It’s June 2020 and everyone was stuck at home due to the COVID-19 outbreak. I am stuck at home and there is nothing else to do. Therefore, my mind kept wandering around. I cannot help but notice and appreciate all the inventions made throughout the years. Such as vehicles of transportation, appliances for the kitchen, equipment for carpentry. The wonderment of computers with software that can make instant computations. These inventions made human-life easier and convenient. However, why did I realize these things just now? One thing that I observed during the quarantine is my sister working at home as an accountant. She always stays up late at night and does tons of paperwork. Manually inputting Certificate of Insurances (COIs) on spreadsheets and printing it to confirm coverages and limits being stored in a pile to be sorted later. Therefore, I searched on the internet for software. A software that would make her work to be more reliable and less time-consuming. I found out that there are existing Certificate of Insurance trackers. Which can be the solution for such manual processes. These COI trackers are designed and equipped to lessen errors. In addition, keep COIs updated, and accessible to the tip of your hands. Besides, a COI tracker gives a solution for Outlook reminders and Excel spreadsheets. Which are only stored on a personal computer. For a reason that COI trackers link and upload real-time data of insurances to the internet. Moreover, for you to be able to access an updated and reliable data for tracking.
What is the advantage of using COI tracking software compared to a manual Excel spreadsheet?
Solving the problem of tedious manual data collection by automated COI tracking software
Since every certificate of insurance record is printed one by one for the company’s record, tracking COIs by hand results to pile up paperwork in your office. In addition, manually searching for insurance records requires separate work per individual record. This requires more working hours. Dealing with tons of records will result in confusion from outdated to recent files. This will make it unreliable and less accurate. Risk management teams who handle COIs for example continue to constantly update for COIs from vendors. Moreover, after inquiring, they then input data into an Excel spreadsheet. Not to mention checking Outlook reminders for renewals. All of which take many company resources to accomplish. All these tedious processes stated above would all be simple and easy when using an online and easy-to-use tracking solution. Time will be used efficiently and some processes a self-acting automated workflow. Another feature of COI trackers is an automated request for updated missing files. To maximize the time and resources spent in handling files. Classifying matters and guaranteeing the vendor’s compliance.
Agency and reliability between manual and software in data recording
Relying on the manual work of your risk manager, which is to input COI data into an Excel spreadsheet may lead to expensive errors. This already makes you liable for injury and damages. COI trackers transcribe data and scan the certificates. Parallel to your preferred risk requirements to secure vendor compliance. You are able to find errors. In addition, access for updated information in using COI tracking software.
Updated insurance status that ensures 98% compliance from vendors
Depending on a spreadsheet or on printed-paper for tracking and comparing COIs you are depending on the limited data available. It will make you vulnerable to incorrect and outdated information. Being unaware of the status of COIs of your employees may lead to a potential legal process. This will cause you a lot of money if an error occurs. COI tracking software provides a secure solution for liability. In one platform, you are able to access all the information you need. You can get access anytime you need about the vendor’s insurance status. Moreover, you can check out their complete compliance percentage. Another feature is you can create actual reports in real-time. To understand and to fix any risk exposure.
Get a reliable insurance tracking software now
Want a powerful certificate tracking system that scans, reads, captures, and organizes items automatically? Schedule a Free Demo of COITracker’s Certificate of Insurance Tracking Software. Alternatively, for inquiries contact us at info@COITracker.com or (262) 205 0222.