We have all seen the signs – large bins full of three-ring binders, loose papers scattered on desks, and exhausted compliance employees sporting dark circles under their eyes… If you experience any of these symptoms, your team may be suffering from compliance burnout.
Compliance is no small task – in fact, 50 percent of respondents to a recent Risk Management Association survey said their organization spends 6-10 percent of their revenue on compliance costs. Not to mention all the time employees spend searching for lost documents or manually entering data.
More specifically, tracking certificates of insurance is a timely ordeal for many organizations. Keeping certificates of insurance in order has to remain a priority to decrease audit risk – compliance audits consume up to 58 working days each quarter.
How can organizations save time and money on compliance? Here are a few key ways organizations can streamline their COI tracking process.
Implement a Solid COI Tracking Process
Many organizations say they have a COI tracking process in place. However, these same organizations are filing their COI’s in a large plastic bin in the darkest corner of the office so no one has to look at them! If your organization does not have a streamlined process or applications to help manage COIs – you are more likely to lose documents and are constantly increasing your risk for non-compliance.
Train your Employees to Read COI’s
A prepared employee is a prompt employee. If you arm your employees with the knowledge necessary to properly review certificates of insurance, they will be ready to interpret the language, know the laws of individual states, and avoid fraudulent COIs. Put processes in place to properly train employees and make sure to get your reviewer licensed by the state as a Property and Casualty broker.
Standardize your Contract Requirements
Few companies have standardized contract requirements – proper insurance coverage requirements can vary, and situations can be unique. However, organizing your materials and summarizing what your agreements ask for can help to simplify the process. Make sure to consult with your Risk management, insurance agent, or a risk consultant to agree on standardized insurance requirements so you can apply them consistently.
Implement Best in Class COI Tracking Software
COI Tracking software can be a lifesaver for organizations that consistently process COIs. COI tracking software prevents the filling of data on the COI inaccurately – saving countless hours of manual labor and reducing the risk of human error.
If you are considering a COI tracking solution – JDi Data’s CTrax is the ideal tool. CTrax works in steps- from filing all the way to auto-renewal alerts. Verifying all the document information, CTrax will alert the user if any data is deemed erroneous and a request to change the information will be initiated. To learn more, make sure to schedule a demo by clicking below.
CTrax offers 24/7 Support to its users, even during holidays.