Many organizations underspend on compliance. In fact, a Globalscape and Ponemon study found that, on average, only 14.3 percent of total IT budgets were spent on compliance last year, as opposed to 11.8 percent the year before. This change indicates that organizations are not spending as much on compliance as they should be.
One of the expenses that organizations tend to undercut is certificate of insurance (COI) tracking. Most do not have a solid COI tracking process in place, much less a robust application to help streamline the effort. When it comes to COI compliance, we frequently see organizations trying to spend as little time and money as possible. The instinct to undercut this area opens companies up to huge risks. Here are some of the key things to consider while conducting a cost-benefit analysis on COI Tracking Software.
1. You Don’t Get What You Pay For
Organizations tend to hyper-focus on their dollar amount of a solution, automatically selecting the lowest-cost COI tracking software instead of the system with the most favorable risk profile, control system, and customer service sport that adds value and drives business performance.
2. Assess Your Needs
Too many times, organizations go into a purchase decision with the price point as the only factor. Before making a decision on your COI tracking software, sit down with your department and outline your current process. Once you review the current process, detail how you would like the process to look in the future. The gap analysis will allow you to determine the features that are non-negotiable in your COI tracking solution.
3. Solutions Without a Human Element Can Be Less Effective
Technology has evolved to the point where tracking COIs can be almost completely automated. However, there is still a strong need for human interaction to ensure organizations are not at risk of an audit. Once a COI is received it must be evaluated for compliance by comparing the information on the COI against the insurance coverage requirements. CTrax’s proprietary OCR technology will instantly read and populate your COIs into the system but we also have our two-touch system which ensures each COI will be scanned by a compliance representative as well.
Employees can spend up to 15 hours a week manually tracking COIs – costing organizations unnecessary time and money. CTrax increases productivity – your employees will spend less time managing documents and more on risk mitigation. Users have absolute control to instantly view all their certificates of insurance information from any location.
CTrax’s platform allows risk mitigation professionals to efficiently upload and access data. Certificate of insurance tracking software is proven to lower operating costs for clients of all sizes – but COI tracking for small businesses is especially important. Learn more and realize your ROI – Gains up to 90%.