How Franchises Can Increase Compliance to 95% with Certificate Tracking Software [Case Study]
If you’re a franchisor, you have to manage a good number of Certificates of Insurance (COIs). Your Franchise Disclosure Document (FDD) requires all your franchisees have insurance coverage. The high level of inherent liability risk at a franchisee location means they’re one of the most important pieces of information a franchisor collects.
Many franchises continue to collect and track their franchisee’s COIs without a system in place which wastes time and resources and exposes them to potential litigation if an accident were to occur. By using certificate tracking software franchises can eliminate the burden, cost, and time of tracking insurance requirements. COI management software automates certificate and endorsement collection, eliminates manual data entry, and ensures franchisees are compliant.
Below is a summary of the case study detailing how EZ CERT streamlined certificate collection and increased its franchise clients’ compliance by 65% with a certificate of insurance tracking software.
Background: Time for a Solution
EZ CERT is a COI management company based in Georgetown, Texas. Their main goal in working with franchises is maintaining the insurance coverage mandated in the brand’s FDD for every location through diligent compliance tracking.
While EZ CERT is an expert and efficient at managing franchise insurance certificates, the same didn’t hold true for their in-house tracking solution. After handling multiple calls from franchise clients looking for up-to-date insight into their insurance compliance data, EZ CERT knew it needed a more efficient way to provide information than a standard monthly report.
The Challenge: In Need of a Top COI Tracking Software Partner for Franchise Clients
EZ CERT wanted to continue to exist as the top insurance compliance tracking service for franchises, so they went out into the market to reinvest in their technology platform. They searched for a technology partner capable of providing what they needed to deliver to their franchise clients; better access to their data in real-time via a user-friendly platform. Enter SmartCompliance, the #1 COI collection and tracking software.
The New Method: A Streamlined, User-Friendly Solution
With a user-friendly, customizable, and efficient COI tracking software in place, EZ CERT was confident their client’s certificates were being managed properly. SmartCompliance’s capabilities solved many pain points for the EZ CERT team and allowed them to increase compliance for all their franchise clients.
They selected SmartCompliance based on several reasons:
- Centralized Data & Accessibility – SmartCompliance stored and provided compliance data on one centralized program. Franchise clients could log on to the software anytime to view franchisee’s insurance coverage and verify the coverage based on the submitted certificate to EZ CERT.
- Interpretation – Overall reduction in time spent analyzing compliance documents with the optical character recognition (OCR) technology, which scans, transcribes, and compares the certificates to customized risk templates.
The Results: Franchise Client Increased their Compliance Percentage to 95%
Achieving full compliance was a tedious, layered process, but establishing this new tracking system with SmartCompliance allowed EZ CERT to work to make sure every franchisee in any given system was compliant.
EZ CERT’s client Sport Clips, for example, wouldn’t track their franchisee’s COIs, leaving them vulnerable to potential litigation if an accident occurred. With the help of SmartCompliance’s tracking software and EZ CERT’s franchise insurance expertise, Sport Clips increased its compliance percentage from 30% to 95%.
If you want to learn more about how EZ CERT used a COI tracking software to increase their franchise clients’ compliance, read the full case study here. Or if you’re ready to see for yourself how COI management software will help your company, request a free demo today!