Certificate of Insurance Software
A certificate of insurance (COI) is a document issued by an insurance company or a broker. COI’s are also known as the proof of insurance and function to assert and verify the existence of insurance coverage under specified conditions. So their importance is not questionable.
All COI’s include the following information:
- Effective date (dates in which the policy starts and ends)
- Type of insurance coverage and limits of liability
- Who/Whom is covered
- The company providing coverage
A certificate of insurance is needed when liability and significant losses are a concern. Clients or potential clients usually require a COI whenever a situation presents a financial risk that could possibly make said client liable for losses.
HOW DO COI’s HELP?
- A COI protects the policyholder from specified liabilities. The certificate presents an overview of the insurance policy stating what the insurance policy covers (situations) along with those under the detailed insurance coverage.
- The policyholder is not liable for external issues that are caused by contractors or vendors hired as each must also obtain their own insurance policy and submit an active COI.
- COI’s were initially manually processed until efficient technologies were developed, however, there are many companies that continue to rely on the manual method for filing a certificate.
HOW DOES CERTIFICATE OF INSURANCE TRACKING SOFTWARE HELP?
COI software addresses the daily challenges brought upon by the manual process including:
- Changing coverage information
- Sending emails or other communications to vendors and contractors to update COI information
- Ensuring vendors are fulfilling the organization’s standards
- Verifying the legality of information and effective dates to ensure validity
- Catching misrepresentation of coverage
- Notifies of errors, incorrect coverage, and missing information
- Notifies vendors and contractors of policy renewal dates
- Protects against gaps in coverage
- COI tracking software automates the necessary tedious processes at any organizational level overall reducing common inefficiencies of time and paperwork.
MANAGING RISK WITH COI TRACKING SOFTWARE
- Security and safety make for a conducive environment for both the contractor and contracted to work together towards compliance of any and all insurance requirements.
- Once a certificate of insurance tracking software is adopted, a company is better able to promote organizational awareness. Attention becomes redirected allowing for optimized employee productivity, better planning, and superior use of resources.
- Risk assessment allows an organization to review their current practices and further streamline the business for maximum efficiency and overall reduced risks.
- Accurate COI’s: Utilizing JDi’s proprietary optical character recognition (OCR) technology, our COI tracking software ensures information is promptly transferred to your organization showing your vendors’ most up-to-date and accurate COI information.
- Results obtained from the COI are measured regularly, promoting compliance and accountability.
- Get to know the vendor’s insurance carriers by looking at their AM Best Ratings and seeing how stable the carriers are. The better the rating, the stronger the insurance firm representing that particular vendor.
The right form of insurance coverage for the vendors in your organization is an integral part of your risk management plan. CTrax ensures both your organization and vendors’ information are up to date, accurate, and more importantly, secure.