Insurance Certificate Tracking

Managing and validation of incoming certificates of insurance (COI’s) is a time consuming and a costly exercise for most organizations. Be it real estate / property management companies who in order to mitigate their risk, require their tenants to carry specific insurance coverage and make these as terms of their lease agreement or Construction Companies wherein the requirement varies from location to location.
How It Works
Process 1: Certificates are received via fax, email or postal service and scanned into the system and stored as an image along with any other key contractual information.
Process 2: Certificate Tracking:-
:a) Measures certificates and endorsements to the custom requirements (Coverages, Additional insured (AI) wording, A. M. Best Rating etc.)
:b) Certificate override for special exceptions (typically approved by customers)
:c) Documented history of certificate status and review process
Process 3: Certificate Monitoring:-
:a) Reporting on certificate expirations, carrier rating downgrade, expired status and cancellations
Process 4: Correspondence:-
:a) Unique correspondence letters are sent through email, mailers or fax
:b) Receive certificates and other required documents through email, mailers or fax
While many systems have the flexibility to manage insurance for virtually any organization in any industry, there are just few companies who have developed specific functionality geared towards industry specific requirements. These companies maintain a devoted team of employees in their centers who work exclusively with industry specific customers. Insurance requirements enclosed in real estate/property management lease agreements have an inclination to have a larger degree of divergence than requirements contained in other types of agreements because lease terms tend to get negotiated on case to case basis more than other types of agreements or industries. In addition, many real estate managers will frequently inherit lease agreements through property acquisitions. These agreements in general contain requirements that are exclusive to each property location. To accommodate this, these systems needs to have the ability to establish and implement a distinct coverage requirement for every tenant record and successfully manage all other types of agreement that property management organizations enter into such as vendor service agreements and construction contracts and ensure proper parties are shown as additional insureds for each agreement. It is not unusual for different approaches to exist within a single customer application as well. Similar kind of uniqueness exist for other industries as well be it Construction Practice or Retail but the basic approach remains the same.
Two separate solutions for managing COI’s
1) Full service outsourcing: The service provider assumes the accountability for soliciting and validating evidence of coverage and managing the customer service phone calls associated with this effort.
2) ASP/Self Service approach: In this approach the customer utilizes a web based tracking system. Using this approach, the customer retains responsibility for managing all of the day-to-day tracking functions (e.g. sending out requests for evidence of renewal coverage, sending out deficiency notices, responding to customer services inquires etc.) while the service provider provides the software and data storage.
Data Interface Competence
Sometimes a customer organization may ask for data interface of the insurance coverage info and/or compliance status created by the service providers system to its own internal systems like Accounts Payable, CRM etc. There are systems which can accommodate this easily with custom interfaces with the customers application.
Notable vendors and their total experience in Certificate Tracking
* Insurance Tracking Services, Inc. (ITS)
* - Intelligent Certificate of Insurance Tracking Software
* InsureTrack - Web Based Insurance Tracking System
* Ebix BPO (15 Years)
* CertsOnline (Same as/DBA Ebix -15 Years)
* ConfirmNet (Same as/DBA Ebix -15 Years)
* RISKworks
* - since 1998
* MyCOI Full service outsourcing solution for COI tracking
* I-RAVS ISNetworld ISNetworld
* Data Trac Plus
* EXIGIS rm.Compliance
* Ebix Inc. (Ebix BPO)
* CS Stars (Marsh Product)
* LTS (Lease Tracking Services)
* Business Credentialing Services (BCS)
* CertTracker (Australia)
* ISNetworld
* Insurance Certificate Administrators - since 1994
* Succeed Management Solutions, LLC
* InsureGUARD http://picsauditing.com

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