Insurance is a crucial part of life. Almost every company, no matter how big or small, runs the risk of liability or peril, just by existing. On that note, almost everything needs to be insured to avoid paying big money in the event of huge damages and other legal liabilities if a loss occurs, it can be pretty pricey if you are legally liable. However, having help and support from a trustworthy certificate of insurance (COI) tracking software, that confirms and manages these mischievous papers can really save the day.
Insurance stands for safety, security, and credibility, which clients value in a business. Not producing proof of insurance can decrease client trust.
Having insurance is great, but buying a policy and calling it a day means nothing if it is not managed properly. Managing paperwork is a tough job and it almost always has human error written all over it no matter how careful one is. I
Insurances need frequent check-ups at the right time to maintain coverage. This can be a tedious process, but luckily using a Certificate of Insurance tracking software can help any business save a lot of time, money, and effort. Properly designed software is error-free so the record-keeping is less of a stress and more accurate.
Which businesses can profit the most from COI Tracking?
COI tracking is beneficial for any business. However, there are companies that profit and benefit more than others. Reasons for profiting more can be the size of the company or the number of employees and clients.
A shortlist of the businesses that benefit the most from having a Certificate of Insurance are:
- Healthcare
- Government Agencies
- Manufacturing
- Construction
- Residential Property
- Manufacturing
- Sporting
- Entertainment
- Non-Profits
- Hospitality
Depending on the business, they all have their own risk factors, rules, and policies. These insurances can be tailor-made for specific business types.
Client retention is increasingly difficult although, if you provide a positive experience, it can effectively enhance the rate of your growth. Making someone’s life easier almost always results in a positive experience. A business can make a client’s life more stress-free with great record-keeping and trustworthiness. Using a professional COI tracking system provides ease of use for insurers and vendors alike.
What are the real reasons a business should use COI tracking software?
- Accuracy at all times means your company stays on top of its game. With error-free comes the trust of your clients which is a crucial part of a relationship.
- When your business-client relationship is good, that equals happier customers.
- When there are happy subcontractors, vendor retention is excellent.
- A business’ main focus falls on growth. You can’t really invest in growth if you are spending your money on employees who manage COI tracking manually, now can you? Not to mention manual processes leave a window for human error. Getting a COI tracking system saves not only time but more importantly money. The bottom line, when you have a digital COI manager you benefit from a substantial return on investment. You can focus more on developing your business.
- A COI tracker automates manual processes. These tasks include insurance renewals, compliance reporting, and reviewing all coverages that belong to the insured. Sending automated e-mails and follow-ups to clients about the state of the insurance results in having more time and more resources for more productive tasks that benefit company growth. To conclude: you minimize risk while you grow revenue.
How can an Insurance Tracking Software Upgrade Your Business?
Besides automating manually done jobs, using a COI tracking system can upgrade your company big time. A Certificate of Insurance tracker does not require daily monitoring. The system is set up with automated notifications, it will automatically process expiration dates and renewals.
JDI’s CTrax is a solution to all your Certificate of Insurance problems and nightmares. The software is fully autonomous and is designed to reduce manual processes, thus ensuring accuracy at all times. The program handles COI entry, management, and filing processes. CTrax is easy to use and requires no special IT expertise because it’s hosted in the cloud. In addition to all these benefits, the dashboard can be fully customized to accommodate all your users’ needs.
No matter how big or small your company is, it is in your best interest to avoid excessive paperwork, and still, have everything done error-free. Your best friend might just be a COI tracking system that benefits your business in so many ways and reduces stress, gives you more time to invest in growing your business, and ensure accuracy all at the same time!
