For some companies, verifying Certificates of Insurance (COIs) is a vital business operation. This ensures all parties concerned have an accurate recording of their policy coverage.
The COI is proof of protection from losses and liability risks. Having a COI is also necessary for compliance with insurance requirements.
Tracking COIs can be a time-consuming process. You have to manually collect these documents and constantly update the records for any changes made in the policy.
Doing this over and over for different stakeholders can be downright tedious. A third party is usually hired to handle this but their services can be costly. And since they work for many clients, don’t expect quick results when you need it the most.
You could assign or hire an employee to do this task. But it’s not an efficient approach in terms of cost and productivity.
That’s why the COI Tracker software system is a godsend.
Enter Frank Stephens and COI Tracker
With more than 20 years of IT expertise for business development, Frank is the co-founder of COI Tracker. It is a Software-as-a-Service (SaaS) application that offers automated COI tracking and management.
Frank explains its purpose, “Certificate verification is a process of repeated data exchange on behalf of our clients and their vendors until the proper certificate of insurance is sent in.”
As an expert in designing dynamic IT solutions to empower businesses, Frank’s ultimate goals for COI tracker are:
- to provide easy, fast and accurate COI tracking for the client
- to enhance the client-vendor experience for a positive business relationship
- to promote cost efficiency and productivity within the company
Recently, COI Tracker was awarded by CIO Review as one of the Most Promising Insurance Tech Solution Providers in 2020.
How does COI Tracker work and why is it so successful? It uses the latest technology in Optical Character Recognition (OCR) which scans COI data with an accuracy level of almost 99%. It then analyzes the COI to check if it matches the client’s requirements.
If it doesn’t match, the vendor/subcontractor/tenant is informed via customized automatic email that the COI has been rejected.
It also mentions the requirements needed for compliance. If it matches, the tracker will mark them as compliant and an email notification will be sent to inform them. Before the policy is renewed, the automated process begins all over again for accurate updating.
On average, third-party suppliers would offer their COI-tracking services that could last for months at a costly rate. In contrast, COI Tracker was specifically designed for the client’s convenience and cost-efficiency goals.
The entire process that used to take months is now down to a week’s time for a much lower fee. Verifying the certificate itself takes only a few minutes versus several hours for the manual method.
Here’s an example of how COI Tracker helped a top-level construction contractor solve their verification concerns and avoid further business losses. With over 5,000 subcontractors across five states to deal with, it was an overwhelming task for the staff to manually collect and manage the COIs.
On top of that, they also encountered falsified certificates from several subcontractors. This hampered the verification process and the company suffered losses as a result.
Using the COI Tracker made a significant impact on their operations. It became easier for the staff to track down certificates for renewal. It was also effective in verifying which ones were compliant from those that were falsified.
With a more streamlined process in place, there was an increase in productivity, reduced risk of liabilities, and financial savings from not having to hire additional staff for this task.
Beneficial for business partnerships
COI Tracker can even set up a white label portal of their software that can carry your company’s branding look. This will encourage customers — current or potential — to avail of COI Tracker’s cutting edge, cost-efficient solutions while it appears under your company’s brand.
For instance, insurance agents and brokers can offer to their customers COI Tracker’s services using the look of the company. This appears as a value-added service for the customers. It also gives your company a competitive edge that will appeal to potential customers.
Overall, using COI Tracker’s portal with your branding creates a long-lasting and mutually beneficial relationship between your company and your customers.
Find out how your business can gain from COI Tracker’s powerful and highly efficient tracking system. Contact them today and set your appointment for a free demo.