Growing evidence shows that certificate of insurance (COI) tracking services must go beyond basic certificate collection to actually create COI compliance. On average, seven out of ten received COIs from your vendors are out of compliance. The risk is real, and companies need more than just tracking software to protect themselves. With dedicated account management from seasoned and credentialed insurance professionals for each customer, CertFocus by Vertikal RMS transcends typical vendor compliance tracking and builds a true Culture of Compliance.
Why Human Expertise Beats Automated COI Review
Reviewing certificates of insurance correctly relies on human experience and insurance domain expertise with technological support for complete accuracy. Expert and credentialed insurance professionals review documentation and identify the nuances, trends, and patterns that machine-based recognition systems miss completely.
These are just some of the compliance issues that require expert review:
Missing additional insured endorsements that leave you unprotected from vendor-caused claims.- Inadequate primary and noncontributory language that creates disputes about which insurance pays first.
- Expired waiver of subrogation clauses that let insurance companies sue you for reimbursement.
- Incorrect ACORD form completion that invalidates coverage when you need it most.
- Wrong certificate holder information that makes policies unenforceable.
Once human-identified deficiencies get fixed, specialized technology performs quality assurance checks and generates compliance reports that track your entire vendor network.
Cost-Effective Expertise Through Outsourced COI Management
Outsourcing COI management delivers expertise that in-house resources lack at a fraction of the cost of hiring your own insurance professionals. The specialized infrastructure of dedicated COI management provided by CertFocus by Vertikal RMS costs less than maintaining in-house operations that untrained staff constantly miss.
Using a proven COI management company also makes your business more attractive to insurers and limits your exposure when vendor failures happen. Compare COI tracking software costs to see how expert-managed services stack up against basic software-only platforms that leave you handling complex insurance reviews yourself.
Industry-Specific Insurance Requirements
Different industries face different insurance compliance challenges. Construction contractors need to verify subcontractor insurance requirements like workers’ compensation and EMR ratings that indicate safety performance. Large projects may use OCIP or CCIP programs that change standard insurance requirements completely.
Knowing what the vendor insurance requirements by industry are helps you set appropriate standards for different types of vendors and contractors instead of using generic requirements that miss critical coverage needs.
What Makes CertFocus by Vertikal RMS Different
“CertFocus provides dedicated account management from credentialed insurance professionals to each customer. No other company provides this level of service. To employ the level of expertise we provide, it would be cost prohibitive for anyone else. We are in our own league; honestly, we do not have any competitors.” —Jeff Krieger, Vice President Marketing of CertFocus.
While others claim to employ insurance professionals, only CertFocus by Vertikal RMS provides dedicated account managers with deep insurance knowledge. Other vendors provide account managers who may be inexperienced employees incapable of answering in-depth questions first-hand and missing critical coverage details that CertFocus by Vertikal RMS insurance professionals identify immediately.
Placing credentialed insurance professionals in account manager roles drastically improves COI management performance and customer service as part of our Culture of Compliance at Vertikal RMS.
“We understand the ongoing demands certificate management places on organizations – and as such, we provide each customer with a seasoned CIC, CPCU, CISR, and/or CRIS certified insurance professional as an Account Manager” —Jeff Krieger, Vice President Marketing of CertFocus.
Integrate COI Tracking with Comprehensive Risk Management
CertFocus by Vertikal RMS works seamlessly with PreQual subcontractor prequalification software to combine insurance compliance with financial analysis. This integrated approach catches problems that COI tracking alone misses, like financially struggling contractors letting insurance lapse or insured contractors hiding cash flow problems.
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