In the world of business, it’s not uncommon for companies to put off important projects that may come at an expense, whether it’s time and/or money. However, with increased safety measures being required by law and liability insurance rates increasing steadily each year, one project you can’t afford to put off any longer is monitoring vendor compliance and tracking third-party insurance.In the “insurance world,” a lot has changed in the past 10 years, but one thing remains constant: risk mitigation and vendor risk management are VITAL to protect your company from costly claims.
Insurance tracking software is a crucial tool for any company that has third-party contracted work relationships. For larger organizations, such as international real estate or hotel enterprises, tracking third-party vendors’ insurance includes monitoring a massive amount of data and requires an extreme amount of diligence to maintain. The complex legal requirements and sheer amount of work needed to maintain these vendors’ compliance can be daunting, especially without the help of a vendor risk management system in place. Vendor risk management software, such as insurance tracking software, makes monitoring third-party compliance easy through automation.
What is certificate of insurance tracking software?
Insurance tracking software simplifies the process of organizing insurance related documentation and key data points (insurance policies, limits, endorsements, additional insured language, etc.). Some certificate of insurance tracking software companies are not fully equipped to completely automate vendor tracking for you, so make sure you look for the best solution for your company. COI Tracking software companies that utilize AI software and OCR scans to extract data from COIs and automatically flag deficiencies are the most time-saving and impactful solutions for streamlining insurance tracking and vendor compliance. Not only does this reduce manual work for your company but it also makes sure your insurance records are up-to-date.
Tracking COIs with an insurance compliance software ensures your company is protected and being proactive. The tools offer peace of mind and make sure your company is prepared for any unfortunate claims or insurance issues.
Why is insurance tracking software necessary?
When it comes to insurance tracking and vendor compliance, the best solution is digital. Companies store thousands or even millions of physical insurance documents and struggle with being able to find the right, valid document when it is needed. With insurance tracking software, companies can eliminate the hassles of manually storing and tracking COIs. Some types of COI Tracking software can automatically create email templates, send out renewal emails, and stores every file necessary for vendor compliance. Automation is the name of the game when it comes time saving and streamlining certificate of insurance tracking and vendor onboarding.
Top benefits of Vendor Risk Management Software:
Reduced Risk
The best certificate of insurance tracking software companies will give you the tools needed to easily collect and track the necessary insurance documents and information for any vendor, subcontractor, franchisee, tenant, etc. When the process is simplified, it is easier to track and find any deficiencies or expired policies. Automation and a user-friendly interface will help you spot potential risk so you can actively address and correct it.
Time Efficiency
When you utilize a vendor management software for tracking certificates of insurance, it's a win-win. You get the productivity benefits of an automated process without sacrificing quality. This system saves time on data entry and other administrative tasks so your team can focus its efforts on other projects.
Ability to Standardize Vendor Process
Without a common framework and understanding of terms and insurance requirements, vendor management will not run smoothly. All vendor compliance and onboarding procedures should be clearly defined and organized to make sure there are no deficiencies or insurance gaps in coverage. Establishing a standard process for onboarding vendors, collecting insurance documentation, and tracking compliance will increase efficiency and streamline an otherwise lengthy process. A vendor management software can help facilitate this process of standardization.
How bcs helps
BCS provides the ultimate vendor risk management and insurance tracking software for all your compliance needs. With the self-service COI tracking software, your team can collect, track, and review COIs via the bcs app. The full-service vendor compliance solution takes service a step further by providing a team of compliance analysts to review documents, reach out to insurance agents and vendors, and correct insurance discrepancies for the perfect blend of proprietary technology and human involvement.
Test the tool that streamlines the Certificates of Insurance Tracking process. Watch the demo today.
