Top COI Tracking Companies for Construction: Comparing bcs, MyCOI, GetJones, & TrustLayer

For general contractors, managing certificates of insurance (COIs) is a critical task. Ensuring subcontractors have adequate coverage protects your business from significant financial risk, but with so many COI tracking companies on the market, choosing the right third-party insurance tracking software can be daunting.

Let's explore how bcs stacks up against other vendor insurance compliance software for construction: myCOI, GetJones, and TrustLayer.

Key Takeaways

• Construction Focus Varies: COI tracking solutions range from general-purpose platforms (myCOI) to those specifically designed for construction and real estate (GetJones, bcs). Choosing a solution with features tailored to the complexities of construction projects and subcontractor management is crucial.
• Integration Depth Matters: Integration capabilities differ significantly. Some platforms offer limited integrations (TrustLayer, GetJones), while others provide broader connectivity with construction management software like Procore, MRI, and Yardi, and even open APIs (bcs).
• Accuracy and Human Review: The accuracy of automated COI processing (OCR technology) can be a challenge. Some platforms require extra fees for human review (TrustLayer), while others include it (bcs). Consider the balance between automation and human oversight.
• Support and Service Models Differ: Customer support varies in location (US-based vs. non-US-based) and language availability. Some platforms offer only full-service options (GetJones), while others provide both self-service and full-service choices (bcs).
• Proven Results and Client Retention: Look for solutions that demonstrate tangible benefits, such as time savings and high client retention rates. These metrics can indicate the platform's effectiveness and long-term value. 

myCOI for Construction

As the name suggests, myCOI is a cloud-based certificate of insurance (COI) management solution that helps general contractors track, verify, and manage insurance compliance. Founded in 2009, myCOI is an established player at this point. 

myCOI Strengths

1. myCOI's expanded Procore integration embeds vendor insurance compliance management into existing workflows, making it easier than ever for construction teams to maintain proper oversight while staying within their preferred project management environment.
2. Quick results matter. The platform's automated certificate claims to review delivers color-coded results instantly, but some general contractors suggest that complex reviews can still take time.
3. Most of what you need lives in one place. myCOI centralizes compliance data, insurance documents, and safety prequalifications in its cloud system, eliminating the hassle of scattered documentation.
4. When compliance issues arise, myCOI springs into action with automated alerts, giving your team crucial time to address potential problems before they escalate into costly liabilities that could impact your bottom line.
5. myCOI provides alerts to keep users informed about expiring documents, ensuring timely renewals.

myCOI Limitations

1. Its broad approach lacks narrow expertise. While myCOI serves multiple industries including nonprofit, government, and education, this generalist approach to COI tracking means it sometimes lacks the specialized features that construction companies need for managing complex contractor relationships and project-based insurance tracking.
2. Anticipate a steep learning Curve. General contractors report challenges with document review times and struggle with the platform's document organization and retrieval. A customer remarked, "It takes a while for a new user to become acclimated to the software. We have additional training documents to help with transitioning new users to the system."
3. Manual intervention can slow you down. Despite advertising comprehensive automation, myCOI still requires significant manual oversight for complex vendor compliance situations, particularly when dealing with unique policy endorsements or project-specific requirements. One user reported issues with bulk downloading documents, citing a need to "search by document type and export PDFs that have meaningful titles" because "there is no way to search for just COIs...So when I need to download 50 COIs for a legal requirement, it takes us days." 
4. COI review can still be sluggish. Similarly, myCOI reviews can be slow, especially during peak renewal periods, with former customers reporting that some audit times range from 2 days to 2 weeks.
5. Logins are required for tenants and vendors. myCOI requires tenants and vendors to create accounts and log in to a portal to upload documents, which can complicate implementation and discourage proper document collection. 

For general contractors in construction, myCOI's strengths in automated compliance tracking, integration capabilities, and proactive alert systems could significantly streamline insurance management processes. However, you should be prepared for a steep learning curve and consider whether a more construction-specific solution better suits your needs.

GetJones for Construction

GetJones is a rapidly growing cloud-based platform designed to simplify insurance compliance management and COI tracking for construction companies and general contractors. The platform offers extensive features including real-time COI tracking, automated compliance gap resolution, and bi-directional integrations with major construction management software like Procore and Viewpoint Vista. 

GetJones is an upstart in the construction insurance compliance sector, which hurts and helps the COI tracking company. 

GetJones Strengths

1. Bi-directional integrations with construction management software such as Procore and Viewpoint Vista enable users to request COIs and view compliance data within their preferred systems. 
2. Automated end-to-end compliance management, including collection, review, and renewals of insurance documents, means COI reviews are generally completed in less than 24 hours.
3. Access to the Jones Network, which contains pre-populated insurance certificates, documents, and contacts from over 30,000 vendor insurance profiles, speeding up vendor procurement and improving COI tracking.
4. AI-driven software combined with expert review for programmatic auditing ensures high accuracy in vendor compliance checks. 
5. Automated resolution of compliance gaps and proactive auto-renewal emails reduce manual work for construction teams. These minders are sent out at 30 days, 14 days, 7 days, and on the same day of expiration. 

GetJones Limitations

1. Doesn’t offer a self-serve option. GetJones does not provide a self-serve or freemium option, which may not be ideal for general contractors with lower certificate volume or smaller portfolios.
2. Expect initial low compliance rates. New customers switching to GetJones might experience surprisingly low initial compliance numbers. This is often due to the platform's rigorous auditing standards and the lack of visibility into the vendor insurance compliance that organizations previously had. 
3. Understand that the potential requirement adjustment means effective compliance takes time. The initial low compliance rates may necessitate revisions of problematic requirements, which could require some time and effort from general contractors to adjust and boost their compliance numbers. 
4. You’re limited to two industries. As GetJones is specifically designed for construction and commercial real estate, it may not be suitable for companies that also work in other industries that need subcontractor compliance management tools.

TrustLayer for Construction

TrustLayer positions itself as another versatile COI tracking and vendor compliance management platform that leverages AI and machine learning to automate insurance verification for construction companies. 

It combines automated certificate processing with real-time verification capabilities, handling everything from ACORD 25 forms to vendor requirements like W9s and attestations.

Through its integration with construction management software and customizable compliance standards, TrustLayer streamlines workflow efficiency while offering both automated and human review options.

Trustlayer Strengths

1. Automates COI processing using AI and machine learning technology, which simplifies document collection, tracking, and verification. 
2. Real-time verification of insurance coverages, exclusions, and validity, ensures up-to-date compliance information. 
3. Integration capabilities with existing systems facilitate seamless workflows and data synchronization in construction management (specifically Procore). 
4. Boasts strong customer support with multiple reviews highlighting the helpful nature of the TrustLayer team. 
5. Gives you customizable compliance standards that align with industry benchmarks and company-specific requirements, providing flexibility for construction firms. 

Trustlayer Limitations

1. Prepare for OCR technology issues. TrustLayer's Optical Character Recognition (OCR) technology has been criticized for making errors, with some customers reporting they still have to review every document manually.”
2. The Procore integration is limited. TrustLayer's integration with Procore can only track subcontractor insurance documents on a global level and struggles to implement project-specific requirements, according to former customers. However, you should consult with TrustLayer directly for further verification and whether this applies to your situation. 
3. Requirement requests can be rather zealous at times. Users have reported that TrustLayer sometimes asks third parties for insurance that goes beyond their agreed-upon requirements. These excessive requests can potentially strain relationships with vendors and complicate the compliance process.
4. Expect additional costs for human review. TrustLayer requires customers to pay extra for their "TrustLayer+ with Outsourced Risk Management" package to have human insurance experts review documents, rather than including this service in their base pricing. 

bcs vs. the Competition: Why General Contractors Choose bcs for COI Tracking

myCOI Is Streamlined But Lacks Construction Focus

myCOI is a well-established, cloud-based platform designed to help businesses manage insurance compliance. Its strengths lie in its Procore integration, automated certificate review, and centralized data storage. However, myCOI's generalist approach can be a limitation for general contractors.

How bcs Overcomes myCOI's Limitations

• Unlike myCOI, bcs is highly configurable to meet the unique needs of the construction industry. 
• No logins are required for tenants or vendors. bcs simplifies the process, removing a potential barrier to vendor insurance compliance.
• No steep learning curve. bcs’ real-time color-coded results deficiency notices help vendors understand what information or documents still need to be submitted.

Where bcs' Strengths Shine Brighter

• While myCOI offers a Procore integration, bcs integrates with Procore, MRI, and Yardi and has an open API.

GetJones Is Construction-Focused But Lacks Flexibility

GetJones is a rapidly growing platform focused specifically on construction and commercial real estate. 

While its strengths include bi-directional integrations with Procore and Viewpoint Vista, fast COI reviews, and access to The Jones Network, it struggles to give general contractors high customizability. 

How bcs Overcomes GetJones' Limitations

• Sometimes you just need a self-serve option. bcs offers both affordable self and full-service tracking options to suit specific COI tracking and management needs. GetJones does not offer a self-serve option.
• When your company does more than construction, bcs gets you. While GetJones is limited to construction and commercial real estate, bcs serves numerous industries, including hospitality, government, manufacturing, education, and logistics.
• Top-notch customer support. Unlike GetJones, bcs offers US-based customer support.

Where bcs' Strengths Shine Brighter

• bcs offers a free version of its software, whereas Jones does not.
• bcs' auditors are US-based and offer services in multiple languages, including English, Portuguese, French, and Spanish. 

bcs demonstrates superior market performance with a 95% client retention rate and average time savings of 15-20 hours per week for clients, while offering unique features like real-time color-coded compliance insights and the ability to manage multiple COIs across different projects without requiring vendor logins. 

TrustLayer Is AI-Powered But Has OCR Issues & Limited Procore Integration

TrustLayer leverages AI and machine learning to automate vendor insurance compliance, giving general contractors real-time verification, strong customer support, and customizable compliance standards. 

However, TrustLayer's OCR technology has also been criticized for accuracy, and its Procore integration is limited, which can be incredibly frustrating for general contractors. 

How bcs Overcomes TrustLayer's Limitations

• bcs uses proprietary OCR technology to extract data and provide real-time, color-coded feedback, avoiding some of the nagging issues that plague other COI tracking software.
• There are no added fees for human review. The bcs extractor scans the COI and shows color-coded results and deficiencies in real time. 

Where bcs' Strengths Shine Brighter

• bcs ensures highly configurable COI tracking solutions to meet unique general contractor needs, regardless of industry or size.
• Unlike TrustLayer, bcs offers a free version. 

The bcs Advantage: Comprehensive, Configurable, and Customer-Focused

In the high-stakes world of construction, where one compliance oversight can lead to million-dollar liabilities, bcs stands out as a powerhouse in certificate of insurance tracking.

Our platform's proprietary AI technology transforms the traditionally complex task of COI management into a frictionless operation, delivering real-time, color-coded compliance insights that help general contractors spot coverage gaps before they become costly problems. 

What truly sets bcs apart is our ability to handle the intricate dance of managing multiple COIs for the same vendor across different projects—a crucial feature for construction companies juggling numerous subcontractors and varying requirements across multiple job sites.

Beyond just tracking certificates, bcs acts as a comprehensive risk management partner for construction firms, saving clients an average of 15-20 hours per week on compliance management while maintaining an impressive 95% client retention rate.

Our COI tracking platform's sophisticated features include automated renewal tracking, customizable insurance requirements for different vendor profiles, and an innovative RFP automation system that smooths the entire bidding process. 

With a robust compliance analytics dashboard and centralized in-app messaging, bcs doesn't just help construction companies stay compliant—it transforms the entire vendor management workflow into an effortless, efficient operation that keeps projects moving forward while maintaining rigorous risk management standards.

By overcoming the limitations of myCOI, GetJones, and TrustLayer, bcs provides a comprehensive and configurable platform that helps construction companies of all sizes manage risk and ensure vendor insurance compliance. Contact us today to learn more.