If you’ve done compliance or insurance tracking for any length of time, you know that it gets pretty tedious pretty fast.
Keeping track of all the required information from certificates of insurance, insured endorsements, and subrogation waivers can get frustrating if you’re part of a company dealing with multiple vendors on a regular basis. It can get especially toxic, however, if you have to do all of that manually.
Today, technology has afforded us so many wonderful things that make our lives easier, and those going through the rounds of compliance are not exempt. Automated tracking through reliable tracking applications like COI Tracker are now capable of handling nearly all parts of the compliance process with unprecedented ease and speed that only modern automation can bring. However, for one reason or other, some remain adamant in doing things “the old-fashioned way,” losing out on all that convenience.
Below, we outline three of the most common objections to automating certificate of insurance tracking, and – you guessed it – why they’re wrong.
Objection #1: Manual Tracking Saves You Money
This is probably the most common objection leveled against automatic trackers, mainly because they are paid services. We admit that it’s pretty easy to see the money you don’t spend from not availing a service as “savings.” However, you should know that there are hidden costs to manual tracking, mainly realized as time wasted poring through hundreds of documents just to collect data. That’s hundreds of hours a year down the drain, time that could have been spent elsewhere. And on the off-chance that you fail to enter a single bit of information correctly – that’s a costly legal battle waiting to happen.
Let’s be clear: you do have to shell some money out to pay for a subscription for an automatic tracker, but it’s not anywhere as expensive as the liabilities or the wasted hours you have to account for when you do manual tracking.
Objection #2: Manual Tracking Doesn’t Solve All Your Problems
This claim is the medical equivalent of saying “Penicillin doesn’t give you eternal life, and therefore it doesn’t work.” Of course it doesn’t solve all of your problems. However, it does solve a great deal of them by dealing with them through automation. That means more free time for you to do more things that count, and less time reviewing documents and organizing them into a neat record.
And that’s only a small fraction of what automated trackers can do for you. Best of breed software like COI Tracker can make your life easier by helping you guarantee compliance and by intimating expiration dates before they come so you can make the necessary preparations in advance.
Objection #3: Manual Tracking is Better Because It Has a Human Element to It
We’d love to say that there is some truth to this, only we can’t, because it’s completely wrong. Some 99% of traffic accidents happen because of human errors, and while this isn’t necessarily true for COI tracking, it does prove that “a human element” doesn’t make any process less prone to error. In fact, the opposite is probably true: it’s easy to imagine someone dealing with the combined threats of tedium and fatigue make one mistake or two while collecting data.
Machines, on the other hand, are not prone to fatigue or tedium, and are capable of dealing with the same task over and over with sustained accuracy throughout. This makes them better candidates for going over data of a sensitive nature, such as the contents of COIs and other important insurance documents.
COI Tracker: A Worthy Investment
Automatic trackers not only reduce your load by streamlining your tasks, it also helps you do your job better and minimizes risks that come with human error. It’s an investment that will dramatically improve your workflow and save you literally hundreds of hours that can be used for more meaningful, more productive things.
Try COI Tracker today and revolutionize your company’s compliance tracking today.