve Your Compliance
COI Tracker can dramatically improve your ability to track compliance by:
- Getting the most time-consuming manual processes out of your way;
- Making you more efficient through automated notifications in a centralized system;
- Custom functionality integrations with your ERP;
- Giving you time to go over everything with a fine-tooth comb;
- Giving you time to spot gaps in your efficiency.
COI Tracker is designed to help you streamline your process. It gets rid of the toxic amounts of paperwork on a manual compliance officer’s desk and improves your efficiency throughout the process – great for your company, a boon to your sanity.
If you’ve been doing COI tracking manually, there’s a whole new world of ease and efficiency waiting for you by trying COI Tracker. If you’re interested, feel free to contact us for a free trial today. It’s COI tracking done safe, done right.