Adopting a new system isn’t always the easiest thing to do. There’s also no guarantee that a new system will bring the much-needed improvement you need to your process. However, if the benefits of doing so are clear as day, then hesitating will make you miss out more on time-saving or process-improving benefits that could positively impact your bottom line.
COI Tracker is a best-of-breed COI tracking service that will revolutionize the way you handle compliance in your company. Not only is it the best when it comes to accuracy in data collection, it’s also one of the most feature-rich systems out there, on top of being intuitive and easy to use. Still, it’s fair that you don’t just take our word for it and try it for yourself. We’re fairly confident that you’ll continue using our service after the demo anyway.
But often, we’ll receive comments from some companies that refuse to even try our service, and for the strangest – and may we add, most inaccurate – reasons. We’ve listed them below in no particular order:
“We’re doing fine, thank you.”
We get this more often than we’d like from company execs who are noticeably out of touch with their compliance team’s needs, or who simply don’t care about addressing process gaps and pain points in their risk management plan. Meanwhile, their compliance teams are working late hours, trying to put out fires and mulling over insurance documents because a COI didn’t match neatly with an endorsement.
We don’t need to tell you how potentially disastrous such a devil-may-care attitude among executives can be. Manual COI tracking can be very taxing, considering all the responsibilities involved in it are equally time-intensive, and a quick sit-down session with compliance staff should immediately tell you that much. This doesn’t even consider the fact that the majority of COI admins don’t have enough insurance knowledge to properly track and verify each COI for compliance. Not only does that increase the time it takes for them to go through compliance, it also raises the risk of mistakes on your record and coverage gaps.
COI Tracker resolves all of that in an efficient and cost-effective way by automating collection, data entry, and validation, among other things, so you can have time to improve your process and close gaps associated with manual COI tracking that can put your organization at risk of a costly legal battle.
“We don’t want to lose control over our compliance process.”
What COI Tracker does is automate the things that can be automated in the traditionally time-consuming process of tracking and validating certificates. That way, your COI admins can have time for things that matter more in their roles as risk management MVPs. You’ll still be very much in control of the entire compliance process for your company, it’s just that now you have more hands – more horsepower if you will – to take care of the process and get things done the way you want them done. If anything, you gain more control, not less.
“Isn’t it too expensive?”
Compared to the coffee budget for your compliance staff working late hours, it isn’t. Especially when scaled against a liability claim that can cost you upwards of $70,000 if one of your vendors become negligent enough. COI Tracker offers one of the most competitive subscription rates anyway, and you’ll find that we offer so much more by way of features and innovation than what our pricing would indicate at first.
COI TRACKER Will Change Your Process for the Better, For Good
As an end-to-end solution improves your compliance rating and COI management, COI Tracker dramatically improves your ability to manage your COI tracking process and minimize your risks significantly.
But again, don’t take our word for it. Contact us and request a demo today and get ready for a seamless, effortless COI tracking experience that will change your process for the better, for good.