Archive for the ‘Certificate Tracking’ Category

Trying to track all of your incoming insurance certificates yourself can be time-consuming and costly. But the consequences of not verifying insurance coverage can be even more expensive. Several questions should be considered when setting compliance standards.

First, what level of compliance will be required? If only high-risk third party verification is required, what definition will apply? It is important to determine which vendors are high-risk and develop processes accordingly.

Once the level of compliance has been determined, you will make a decision on who will be responsible for tracking incoming insurance certificates. Will there be one central contact within the company to receive all certificates, or will the department who contracts with the vendor be responsible? You may consider having the risk management department handle all high-risk third parties, while other internal departments handle more routine insurance certificates.

It is important to provide adequate training to the person tracking the certificates, so they can determine if the vendor is in compliance with company standards.

It the volume of tracked certificates is high, consider an insurance certificate software like Certs Made Simple (CMS).

Risk management, specifically vendor compliance, is of high importance to companies in all industries. Any company that employs vendors carries risk until proper certificates of insurance (COI’s) are provided. Once provided, reviewed, and approved, vendors can be determined in compliance and business can proceed. Sounds simple enough; yet many companies go through periods where they have gaps in their compliance, inviting a large amount of risk. This is where CMS comes in.

Our certificate of insurance software helps risk managers take a proactive stance on risk management. It helps organizations from a variety of industries, from TPAs and waste management to municipalities and universities, get to a point where gaps in compliance cease to occur. Certs Made Simple (CMS) completely automates the process of sending notifications to vendors about their certificates of insurance nearing expiration. For example, a notification e-mail can be set up to send automatically 60, 30, and then 15 days before the insurance certificate expires. These, along with other settings, can be customized to fit the criteria for each company, vendor or project.  This allows users to adapt the software to align with their current vendor compliance management process instead of adapting their process to the software.

The setbacks companies can incur from having non-compliant vendors can be devastating, specifically if an insurance claim is filed against a vendor. Without the proper coverage, the responsibility for an incident is shifted from the vendor to the company, which can become a huge problem, monetarily and reputationally. Non-compliance can also stall business operations between two companies. A day wasted has opportunity costs associated with the businesses not proceeding. By using Certs Made Simple (CMS), companies can have a proactive approach to their compliance and risk management needs; saving them time and money along the way.

Certificate of insurance tracking and management can keep you better informed, reduce filing and paper, and improve accuracy. Enjoy decreased workloads, increased compliance, anytime access and a host of benefits from vendor risk management and credentialing to state of the art certificate of insurance tracking software.

• Automate and centralize the administration of the third-party insurance compliance
• Evaluate certificates based on contract requirements
• Review additional insured endorsements where required
• Monitor compliance, including follow-up for non-compliant vendors
• Request renewal certificates prior to expiration
• Generate compliancy status reports
• Document history of certificate status and review process
• Store insurance documents electronically for easy retrieval

View a full listing of Benefits here.