Interested in Implementing a Contractor Insurance Management System? How we help integrate technology to increase speed and accuracy.
COI Management |May 2, 2022
If you’re looking to implement a contractor insurance management system to track your contractors’ certificates of insurance, odds are that your current process just isn’t working at the level that you or your organization would like it to. You’re not alone. There may be some flags that tell you it is time to implement a more robust system using technology to streamline and improve the process. Some of these reasons are:
Handling larger volumes and your current processes or system can’t keep up
You’re experiencing fast growth, and your business involves an independent party performing the work or service
You’ve noticed an increase in your contractor claims management workload
Experiencing more accidents and a lack of coverage from your contractors’ insurance
After working with clients, we’ve found three common uses of technology that have a significant and positive impact on their ability to mitigate risk: receiving and updating certificates of insurance quickly, having accurate contractor insurance information that meets your requirements, and timely visibility to the data.
Working Fast Enough for Business Needs
Best practice requires that you typically have current and active insurance before providing work to a contractor. The challenge is that it can be difficult to get the certificate of insurance processed fast enough to issue or dispatch work.
We use automation to streamline the request for renewal certificates of insurance and offer an easy-to-use document upload for both contractors and their insurance agents. This simplifies the process and tags the document to the contractor’s account. Using machine learning and document processing automation, allows us to update accounts quickly so you can focus on the job, not compliance.
Data That You Can Trust
Data and accuracy are a challenge for any organization. Manual entry and simply dealing with large amounts of data leaves room for error. To avoid this, you must have consistent data audits. When you are trying to run operations, this can be easy to neglect and often becomes a backburner item. The problem is that it is too late when you have an insurance claim and find out that what you were reporting is not correct. Or you do not provide work to someone who should be compliant, but the account was not updated correctly negatively impacting operations.
Our systems put an extra eye on data that doesn’t meet your contractual insurance requirements. If a contractor doesn’t meet your requirements, our system will alert us, and our team will review the insurance documentation a second time to ensure the data is correct. Second, we perform random audits to verify that all information entered into the system is reporting correctly.
Wrapping it Up with Reporting
Having an account updated fast, insurance that meets your requirements, and good data only does you good if you have reporting that is relevant and timely. PlusOne Solutions provides multiple options for reporting no matter what stage you are in business. We provide both a cloud-based portal where your team can verify the information and an API if you want to integrate the data into your system. Both provide high-level and detailed compliance reporting that is specific to your insurance requirements. This allows you or your current system to recognize when a contractor qualifies for work.
We’ve helped many organizations develop a streamlined, efficient, and quality contractor insurance management system that minimizes the impact on operations while reducing risk through the use of technology and can provide insight and best practices on how to best implement a new system. Contact us today to learn more about the solutions we have to offer.
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 contractor and vendor relationships while creating safer work environments. To learn more, visit https://www.PlusOneSolutions.net.
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