Insurance tracking software simplifies the process of organizing insurance-related documentation and key data points (insurance policies, limits, endorsements, additional insured language, etc.).
Some certificate of insurance tracking software companies are not fully equipped to completely automate vendor tracking for you, so make sure you look for the best solution for your company. COI Tracking software companies that utilize AI software and OCR scans to extract data from COIs and automatically flag deficiencies are the most time-saving and impactful solutions for streamlining insurance tracking and vendor compliance. Not only does this reduce manual work for your company but it also makes sure your insurance records are up-to-date and accurate.
Tracking COIs with insurance compliance software ensures your company is protected. The tools offer peace of mind and ensure your company is prepared for any unfortunate claims or insurance issues. Why is insurance tracking software necessary?
When it comes to insurance tracking and vendor compliance, the best solution is digital. Companies store thousands or even millions of physical insurance documents and struggle with being able to find the right, valid document when it is needed.
With insurance tracking software, companies can eliminate the hassles of manually storing and tracking COIs. Some types of COI Tracking software can automatically create email templates, send out renewal emails, and store every file necessary for vendor compliance.
Automation is the name of the game when it comes time-saving and streamlining certificate of insurance tracking and vendor onboarding.
