Certificate of Insurance (COI) management is an essential part of managing risk in an organization. It is important that your compliance administrator tracks and reports key metrics in order to ensure that all third-parties are compliant and have the necessary coverage required by your organization. There are several metrics that should be tracked when managing COIs, here’s some of the most common that are regularly tracked by COI Pro customers:
- Number of Certificates: This metric measures the number of COIs that are actively being managed by your organization. It is important to track this number in order to ensure that all contractors and vendors are properly insured and meet your requirements.
- Expiration Dates: There are different flavors of this metric, but at minimum, your administrator should be tracking COIs that are expired, as well as expiring soon (within the next 90 days). If you have third parties working on behalf of your organization, you carry the risk if there’s an accident. It just as important to track which COIs are expiring soon. Using technology like COI Pro, you can automate the notifications for both internal users, your third party, as well as their insurance agent.
- Vendor Status: Whether you’re working with vendors, contractors, suppliers, or tenants, it’s important that your organization know the real-time status of each third party. COI Pro’s dashboard and reports provides compliance administrators with a status of compliant, expired, incomplete, and more.
- Total COIs: This metric provides you with a holistic view of the total COIs your compliance administrator is managing. This is different than the total number of third parties you work with as many have multiple COIs for different types of work and/or requirements.
- Rejected Certificates: This metric gives your executive team insight into recent COIs that have been submitted, but did not meet the minimum insurance requirements established by your organization. This is an important metric as many third parties we’ve seen often will submit a COI when requested, but often overlook all the necessary requirements.
So those are just a few of the key metrics your administrator should be tracking as part of your COI compliance program. Proactively managing your third parties using efficient software and the metrics it provides is essential for competing in today’s environment. For more information on best practices and key metrics your organization should be tracking, contact us today.
