A Guest Blog by the team at myCOI; a Certificate of Insurance Tracking application which uses Optical Character Recognition to slash hours of manual processes for Construction, Real Estate, and other industries required to maintain Certificates of Insurance to demonstrate compliance.

OCR Technology Improves Insurance Tracking Services

The world of insurance is ever-changing, both for agents as well as organizations and insureds that rely on these services. For organizations that use third party vendors and subcontractors to do work, whether in construction, real estate, or another industry altogether, those in compliance have the immensely challenging task of ensuring each and every one of those vendors and subcontractors is compliant.

What does that mean, exactly? Compliance in the insurance world means that contracted individuals have the proper insurance policies and limits, are up-to-date with payments on those policies, and have submitted all proper paperwork within the organization’s guidelines. Now, it’s up to the organization’s compliance team to sort through all of those documents, contact the vendor or subcontractor and sometimes even the agent to clarify questions, and finally, deem the individual either compliant or non-compliant.

Sounds fun, right? Not at all! In fact, these compliance administrators can barely see straight because they have so many tasks to keep up with, not only when a new individual comes on for a job, but also when they’re up for renewal.

What Are Insurance Tracking Services?

Enter: myCOI insurance tracking services. myCOI is built on a foundation of insurance industry logic to ensure organizations remain protected with the appropriate coverage. Essentially, it automates the entire process of manually collecting and reviewing each and every certificate of insurance and corresponding documents, like waivers of subrogation and additional insured.

Based on a recent survey of myCOI users, on average they can cut out about 40% of manual processes, allowing them to focus on doing their jobs better and more efficiently. To put it another way, for every 100 certificates that need to be tracked, our users can save about 40 hours each year. If a company needs to track 1,000 certificates every year for 3rd party vendors or contractors, they could be giving their team a whopping ten extra weeks of time to devote to other priorities during the year, just by switching to a more efficient certificate tracking program. Organizational teams have many other responsibilities, so the amount of time they are spending on certificate tracking could be reduced so they can focus on quality of tracking in addition to other priorities.

OCR Technology Improves Workflow and Processes

How is it possible that myCOI can deliver such results? OCR technology is one of the major components that has allowed our company to improve accuracy and efficiency, allowing our team of professionals more time to focus on the important details of the insurance certificate tracking process.

Our technology relies on the ability to process forms quickly, capture the right data, improve workflows, and convert paper insurance documents into electronic files. Our OCR technology allows us to accomplish all of these things in order to deliver a seamless and reliable solution to our customers that rely on us.

Together, We are Improving the COI Communication Process

Insurance tracking services like myCOI exist to help compliance administrators handle the everyday tasks of managing certificates of insurance and protecting your company against under-insured claims, costly litigation and failed audits. The software is an easy-to-use, cloud-based solution developed and supported by a team of insurance professionals and is built on a foundation of insurance industry logic to automate the COI communication process and ensure you remain protected.

Ready to Learn More?

Interested in learning more about their insurance tracking services, or want to see myCOI in action? Request a product demo or sign up for our newsletter to stay in the know.

Do you think that your application should be using OCR to reduce manual data entry? Request a call with Optiform.