Why Should You Choose PlusOne Solutions for Outsourced COI Services?
COI Management |October 6, 2022
Over the years, we’ve found that not all certificate of insurance (COI) management programs are the same. You may have a system currently in place or looking to begin actively tracking COIs. However, if you are experiencing canceled or no active policies when you have a claim or internal audit, are concerned about potential risks but struggle to close the coverage gap, or struggling to get buy-in on a more efficient process, it may be time to look for a vendor who can provide not just the COI services but can partner with you and your contractor network to make change happen.
A Compliance Partner
When you choose PlusOne Solutions for your COI services, you are not just bringing on a vendor but a compliance partner. We work with you to not only process your network COIs but to help you meet your compliance goals, help with the communication to reach those goals, and provide valuable insurance expertise.
We understand that your organization may be tasked with specific objectives when it comes to your contractor’s compliance. We are familiar and work with executives, risk managers, legal, and operations on shared objectives and goals. As such, we tailor our approach to your needs, starting from day one with the implementation. Some, but not all the items that we will work with you on are:
Understanding if you have any KPIs around compliance and plan for how to achieve
Changes to your current insurance requirements
Helping you to begin enforcing insurance requirements
Identification of other specific pain points to address
To ensure that you have consistency on the approach, you will be assigned a customer success manager who will coordinate between your team and our team and act as your representative.
Communication & Campaigns
As you know, communication is key in any organization when it comes to the success or failure of a project. PlusOne Solutions will help coordinate the implementation, new insurance requirements, and missing requirement campaigns to help you reach those compliance goals.
Insurance is complex and doesn’t always appear to be what it is at face value. With PlusOne Solutions, you will gain a partner who understands insurance. Because this is what we do day in and day out, we thoroughly understand the nuances around insurance. In addition, we can provide best practices and advice on the insurance section of your contractor’s agreement as well as discuss your specific insurance pain points when it comes to your contractors.
In addition, we understand the balance between operations and risk. We can provide what has been successful and where we’ve seen other clients run into roadblocks and challenges when it comes to rolling out or changing your COI management program.
A Partner for Your Contractor and Their Insurance Agent
We know that your contractors need to stay focused on the work at hand. They do not have time to worry about paperwork and it always comes lower on the list of priorities for them. In addition, their expertise is in their work, not the insurance requirements that you are asking for, which can generate a lot of back and forth.
To accommodate this, we go out of our way to make the COI process easier for the contractor by working directly with the insurance agent while keeping them in the loop. The agents better understand our requests and a major part of their business is communicating insurance coverage. We keep not only the insurance carrier but also the insurance agent’s information on file and up to date. Our expert insurance specialists take and make phone calls with the insurance agents to help them understand what is needed and clearly communicate missing items or if a contractor’s requirements have been met and no further action is needed.
By partnering with PlusOne you bring on not just a vendor who manages the COI tracking but a collaborator who understands the challenges and nuances of the industry and can provide tailored solutions and real results.
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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