Jones' top strategies for improving COI renewal management

4 Ways Jones Helps Prevent Expired COIs From Falling Through The Cracks

COI renewals can creep up and expose your company to high levels of risk. Dealing with a handful of COIs can be manageable, but overseeing the renewal of hundreds or thousands at scale can be a nightmare.

The Jones team has heard many stories of expired tenant, vendor, and subcontractor COIs being overlooked. The common culprit is usually the same: outdated COI renewal workflows.

Helping property management and construction teams improve their COI renewal process is what the Jones team does for a living. In this post, we’ll walk you through the top four ways Jones helps prevent expired COIs from falling through the cracks.

How Jones Helps Improve COI Renewals

#1: Automatic COI renewal emails 30 days before policy expiration dates 

#2: Simplifying the COI collection process with hard to ignore emails and a frictionless submission experience

#3: Capacity Planning so your team can drill down into data and plan accordingly

#4 Make sure you can see expiration dates in your core systems (Procore, MRI Software, Yardi, etc)

Fun Fact: 25% of COIs managed by Jones expire in January every year. Interested in exploring how we can help make sure none of them fall through the cracks? Talk to our team of experts today!

Let’s Chat!

 

#1: Automate COI Renewal Emails:

We’ve seen companies maintain calendars of COI expiration dates in giant excel lists. Here is why this isn’t ideal:

  • Manually updating such a spreadsheet can be time-consuming and prone to human error
  • Emailing back and forth takes forever
  • How would you know if policies within a COI expire on different dates?

Here’s how Jones solves this:

  • Once a COI was uploaded into Jones, the system stays on top of its expiration. You get a heads-up way in advance
  • Jones can also send a series of reminder emails (the first one goes out 30 days in advance so everybody gets ample time to renew)
  • These reminder emails are engineered to go out before the earliest policy expiration date within the COI

COI Auto Renewal Emails to improve renewals

 

#2: Simplify COI Collection:

Automated COI renewal emails do not guarantee companies will submit updated insurance docs. We’ve developed many functionalities to make the COI collection process as easy as possible.

Hard to ignore emails

In order to increase click-through rates, emails can be branded with your company’s information. With this, companies won’t think the Jones reminders are spam. Emails from Jones are easy to understand and written with clear CTAs (call to action).

Branded COI Renewal Emails from Jones

Frictionless insurance doc submission

Jones’ insurance doc submission process was designed to be frictionless. No one needs to log in to upload COIs. Simply click on an email link (see picture above) to upload a new COI. Users can also upload up to six different files at once. This makes it easy to submit COIs with endorsements and other important insurance documents.

No login required
Not requiring a login makes the COI upload process very easy

 

#3: Capacity Planning:

We’ve designed the below chart within Jones Analytics to help our customers know which COIs are expiring every month on a property-by-property basis. By understanding the capacity of how many COIs are expiring each month, you’ll be able to plan accordingly.

For example, the Jones teams plans capacity by telling customers that audit times might be slightly higher during the renewal periods. Likewise, you can inform your team of busy seasons and schedule everyone’s time accordingly. The appropriate number of team members devoting attention to renewals depends on capacity planning.

Let’s take a look at Jones’ “Expiring COIs Per Month” chart below.

Expiring Records per Month on Jones Charts to help with COI renewals

 

This chart shows all COIs expiring each month. Records are listed by the month of the earliest expiration date (so no need to worry about COIs with different policy expiration dates). Simply click on any month to drill down into the details.

 

#4: Make Sure You Can See Expiration Dates In Your Core Systems:

If you use integrations, all COI expiration dates should be visible directly within your core systems. This can help improve COI renewals in a number of ways.

For example, imagine your company is using an ERP system (Enterprise Resource Planning) and needs to invite a vendor on-site. Your team should be able to easily see that vendor’s COI expiration date, and not need to juggle between different platforms. Through this visibility, your team can remind vendors when their expiration dates are approaching.

Jones integrates with Procore, MRI Software, Yardi, and other systems, making it easy to view COI expiration dates within these platforms.

 

Procore + Jones Integration

COI Expiration Dates Within Procore

 

MRI + Jones Integration

COI Expiration Dates Within MRI

 

Yardi + Jones Integration

Yardi Integration with Jones

 

Additionally, the Jones integration with certain platforms such as MRI and Yardi can make payments to vendors contingent upon compliance. Knowing this, vendors will be more likely to stay on top of their renewals and submit their updated insurance documents on time.

Ready to save time managing COI renewals?

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