We compiled a list of the most frequent questions prospects have about SmartCompliance. We hope this Q&A leaves you feeling more comfortable taking the next steps in your decision to purchase a certificate of insurance (COI) tracking software.
A: SmartCompliance is a web-based COI tracking and analysis software accessible through our secure portal. SmartCompliance offers self and full-service solutions to automate the certificate of insurance and compliance document tracking process.
A: There are three ways COIs are uploaded into the SmartCompliance software.
A: The difference between self and full-service lies in the operation of the inbox. Sign up for a free product demo to see how to use the inbox and decide if this is something you want to do. If you don’t want to manage your inbox, our team of insurance professionals will take over, leaving your plate open for other job-related functions.
A: For most clients, we like to do the first import. All you have to do is send over an excel sheet of your vendors and if you have a general requirements template, send that over too! There are several ways we can do the primary import; it all depends on how you’re currently managing your vendors.
A: Our self-service product allows users to control their own inbox. The inbox is where full-service kicks in. Manual data entry from the COI tracking process is automated for both self and full-service. We recommend that a person review the data to make sure the OCR process worked – we take over this step in full service. Once the data is in, the risk and auto notification templates take over.
A: Yes. The closest expiration date in the policy triggers auto-notifications. When an expiration notice is sent, the existing certificate is attached, which clarifies which certificate needs renewal.
A: Yes, both the producer and the insured can submit their documents. Many times, we see the producer submit something, then the insured will go in and submit more information. We often see the producer submit something; then, the insured will go in and submit more information. They can both be filed at the same time with that insureds record.
A: At SmartCompliance, we know that compliance management is not a one document process. Because of this, we make sure all our clients have an unlimited number of documents they can upload to the system. This means no need to remove expired or certificates with old coverages.
A: Certificates stay in the repository forever, as long as you’re still a client. A lawsuit could come up ten years from now, so we want to make sure you’re always covered. If you ever decide to leave SmartCompliance, you can export all your data.
A: Yes! SmartCompliance’s support team is here to answer any questions you have about the software Monday through Friday during normal hours of operation. You can easily contact our support team by visiting smartcompliance.co/request-customer-support or by calling (866) 610-7594.
A: The Acord 25 form, also known as a certificate of insurance (COI), is a type of liability insurance certificate that represents the contractual agreements between the insured and the insurance agent. The document shows the insurance coverage that an insured holds. An Acord 25 summarizes information about the insurance policy like coverage type, policy number, insurance limits, and effective and expiration dates. Contact information of all insureds listed on the policy is also present on an Acord 25 form.
A: A certificate of insurance is a document issued by an insurance provider that supplies all the essential information from an insurance policy. This document verifies that the named insured has coverage and is often required by opposite parties doing business together.
A: You should request a certificate of insurance from a third party when you are concerned about liability or significant losses. This can include the potential for injury, property damage, or any other situation where an insurer may need to step in and cover losses.
A: To get a COI, all you do is contact your insurance agent, and they can issue one within 24 hours. If you are the requesting party, you need software to receive the certificates. Otherwise, you will have endless emails, piles of paper, and follow-up calls to keep track of the first certificates. When policy expiration is approaching, you need to request an updated COI. With COI tracking software, all you do is send over a request for the COI, and the third party can upload it to the software.
A: Certificates of insurance are FREE! This means that there’s no reason to hesitate to ask for one when you need a COI. It costs nothing to request a certificate but handling an insurance claim is expensive.
A: Business owners, contractors, property managers, and anybody working with third parties should request COIs. Some common third parties asked to supply insurance certificates are vendors, subcontractors, or tenants.
A: There are three main reasons to collect COIs.
A: With COI tracking software, the review process is handled for you, but if you prefer manual methods, here are some things to check:
A: It would be best to keep a COI forever because a claim can always arise down the line. If this is not possible, check your industry standard and follow that.
A: COI management software is a tool for your business that helps you automate the manual tasks associated with certificate tracking. It manages everything from vendor contact information to certificate collection and compliance reporting, so your company can track end-to-end compliance.
A: SmartCompliance helps companies save time, money, and valuable human resources by streamlining and simplifying the insurance tracking process. Some benefits include:
A: Yes, SmartCompliance is international. We have product clients all over the world. We work heavily in the United States and Canada because both countries have the same Acord forms. Still, we can deal with any standardized certificate. Our optical character recognition will work if you work with industry-standard certificates. SmartCompliance is still accessible for non-industry standard forms, but data must be keyed in manually.
A: Yes! SmartCompliance features Optical Character Recognition.
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Talk to Support: (866) 610-7594
SmartCompliance provides insurance tracking and compliance management solutions to commercial and insurance professionals. Our self-service and full-service solutions automate certificate of insurance or proof of insurance renewals, eliminate manual data entry and help ensure end-to-end compliance.