3 Signs It’s Time to Make the Switch from COI Tracking Software
COI Management |October 11, 2022
Having COI tracking software can be an immense help if you were previously tracking your COI information on a spreadsheet. It can improve the amount of work completed and create a more consistent and streamlined renewal process. However, technology only goes so far. There will still be a gap between the automated processes and the reality of all that is needed to complete a COI management program. Below are common reasons why it might be time to switch from COI tracking software to a full-service solution that combines automation with human expertise.
Making and Taking Phone Calls
As much as we would like technology to eliminate all but the automated communications that tracking software provides, insurance is simply too complex to eliminate it entirely. Especially if you are requesting items such as additional insured and most definitely if you are asking for both completed and ongoing operations additional insured endorsements. If you find that a good part of your day goes towards these phone calls, then switching from a software-only platform and moving to a vendor who provides additional services may be the route for you.
At PlusOne Solutions, we not only send automated communication but follow up with phone calls on expiring notices when we’ve received no action from your contractor or their insurance agent. We are also available to take inbound calls with questions concerning your insurance requirements and how to submit documentation and COIs—removing this work off your plate.
Interpreting COIs and Insurance Documentation
A software may not be likely to read or extract data off a COI or insurance documentation accurately, leaving it up to your team to determine what coverage is being reported. Especially if you collect coverages outside of the General Liability, Auto Liability and Workers’ Compensation. For example, if you receive a COI with cargo coverage, how do you know if it is a floater policy, inland marine, property, or transit? Because insurance can be grey, insurance agents can list coverages differently. It will be up to your team to determine if it is the coverage you are asking for or not.
PlusOne Solutions understands these nuances, and if it isn’t clear, we will reach out to the agent to get clarification and even revisions to a COI so that the coverage is, without a doubt, the coverage you are asking for.
Your Compliance Goals
If you find that you’re still not reaching your compliance goals with a COI tracking software, then a compliance partner may be able to help. When you work with a vendor, they have a lot of experience on what works and what doesn’t, based on their experience with numerous clients across multiple industries. They can share best practices as well.
PlusOne Solutions works with you closely during the first year of implementation to understand your compliance goals and will work with both you and your network to get things where you want them. We also do periodic and requested campaigns. This includes multiple communications helping your contractors to know where their compliance stands and what is needed.
If you are spending a lot of time managing your COIs, struggling with insurance nuances, or not reaching your compliance goals, then it may be time to look at switching from a COI tracking software to a full-service solution.
Contents are provided for information purposes only and should not be construed as legal advice. Users are reminded to seek legal counsel with respect to their obligations and use of PlusOne Solutions services.
About PlusOne Solutions
PlusOne Solutions has been an industry leader in the risk management field by specializing in compliance programs that meet the complex challenges of geographically dispersed contractors, vendors, and employee networks. PlusOne Solutions protects companies from possible financial, legal, and reputational risks associated with contractorand vendor relationships while creating safer work environments. To learn more, visit https://www.PlusOneSolutions.net.
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