As more companies, small and large, begin to implement a company-wide digital transformation initiative, the stakeholders responsible for procuring COI tracking software often find it can be a windy road that includes evaluating software vendors, documenting demo results, obtaining buy in from the Legal or Risk team, negotiating a contract, and more. After getting over those hurdles, then you still need to prepare to onboard the new technology. Being aware of these 5 critical steps during onboarding and delivery of insurance certificate tracking software, will help you streamline the process and enable your organization to quickly and effectively track compliance among your third parties.
- Pre-signature Homework – Even before you select a vendor, work with your team to identify which contractors, vendors, tenants, etc. that you plan to manage in the software. Build a spreadsheet with your final list that includes associated business units or projects (if necessary), risk groups, and associated insurance requirements that you can provide after your vendor selection process is complete.
- Kickoff Meeting – After the contract is signed, the COI tracking vendor will hold a kickoff meeting to introduce your account manager (AM) and go through the details of the contract. This is when you’ll want to review the details of your homework together. From there, they’ll ask any questions to make sure they have all the criteria needed to provision your new environment.
- New Environment Created – Once your AM has collected all the criteria, they’ll pass all the requirements to their provisioning team who will then create the new environment based on the criteria collected during the kickoff meeting, including unique company requirements, user logins, etc.
- Migrate Insurance Certificates – After the new environment has been provisioned, the vendor’s onboarding team will begin migrating all the COIs for each vendor, contractor, etc., ensuring each one is tied to a business unit and/or risk group (if necessary). Once the migration is complete, your new solution will begin displaying which third parties are currently in compliance, which have a COI that’s expired, doesn’t meet the current requirements, and additional data points.
- Training and Go-Live – After the migration is complete, your will AM conduct live training with your team to make sure they know how to use the system, contact third parties and their insurance agents from the system, run reports, and more.
Digital transformation projects continue to be a top initiative of organizations that are small and large. For those that are implementing COI tracking software as part of that transformation, being aware of the 5 critical steps that your organization and the vendor will participate in during onboarding and delivery of the application will help you streamline the process and enable your organization to quickly and effectively track compliance among your third parties. For more information about preparing to implement COI tracking software in your organization, contact COI Pro.
