Gone are the days of searching for COI tracking excel templates or painstakingly building your own. Today there are quite a few options of certificate of insurance tracking software and COI tracking companies that will streamline and automate this compliance process for you.
Today we wanted to highlight a few benefits of certificate of insurance tracking software:
1 - One benefit is easy access to important insurance information.
Certificate of insurance tracking software makes it easier to keep track of hundreds or thousands of vendors all having multiple policies and different requirements at different job locations. Instead of manually inputting all the information into separate spreadsheets or databases, you can simply store everything in one cloud-based system where you can easily access it whenever you need to.
2- Another benefit is increased efficiency for your compliance process.
The best COI tracking software can automate many of the tasks associated with tracking certificates, such as extracting the COI data (policies, limits, etc.) and automatically filling out or updating that vendor’s records in the system. You can also automate sending deficiency or renewal notices to vendors and their agents. This can free up time for you and your staff so that you can focus on other aspects of your business.
3- One more benefit is the peace of mind certificate of insurance tracking software can help provide. The software can help automate corrective actions which in turn will get vendors, subcontractors, tenants compliant faster. Additionally, the software can also send reminders to insureds when their policy is about to expire or when a certificate needs to be renewed, which can help to avoid any last-minute surprises.
The best COI tracking software will have a user-friendly interface that not only helps automate much of the tracking process but also makes it easier to navigate through records and insurance information. Certificate of insurance tracking software is a must-have for any business looking to maximize efficiency and increase vendor compliance.
Having an organized and efficient system for tracking insurance certificates can be a real game-changer for any company. It saves valuable time when dealing with hundreds or thousands of vendors, subcontractors, tenants, etc. That’s why a certificate of insurance tracking software is so useful—it streamlines the entire process and makes coi tracking easy.
