Category: Articles

COI tracking software is an essential tool for businesses to manage and track certificates of insurance which are crucial documents that provide evidence of insurance coverage for a particular individual, entity, or property. These pieces of software make businesses more efficient all while keeping risk transferred off their plates. Some utilize AI and machine learning algorithms to analyze and categorize data, extract relevant information from certificates, and automatically update records. In those use cases, AI may be beneficial. The problem comes when AI is relied upon to make decisions.

Subrogation is an important concept in the world of insurance that allows insurance companies to seek reimbursement from a third party who may be responsible for causing damage or losses to an insured party. In short, it allows the insurance company to “step into the shoes” of the insured and pursue legal action to recover damages. In this way, subrogation helps to ensure that the ultimate financial responsibility for losses falls on the party who is legally liable for those losses, rather than the insurance company or policyholder. In some instances, waiving this right is required contractually.