OCR (optimal character recognition) technology has become an important tool for efficiently managing COIs in a modern compliance program.
The old process was to have a program administrator manually keystroke each field on an ACORD certificate into a spreadsheet or some type of software. In other cases, the COIs are just added to a loose binder of other COIs. Logging one COI could take 10-15 minutes. If your team is logging multiple COIs each month, they’re highly inefficient and costing your organization time and money.
Today, modern risk and compliance professionals are leveraging OCR technology to make their organizations more efficient by empowering their admin with tools that reduces the time from 10-15 minutes to less than 60 seconds. In addition to efficiency, your team will have much more visibility into your compliance rating (% of compliant contractors and vendors versus those that are not in compliance).
To be clear, there’s no perfect OCR technology. It requires a clean COI provided by the insurance agency that is legible for the technology to easily read each field within an ACORD certificate. A PDF copy of a copy of a copy will just not cut it, and should not be acceptable by your organization that is running a modern-day compliance program.
As we’re now in the back half of 2022, OCR technology should no longer be a nice to have, but key criteria that is a requirement when evaluating COI tracking software.
Want to see how it works? Contact us today to see how OCR technology can benefit your organization.
