Looking for an Insurance COI Management Platform?

myCOI brings certificate of insurance compliance management to a whole new level. We protect your company against the risk of underinsured claims, costly litigation and failed audits.

Automate Your COI Tracking

There’s no more need to worry about stacks of certificates cluttering up your office or hours of frustrating phone calls and emails to chase down certificates. myCOI Central provides your company with a solution to automate your insurance certificate requests, collection, and compliance resolution, while also giving your team a single, centralized repository to view compliance. 

Protect Your Business From Costly Claims

Ask your CFO or Risk Manager just how much claims and lawsuits can cost your business. If you are collecting certificates just to confirm they were received, you have no guarantee that your requirements are being met. myCOI Central is built on a foundation of insurance industry logic to ensure you remain protected with the appropriate coverage.

For Agents & Brokers

Win business and boost retention by providing agency branded, industry leading insurance tracking software to your insureds.  Offer software only or add on your own compliance review services.

"As a result of switching providers and partnering with myCOI, myself and our 11 Contract Administrators are spending about 1 hour of our time each week on insurance compliance versus 1 hour each day."
Victoria Pearson
Contract Administrator Manager
Alston Construction

Insurance COI Management Platform

certificate of insurance (COI) proves that subcontractors carry sufficient insurance to protect the company that hired them.

Uninsured and negligent subcontractors who injure others or damage property while on a job might put their employer in danger of expensive claims and litigation. Companies that want to reduce their risk typically require subcontractors to have their own insurance. Since a COI is proof of coverage, verifying and tracking them is essential.

However, this is not as simple as it seems. Risk management professionals have to know the certificate of insurance requirements by state. They have to have keen eyes for detail. They have to know what statutes may apply for COI’s.

They have to get in touch with subcontractors whose COIs have expired. They can use a sample letter requesting certificate of insurance from vendors to draft an official request but they also must track each COI’s expiration date.

Then they have to contend with the volume of COIs. Tracking one certificate of insurance for business can take a few moments. But what about 100 of them? Or more? As your company grows, so will the number of people it will need to sustain its growth. How long would it take you and your team to accurately process COIs for each of your subcontractors?

COI management is a complex and intricate job. Following the certificates of insurance best practices involves more than learning how to get insurance certificate online instructions. It is sometimes a painstaking process that challenges even the most seasoned professional.

Insurance tracking software can validate COIs, make sure they adhere to state requirements, automate communications, and scale to a company’s demands. Partnering with an insurance COI management platform like myCOI can help you do your job correctly and ensure your subcontractors have the right coverage.

Best Certificate Of Insurance Tracking Software

Using any type of software comes with expectations. Making sure these expectations align with software features is crucial in selecting the most effective one.

The best certificate of insurance tracking software should:

  • Enable you to manage the entire COI tracking process from a central repository.
  • Be built on a foundation of insurance industry logic.
  • Automate communications to ensure your company remains protected.
  • Increase your liability awareness in real-time.
  • Make the review of certificates simpler, faster, and more accurate.
  • Reduce paperwork via OCR (optical character recognition) technology.
  • Eliminate the use of certificate of insurance tracking template Excel documents.

Choosing the best certification tracking software can take time but the benefits can be worth the research. An automated insurance tracking center can be a long-term solution to the ongoing complexities of COI management.

Manually managing COIs can be a tedious and time-consuming job. It generally involves physically inspecting each document to confirm active insurance coverage. This takes time – even if you have plenty of experience and know what you are doing. Chances are, you have other duties to perform. If you have to spend several hours each day verifying COIs, then you are not doing anything during that time. You can not skip any steps or skim COIs. You have to meticulously examine each one for authenticity. Any intentional or accidental oversights can increase your company’s risk of claims and lawsuits. Your job is to reduce that risk, to make sure all of your company’s subcontractors are sufficiently covered.

myCOI introduces a revolutionary level of administrative simplicity to COI tracking. It can make a COI tracking spreadsheet obsolete as well as simplify the whole compliance workflow. From verifying COIs to requesting renewals, myCOI can protect your company against the risk of underinsured claims, costly litigation, and failed audits.

Certificate Of Insurance Tracking Services

You might need certificate of insurance tracking software if you and your team:

  • Are not confident in maintaining your company’s insurance requirements.
  • Do not have the time to keep up with insurance regulations.
  • Struggle with requesting COIs when they expire.
  • Are overwhelmed with paperwork.
  • Do not have time for your other job duties because you spend too much time managing COIs.

use certificate of insurance tracking template Excel documents.

You can manually track your COIs to the best of your abilities and still fall behind. Unless your job involves exclusively dealing with your company’s insurance compliance, you can be overwhelmed, overworked, and stressed.

Certificate of insurance management services can be a game-changer. myCOI is one of several certificate of insurance tracking services that can help you manage your insurance tracking process to focus on running your business.

myCOI’s insurance tracking center can alert you about renewal and non-compliant issues. You can use the platform to digitally access all of your COIs. Stacks of disorganized paperwork can be a thing of the past. Uncertainty can also become a memory. Our insurance professionals can verify that all of your COI requirements are met.

Free Certificate Of Insurance Tracking Software

Certificate tracking does not have to cost a fortune. Free certificate of insurance tracking software can be found online. Searching for the most powerful platform can be worth the investment. If the price is right, and “free” sometimes is, then no-cost COI tracking software might be a viable option.

What about spreadsheets? Are they a free alternative?

Certificate of insurance tracking template Excel documents have to be constantly updated when a company hires new vendors and contractors. This method can prove unwieldy depending on the number of COIs that need to be tracked. Additionally, COI tracking via spreadsheets can take a lot of time.

The best COI tracking spreadsheet template typically can not compete with automated solutions that can scale with a company’s growth. COI tracking software can also perform the same job in less time. Job duties that were set aside in favor of COI processing can be given adequate attention.

You can use spreadsheets, but a proper platform can potentially help you better in the long run. If your company does not have room in its budget for COI tracking software, then a free choice can be downloaded and used.

Free products and services can get a company off the ground with COI tracking. Once you realize how much easier COI tracking can be handled with software, you might seek a paid platform that can offer you even more features and benefits. Using a free platform can be a worthwhile sample that whets your appetite for something more effective and efficient.

COI Tracking Services

Some companies collect COIs and do not verify them. They think it is enough to possess them. This practice can backfire. If a subcontractor submits a fraudulent COI, then they probably do not have any insurance coverage. If they injure someone or damage property while on the job, your company might be the one who has to pay restitution. Lawsuits can cripple a business. If you are tasked with acquiring and processing COIs, then you should know how heavy the responsibility can be. Getting COIs is only one step of a vital process. You have to ensure your company’s insurance requirements are continually met.

COI tracking services that employ OCR-based certificate reviews and rules-based decision-making can eliminate any guesswork. You should not assume you know something if you are not sure, especially when it comes to insurance coverage. Confirming COIs does not have to be the tedious and confusing second part of the compliance puzzle.

You still might say, “My COI tracking spreadsheet works fine.”

You can use a certificate of insurance tracking template Excel document to maintain insurance compliance. A COI tracking spreadsheet can be a great organizational tool. However, a spreadsheet usually can not stay up-to-date with new and changing insurance regulations. Someone who stays abreast of this topic has to confirm compliance.

There are several COI tracking services, myCOI being a prime example, that are backed by insurance experts. They can keep current with regulations so you do not have to. An all-in-one insurance tracking center can be more effective than a spreadsheet that needs manual updating.

Free COI Tracking Software

Free COI tracking software can function just as well as paid options. Depending on the amount of COIs that need managing, insurance certificate tracking software can provide efficiency and accuracy, two aspects that a certificate of insurance tracking template Excel document can not offer.

However, a COI tracking spreadsheet template and a free COI tracker sometimes do not live up to their combined potential. You might need features that are not offered by either product. For instance, both might show you when COIs expire but what then? They do not contact the third party who needs to provide a new COI. You still have to do that. You have to search for their contact information and get a hold of the person.

myCOI automates renewal requests, saving you from the headaches of playing phone tag. This certificate of insurance tracking software can help you confirm your subcontractors are getting it right. If they get it right, then your company remains protected from pricey claims.

Saving money with a free COI tracker is commendable. However, what are you really saving when you use a product that only gets the job half done? Look at it another way: how much money can your company afford to lose?