Outdated Tracking Methods Add Difficulties
How does your organization track COIs and compliance? If you started out with an Excel spreadsheet, your staff might still be adding rows and tick marks in columns. But, spreadsheets can easily and quickly become outdated.
If you have multiple staff members working in the same spreadsheet, version control and human error can also become issues. Who added that checkmark next to a major vendor’s COI? Did someone put the wrong expiration date in a column? There are more possibilities for error when you use a spreadsheet to track compliance.
Working in a spreadsheet also limits your ability to cross-check and verify data. To ensure accuracy, you’ll likely have to devote copious time to manual audits and following up on missed inputs. It’s time-consuming and costly to devote the necessary resources to verify the completeness and accuracy of a COI-tracking spreadsheet manually.
Automating the process in a platform like TrustLayer significantly reduces the possibility of error. The platform checks COIs and flags issues and missing data. It will even send follow-up emails to vendors to resolve errors and discrepancies.
Depending on the volume of COIs that your staff reviews annually, they might only have the time to scan a COI for the minimum when they’re relying on their own eyes as the verification system. Freeing up their time and lifting their administrative burden by partnering with a COI-tracking software that speaks insurance allows them to focus on addressing complex endorsements and other risk areas.