We feel you. If it were up to you, you wouldn’t be calling up vendors every day just to get them to send you a certificate of insurance. Preferably, one that is error-free. You’d send them an email, but they always end up getting ignored, so you call. And call, and call. And if you’re like many who wear the mantle of compliance, you’ve probably entertained the thought of going to their office and personally collecting the COI yourself at one point.
Guaranteeing that you have every policy info and endorsement and verifying the compliance of each vendor is a critical component of your role in your firm’s risk reduction strategy. But nobody said you have to like it. In fact, you’d be hard-pressed to find someone who does, and it’s pretty easy to see why.
Calling Your Vendors for COIs Can Feel Like a Wild Goose Chase
It’s not just organizing and entering data that’s eating up your time in your compliance role, after all. If you’re working with multiple vendors on a regular basis, the time you spend calling every one of them to collect their COIs – or to get them to correct errors there – is hardly something to sneeze at. If, say, each call takes you 5 to 10 minutes to make, and you make an average of 3 to 4 calls per vendor in a week, that’s easily 15 to 40 minutes down the drain for just a single vendor.
What if you’re working with four? Eight? Twenty?
And that’s just collecting COIs. It doesn’t even begin to account the hours you’ll be putting in to verify the compliance of each vendor or the time you’ll be using up to organize that data on the various software you’ve been using. If you’ve been doing everything manually up to this point, you can count on a never-ending trail of paperwork on your desk for the next year or so.
It bears repeating that your role in your firm’s risk management strategy cannot be underscored enough. And that’s why even though the compliance process is tedious and practically endless, you can’t skip steps or cut corners if you want to have any degree of effectiveness in what you’re doing. And yet, there just isn’t enough hours in a work day to do everything that needs to be done.
Your Vendors Don’t Always Have the Answers You’re Looking For
Part of the problem is that the people you’re talking to aren’t always the people you need to be talking to. Especially if you’ve been making calls to the front desk. You get passed around to employees who may or may not know about insurance. Sure, it would have been much easier to just talk to their insurance agents about this, but you don’t always have a direct line to them.
But what if you did? What if there was a system that conveniently tracks the compliance of each company automatically and connects you with everybody you need to get a hold of in one place? Think it’s too good to be true? Think again.
COI TRACKER Makes COI Collection a Breeze
COI Tracker not only automates the collection of COIs, but it also acts as a centralized system that gives you a direct line to the people with the information you need without having to go through hours of bugging your vendors (who are often as clueless as you are when an issue surfaces) on the telephone. Not only will you not have to call anybody, but you also increase your own effectiveness when dealing with problems with vendor compliance.
And that’s only part of what COI Tracker can do. From automating data collection and entry to reminding you of policy expiration dates, it removes the most tedious manual processes from your daily routine, completing what used to take you hours in mere minutes. That way, you get more time to streamline your process further and catch up on all the endorsements that you have to read. Contact us and get a free demo today. Your compliance process will never be the same again.