Top Certificate of Insurance Tracking Companies

As businesses grow and diversify, managing certificates of insurance (COI) becomes increasingly complex. Effective COI tracking and vendor compliance are essential for mitigating risks and ensuring legal and regulatory compliance.

Various software solutions are available to automate and streamline this process, offering features like real-time compliance insights, automated notifications, and centralized document storage.

The following is a detailed analysis of the leading industry COI tracking providers, including features, pricing and suitability for various industries and business sizes.

1. bcs
2. MyCOI
3. JONES
4. SmartCompliance

*This article sources its information from official company websites and reputable platforms like Capterra, Reddit, and G2, ensuring factual and unbiased content.

bcs

Summary from LinkedIn:

bcs is the #1 certificate of insurance tracking company that automates insurance tracking and vendor compliance. Our COI tracking software automates compliance reviews, notifications for expiring certificates, and renewal requests. Our full-service COI management solution utilizes the perfect blend of automated COI tracking software and live support.

Headquarters: Parsippany, NJ

Founded: 2007

Industries Served: bcs helps companies from all industries. The highlighted industries on the bcs website are: Property Management, Real Estate, Hospitality, Logistics, Construction, Retail, Lending/Financial, Manufacturing, Energy/Utilities, Franchise Management, HOAs, Education, Government/Municipalities and more.

Key Features:

• Insurance Compliance Management: bcs provides a streamlined onboarding process for vendors, real-time compliance insights, and centralized document storage.
• Instant Feedback: their proprietary OCR technology gives instant color-coded feedback when a COI is uploaded.
• Live, US-Based Customer Service: Clients have direct access to real people for support, ensuring quick and effective problem resolution.
• US-Based Auditors: bcs auditors are US-based and offer services in multiple languages, including English, Portuguese, French, and Spanish.
• Automated RFPs: This feature simplifies the request for proposal process, saving time and reducing errors.
• Full Policy Review: bcs offers full-service policy and endorsement reviews, lease abstractions, and New York Labor Law reviews.
• Flexible Solutions: Both full-service and self-service solutions are available, catering to different business needs.
• Enterprise Features: SSO capabilities and granual location-based user access levels to satisfay larger organizations with stricter security protocols.
• Visibility & Analytics: bcs's tools ensure that clients can monitor, assess, and address compliance issues proactively, helping them maintain a strong compliance posture and mitigate risks efficiently.

Pricing:

• Free Version: bcs offers a free version of COI tracking software.
• Self-Service: As low as $0.50 per vendor monthly (dependent on volume).
• Full Service: Starting at $21.00 per vendor annually.
  
  

bcs is incredibly transparent when it comes to their plans and pricing. They have dedicated an entire page to showcase this transparency. They offer pricing options for businesses of all sizes, from small businesses to large enterprises. https://www.getbcs.com/pricing-and-plans

Integrations

bcs integrates seamlessly with various enterprise software systems, including MRI, YARDI, PROCORE, REFINITIV, VISTA, and EXPERIAN, providing an optimal user experience.

Limitations

The free version is limited to tracking up to 25 vendors. Advanced features like New York Labor Law and full policy reviews are only available with the highest-priced tier of services.

Ideal For

bcs is ideal for businesses of all sizes, from those tracking 10 vendors to those managing 50,000 vendors and tenants, offering solutions that fit all budgets and company sizes. The company’s support system is one of its top priorities and features.

MyCOI

Summary from LinkedIn:

myCOI helps our customers handle the everyday tasks of managing certificates of insurance, protecting against underinsured claims, costly litigation and failed audits. Our clients are hard-working individuals and businesses who are exposed to risk due to their industry’s ever-changing rules and regulations. Whether you’re an owner or risk manager worrying about your business’s compliance, or an office manager dreading the stack of COIs waiting to be reviewed and entered into your system, myCOI has the technology and the expertise to make your job easier. We offer both software and services solutions to manage your overall insurance risk and tracking needs.

Headquarters: Indianapolis, IN

Founded: 2009

Industries Served: MyCOI lists 16 different industries their clients work in including: commercial property management, residential property management, construction, manufacturing, energy/utilities, franchise management, government/municipalities, sports/entertainment, education, hospitality, retail, healthcare, trucking/logistics, cannabis, nonprofit, and aviation.

Key Features:

• Automation: Automates most aspects of COI management, providing real-time reporting during verification for quick issue resolution.
• Certificate Hub: Centralizes COIs and manages certificate requirements and third-party relationships.
• Customer Support: Highly responsive support services. Turn around time is over 24h
• Collaboration with Agents: Facilitates specialized access for insurance agents and personalized communication for efficient document management.

Pricing: Based on blocks of credits.

Integrations: Supports integration with major software like MRI, PROCORE, SAGE 360, and VISTA BY VIEWPOINT.

Limitations:

• Slow COI Review: Reviews can be slow during peak renewal periods. It can take up to a week to get the work done.
• Capped Support: Online customer reviews indicate that their customer support is capped, typically at 1 phone call and 2-3 emails. After hitting that cap, customers have to continue to pursue vendors & tenants themselves. 
• Logins Required for Tenants & Vendors: Requires logins for tenants and vendors, potentially complicating implementation.
• No Branded Emails: Lack of branded automated emails may impact COI collection rates.
• No Policy Reviews: Online reviews also indicate they don't offer services like policy reviews to check for exclusions.
• Language: The service is available only in English.

Ideal For: Small and medium businesses needing an economical, entry-level COI management solution across diverse industries with strong automation and support.

JONES

Summary from LinkedIn:

Jones is a software company that helps real estate and construction firms to remove insurance risk so they can save time, scale payroll, and avoid costly third-party insurance claims. We believe that real estate and construction managers can make smarter, faster decisions about risk transfer by leveraging AI, software, and data.

Headquarters: New York, NY

Founded: 2017

Industries Served: Real estate and construction companies only

Key Features:

• Insurance Compliance Management: Offers visibility into insurance performance, manages all insurance documents, and aids in strategic risk management.
• Automation: Automates COI collection and verification, accelerates compliance with fast turnaround times.
• Ease of Use: Intuitive dashboard and clear vendor/subcontractor requirements.
• Visibility & Analytics: Provides aggregated compliance visibility and detailed analytics for risk management.

Pricing: Offers a fixed rate based on asset types and portfolio size, ensuring predictable budgeting with no additional costs for vendors. There is no free trial available.

Integrations: Compatible with major real estate and construction software platforms.
For example: Procore, MRI Software, Building Engines (Prism), CMiC, Sage 300 CRE, Viewpoint Vista, among others.

Limitations:

• Limited Industries Served: Industry-specific, serving only real estate and construction industries.
• Limited Experience: They are relatively new in this space that is notorious for being hard to learn. 
• Offshore Support: Customer support is not US-based, but rather based out of Brazil.
• Limited Customer Support Type: No phone calls. And emails that are not strictly about insurance will get ignored, according to online customer reviews.
• No Proprietary Technology: Uses a third-party company to extract all of the data

Ideal For: Property and project managers seeking efficient transition from manual methods or enhancing cloud-based solutions.

SmartCompliance

Summary from LinkedIn:

Provider of self and full-service solutions that automate certificate of insurance (COI) or proof of insurance renewals, eliminate manual data entry, and help ensure compliance.

Our easy-to-use compliance tracking software helps brokers, insurance consultants, risk managers, and project managers streamline the insurance tracking and collection process.

Headquarters: Bryan, TX

Founded: 2009

Industries Served: They service multiple industries: Commercial Property Management, Hospitality, Government, Banking, Chemical, Energy, Entertainment, Healthcare, Construction, Retail, Education and more

Key Features:

• Insurance Compliance Management: Automates COI tracking, renewal requests, and compliance verification using OCR technology.
• Risk Insights & Analysis: Provides risk insights and analysis reporting for informed decision-making.
• Centralized Data: Centralizes COI holder data and efficiently manages the issuance process.

Pricing:

SmartCompliance is not transparent about its pricing system on its website, and no free trial is available.

Integrations:

Offers integration via API with various applications including FranConnect, BILL, Single Sign-On (SSO) via Azure AD & Okta, and Procore Technologies.

Limitations:

SmartCompliance has garnered numerous reviews on Capterra, and its limitations are derived from the feedback provided by its clients.

• Issues with generating reports on subcontractor deficiencies and uploading new documents.
• System errors during attachment uploads and email failures.
• Complicated communication features and dashboard usability.
• Frequent software downtime affecting operational efficiency.
• Challenges in marking documents as non-compliant without confusion.

Ideal For: Brokers, consultants, general contractors, and risk managers seeking robust COI management across diverse industries with integrated automation and reporting capabilities

Selecting the Ideal COI Tracking Solution

Choosing the right certificate of insurance (COI) tracking partner is an important decision for businesses aiming to mitigate risks and ensure the best possible compliance. As businesses grow and diversify, managing COIs becomes increasingly complex, requiring a solution that can handle the intricacies of tracking and maintaining up-to-date insurance documentation.

Effective COI tracking not only helps in avoiding underinsured claims and costly litigation but also plays a crucial role in passing audits and maintaining overall organizational compliance. Selecting a company that offers comprehensive and automated COI management can significantly streamline these processes, saving time and reducing the likelihood of errors.

Among the companies reviewed, each offers distinct features and capabilities tailored to various industry needs. For example, bcs provides a blend of automated software and live support, ensuring real-time compliance insights and robust customer service. MyCOI stands out with its automation and centralized COI management hub, while GET JONES specializes in the real estate and construction sectors with its intuitive dashboard and specialized compliance management. SmartCompliance offers robust automation and reporting, catering to diverse industries with its advanced OCR technology and risk insights. These features demonstrate the importance of selecting a COI tracking company that aligns with the specific needs and scale of your business.

Ultimately, investing in a reliable COI tracking solution is a strategic decision that can yield long-term benefits. It enhances the efficiency of compliance management, provides peace of mind by reducing risk exposure, and supports the smooth operation of business activities.

By carefully evaluating and choosing a company that offers the right mix of features, support, and scalability, businesses can ensure they are well-equipped to handle the complexities of COI management and maintain a strong compliance posture.

What Sets bcs Apart?

Out of all the companies mentioned, bcs stands out as the most comprehensive and versatile COI tracking solution.

With its robust feature set, including real-time compliance insights, US-based customer service, multilingual support, and automated RFPs, bcs ensures that businesses can efficiently manage their COI needs.

With a transparent pricing model that caters to companies of all sizes, and seamless integrations with major enterprise software systems, bcs is an optimal choice for reliable insurance tracking solutions, whether managing a few vendors or a few thousand.

Optimize your insurance tracking process with bcs. Contact us today to learn more or schedule a demo!