It is no surprise that businesses and insurance are often attached to a lot of documentation. These documents need regular review & follow-ups.
In no time, you will have several contracts and certificates on hand which will soon become too much to handle.
With proactive management, you can reduce many risks and track huge numbers of COI with ease.
For people who are looking forward to increasing the efficiency of COI tracking, here are 6 things for you to do.
1. Compliance Is Key But Communication Is Crucial
As a company that offers COI tracking, it is essential that all your insureds be in compliance. If not, it is your job to inform them and follow up.
There are many intricacies when it comes to certificates of insurance, which is exactly why you must educate your insureds about it.
By maintaining a constant back and forth line of contact, you can help your insureds solve problems even before they occur.
Initiate a streamlined communication to ensure that all your insureds are in agreement with what the document demands.
2. Clear Explanation Of The Insurance Coverage Requirements
Documents are of no use if the person has no idea how to use it. An insured need to know that merely having a COI document on hand serves no purpose.
He/she must have a clear idea about all the insurance coverage requirements in order to make good use out of it.
Individual insured assessment will help you identify the risks that they might encounter. Apart from letting you analyze their situation better, it will also help you come up with effective guidelines.
3. Keeping A Good Track Of Policy Expiration Dates
Always remember that having a policy renewed before it expires could save you from a lot of hassle. Having a track of all your insureds’ policy expiration dates is almost close to impossible.
You have to have a system in place to get the job done. This system can be either manual or automated and it is your choice to make.
However, make sure you inform your insureds ahead in time and help them renew their documents before they expire.
4. Having A Thorough Monitoring Plan In Place
We can handle many problems with ease just by spotting them early. At this point, you probably understand that when the policy period expires, so does the certificate of insurance.
Nevertheless, the real question is, do you have the right monitoring plan to keep an eye on this? If the answer is no, then you had better start building one.
You need to have a proper plan to monitor all the expiration dates of your insureds to replace their COIs before they even expire.
5. Make Use Of A Certificate Management System
Most often, people overlook the value that a proper COI management system can bring to the table. People rather prefer keeping it aside thinking that it is nothing to an extra load of paperwork.
However, in reality, a COI management system can instantly skyrocket your efficiency and reputation.
All you have to do is to choose individuals with the right skill set and have a knack for problem solving. They can later drive this essential process and handle COI tracking responsibly.
6. Allocating Sufficient Personnel To Handle The Load
Eventually, no matter how automated your operation is, the load will become too much to handle all by yourself.
If you keep functioning the same, you will eventually lose focus and end up losing your insureds. With very little effort, you can find many smart people who share your vision and have common goals to achieve.
Hiring them, will not just take a huge burden off your shoulders but will also help you improve your efficiency of operation.
COI tracking is now a lot easier with a software. If you want to how, read this blog: The 3 REAL Benefits of Using A Certificate of Insurance Tracking Software
By following all best practices there is no doubt that, you will start seeing an instant shoot up in productivity.
Your results will also become more accurate and reliable. Still, there is no denying that a little help from a professional can help you fill all the gaps that you did not know existed.
To get into the details and to sharpen your existing COI management, feel free to schedule a free demonstration with a COI Tracking Expert.