Managing Certificates of Insurance
Taking the headache out of COI tracking
Origami Risk’s certificate of insurance tracking functionality helps you manage the time-consuming process of tracking insurance certificates across every location, vendor, and contractor associated with your organization.
Certificates of Insurance (COI) are an essential part of managing liability in an organization. Failing to properly obtain, inspect, and update these documents can lead to risk transfer from contractors and increased exposure to unforeseen liabilities. As George Page writes, “These certificates are an important part of doing business, and the more effectively you manage them, the less likely you are to run into problems.”
A manual process for COI management can easily become a resource draining nightmare. In Why You Should Be Concerned with Certificate Tracking Gibson highlights, “… properly managing certificates of insurance poses a significant administrative challenge. It is time intensive and complex.” It is this combination, time intensity, and complexity, that creates the administrative burden frequently associated with certificate management. A closer look reveals how each component contributes to this burden.
Two Prongs of the Problem
A large part of the time-intensive nature of managing certs is due to processing emails. According to Forbes, the average office worker can spend 2.5 hours a day reading and replying to the 200 messages received daily. With potentially hundreds of contractors and subcontractors to email requests, follow-ups, etc., simply managing the email back and forth can become a full-time assignment.
The second factor, complexity, can add even more time. Each certificate needs not only to be carefully reviewed for limits, exclusions, and other criteria, it must also be tracked for expiration dates. As expiration nears, a new request for an updated COI needs to be made. When monitoring dozens or hundreds of certificates, this adds to the email burden and creates a repeating cycle of activity.
Use of color-coded spreadsheets, calendar reminders, or even sticky notes is a common approach in the attempt to keep tabs on these expirations. Yet none of these methods are scalable or efficient. As the Gibson article notes, “The most effective solution would generally be to utilize a certificate management system. These systems offer a way to take work off your desk by handling the requesting of certificates, compliance verification, and follow up on non-compliant and expiring certificates.”
How Twenty20 Improves COI Management
Twenty20 Compliance provides the same benefits as a standalone COI management system yet allows for certificate data to remain in the same system as incidents, claims, locations, and contracts. This centralized solution allows your organization to:
- Eliminate the email burden
- Assist with the review and compliance effortStay proactive with expirations