Full-Service vs. Self-Service Insurance Tracking
Anyone who has tried to track certificates of insurance (COIs) in-house without support knows how complicated the process can be. Between maintaining valid copies of the documents, entering key information into spreadsheets, monitoring expiration dates and collecting renewals, and reviewing policy terms to ensure your vendors are compliant, there are lots of little details that can easily slip through the cracks, thereby increasing your third-party liability risk.
COI tracking solutions simplify document collection, review and management, saving your staff countless hours of work and reducing the risk of costly errors. Even if you’ve already decided you need to improve your COI tracking for business reasons, choosing which solution to implement can be challenging. Depending on your company’s needs, resources, and preferences, either full-service or self-service COI tracking may be ideal.
Full-Service COI Tracking
Full-service COI tracking combines specially designed software with human expertise. This solution outsources the vast majority of the labor associated with the document review and management processes.
- Minimal Time Commitment
Since full-service solutions combine software and expert support, there’s very little need for time and effort on your end. A dedicated team will support you throughout the collection, review, and correction processes.
- Greater Expertise
Full-service solutions employ COI experts who know what to look for and how to ensure documents are legitimate and compliant. While some large companies may be able to afford to have compliance analysts on staff, many businesses have inconsistent workloads, meaning that COI collection, review, and correction often fall on employees with minimal experience in these areas.
- Enhanced Third-Party Risk Mitigation
Review and correction by an experienced team reduce the risk of noncompliant or forged documents slipping through undetected. Ensuring each certificate of insurance is compliant improves third-party risk mitigation by successfully transferring risk.
Because full-service solutions include human support, they typically cost more than self-service solutions. However, the total expense is likely to be less than hiring in-house staff to collect, review, and correct COIs.
Self-Service COI Tracking
Self-service COI tracking solutions equip you with software developed to simplify document management. While your team still controls the process, they have a dedicated platform to support them.
Using a self-service platform is more efficient than maintaining a spreadsheet to manage your documents. Not only does it simplify vendor onboarding, but it also makes it easy to find the COI in question if an incident occurs, saving valuable time during a high-stress situation. Additionally, automation features eliminate some of the unnecessary steps your staff would otherwise need to do manually.
- Easy Access
Cloud-based self-service solutions give you access to documentation whenever and wherever you may need it, whether that’s in the office or at a job site. With all pertinent COIs at the tips of your fingers, you won’t have to sort through pages of documents to find what you need.
- Enhanced Document Organization
Keeping your documents organized can be complicated, especially if you have periodic influxes. Self-service COI tracking for businesses automatically organizes your documents on one platform.
- Staffing Requirements
While self-service tracking solutions can reduce how much time you’ll need to invest in maintaining documentation, you will still need staff to review and correct COIs.
Business Credentialing Services is the leader in certificate of insurance tracking. Both full-service and self-service clients have access to our easy-to-use, cloud-based software that simplifies onboarding and interacting with vendors, maintaining their documents, tracking expiration dates, and so much more. The full-service COI tracking solution adds a team of compliance analysts to review documents and correct deficiencies, saving you time while ensuring the highest standard of third-party liability risk mitigation.
Contact us today to discuss which option is right for your business.
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