Benefits of a Full-Service Certificate of Insurance Tracking Solution
While you need to track certificates of insurance (COIs) for compliance and risk transfer, doing so can be stressful and time-consuming. To ease the burden, many businesses turn to a full-service certificate of insurance tracking solution that not only maintains their vendors' certificates, but also provides enhanced services to reduce risk, ensure compliance, and save time. These are not the only upsides of a full-service certificate of insurance tracking program, however. Several more are outlined below.
The right service can help you streamline the process of collecting, reviewing, and correcting certificates of insurance to achieve a high standard of third-party risk mitigation without your team putting in long hours. In many cases, vendors can upload their information directly through a convenient app, saving them time, too.
COI compliance is essential so that your business is able to tender claims and avoid potentially hefty settlements. An experienced and disciplined certificate of insurance auditor can confirm that everything is in order to mitigate risks. However, a full-service solution has the faculties and bandwidth to take a closer look at the contract requirements, insurance policies, ACORD forms, endorsement language, and other critical factors that could make or break your protections.
A full-service certificate of insurance tracking solution delves more deeply than merely storing documents to help you manage risks. Compliance analysts will also address the coverage terms to expose key details and exclusions that could jeopardize your organization.
Support Your Team
Some COI tracking solutions include inbound and outbound vendor support to ensure the third parties you work with are compliant with the terms of your contract and relevant regulations. In this capacity, the tracking program acts as a branch of your team to represent your interests.
Comprehensive, full-service programs may have additional elements to ease the management of existing vendors. Some full-service solutions even increase the efficiency of onboarding new vendors. Make sure to ask any potential full-service certificate of insurance tracking companies what they can do for you with regards to onboarding and managing vendors beyond only certificate of insurance tracking!
Organizations typically must allocate time, resources, and money for the request for proposal (RFP) process. Some services enable users to broadcast jobs to vendors in their area, and an algorithm will locate potential matches. From there, businesses can compare bids and chat with interested parties directly through the app.
Gain Critical Insight
Risk managers require accurate and relevant data to make educated decisions that could affect your company’s exposure. COI tracking solutions that provide real-time insight with robust analytics and reporting tools can inform your choices and direction.
While a full-service certificate of insurance tracking solution can provide a host of potential benefits, these ultimately depend on the quality and features of the provider itself. BCS is one of the leading full-service certificate of insurance tracking solutions, thanks to our convenient app and team of expert compliance analysts. In addition to our full-service option, BCS also offers a self-service solution that gives you access to our software so your team can collect and review COIs without the hassle of manual tracking. Contact us today to schedule a demo.
Learn from the pros about risk-mitigation, document tracking, and more, with expert articles from BCS.