4. Reduce your overall risk
Automating COI collection and review reduces your overall risk exposure. You’ll have more COIs on file, and more assurance that your third parties have purchased adequate risk protection in their policies (thus protecting your business).
Upgrading your COI tracking stack reduces errors and inefficiencies. It frees up time for risk managers to focus on working with vendors or suppliers who need more insurance coverage or look into replacing those who refuse to comply. All of which contribute to your overall risk profile, which could lead to lower rates on your insurance policies.
TrustLayer’s end-to-end platform manages all of your COI tracking needs. Once set up, our AI and machine-learning tools review and flag COIs based on criteria you select, and only involve members of your risk management team when needed. After implementing our platform, customers saw a 3x reduction in time spent on COI tracking and a 300% increase in compliance. COI tracking is no longer the headache it once was, and your risk manager won’t need a vacation when it’s all done.