Product Update

Certificate Tracking Systems Discussion Updated in Contractual Risk Transfer


Certificate tracking is a critical component of a sound risk transfer program, and a certificate tracking system is needed to ensure certificates of insurance are received, verified, monitored, and retained. While some companies manage the tracking of certificates of insurance manually, automated certificate tracking systems offer greater accuracy and efficiency than manual methods. To that end, electronic records are less cumbersome to maintain for long periods, and data can be tracked and sorted with the click of a mouse. The increased demand for certificate management services has unquestionably led to significant improvements in certificate tracking services over the past several years. In fact, most certificate management systems have common features, such as the ability to sort data by various fields, customize insurance requirements, verify compliance with the specified requirements, generate follow-up correspondence when at least one requirement is not met or when coverages are due to expire, and prepare various reports.

As the capabilities of the systems have become more homogenous in recent years, providers must distinguish themselves in the areas of service, experience, and price. In some cases, the decision may just come down to which system a given customer finds easiest to use. This Contractual Risk Transfer release contains an updated review of certificate tracking systems to help you narrow down the field of certificate tracking system choices that your company might want to potentially explore using.