In today’s unpredictable insurance environment, COI compliance has become an increasingly complex endeavor for Subcontractors and Risk Management professionals across the nation. Ongoing supply chain disruptions and materials shortages have only compounded project risk and associated costs of non-compliance, necessitating more detailed insurance forms and related documents.
As a result, contractors are turning to automated software solutions like Constrafor to alleviate the burden and skyrocketing costs of COI management. Any mistakes in COI management could result in coverage gaps, unidentified exposures and unforeseen liabilities like lost productivity and higher costs associated with managing compliance documents manually.
Automated COI tools with machine learning and artificial intelligence (AI) algorithms can help, providing a COI manager the tools to proactively manage an increasingly complex process, eliminate manual entry and simplify communications. In today’s environment it’s not enough to simply automate a process and react to potential issues; your tools should have the ability to find and alert you when potential issues arise.
Machine learning and AI algorithms are able to parse through insurance documents, help automate COI requests to Subcontractors and manage the approval process through centralized communications.
More importantly, an intelligent COI platform proactively manages COI status with real-time data and analytics. Need to know when it’s time to renew or if coverage has lapsed during the contract? Automated COI solutions such as Constrafor will automatically send alerts. GCs and Subs can even automate sending and receiving payments based on insurance status.
Conventional methods for managing COIs on a project, namely spreadsheets and manual entry, simply can’t handle today’s complex insurance forms and related endorsements. Constrafor’s COI management tool makes it easy for general contractors to request and manage multiple insurance documents at once and for subcontractors to submit, update and review relevant documents.
Constrafor’s COI tool for Subcontractors
- All insurance documents are sent in a single upload
- Insurance documents are automatically auto filled thanks to AI capabilities, thus minimizing data entry and reentry.
- Tedious and difficult manage long email communication chains are eliminated
- Notices of insurance expiration and renewal reminders are automatically sent
- Documents are stored in the cloud for easy anywhere/anytime sharing with GCs
Constrafor’s COI tool for General Contractors
- Request multiple COI documents in just a few clicks
- Receive and store documents in a centralized, cloud-based location
- Automated subcontractor renewal requests, reminders, and notifications of lapsed coverage
- Review real-time reports to identify areas of lapsed coverage
- Automate payment holds based on insurance compliance with Constrafor’s invoicing and payments tool or integrating with existing accounting/ERP software.
For a demonstration of how Constrafor’s COI management solution can help you successfully management your critical back-office documents, schedule a meeting today.