In a hurry and don’t want to read the whole guide?
We compare Jones, Docutrax, TrustLayer, and myCOI to Compliance Depot.
—Jones is the best overall as it’s the fastest and easiest-to-use COI management tool for tenants, property managers, and vendors.
—TrustLayer fits users looking for a Compliance Depot alternative with advanced collaboration features. It allows all parties to be involved in the COI management process.
—myCOI has the highest level of automation in collecting and verifying COIs.
—Docutrax isn’t explicitly built for COI management. You can use it to track other insurance-related docs like maintenance schedules and inspection reports.
Note: interested in exploring how Jones can help you automate your compliance management end-to-end and de-risk your building? Talk to our team of experts today!
What is Compliance Depot (RealPage)?
Compliance Depot, now acquired by RealPage, is a platform that connects vendors to project managers.
It does this by reviewing vendors’ credentials to know if they are fully insured and ultimately mitigates risk for their clients (property managers).
Technically, vendors will submit all their required information to Compliance Depot. It will then verify all the docs to check if they comply with the client’s requirements.
Once done, Compliance Depot will add the vendor to their marketplace. The vendor will then wait for a call from a property manager looking for their services.
For example, let’s say that you’re an electrician. Once you’ve registered with Compliance Depot and had your COIs and other documents approved, they’ll list your name on their vendor marketplace as an approved electrician.
A property manager registered with Compliance Depot in your area might be looking for an electrician. They’ll check RealPage’s vendor marketplace, where they are likely to see you as an approved vendor and contact you.
RealPage also has a credential key program for property managers that need vendors on site within 24 hours. These are pre-vetted vendors that have been thoroughly vetted and are eligible for same-day approval.
Advantages of Compliance Depot (RealPage)
Easy to use
Both vendors and property managers enjoy a presentable interface that’s easy to navigate. The dashboard offers insightful analytics and reports for property managers to make informed risk decisions.
One of the significant upsides for vendors is that they get exposure to potential clients on RealPage’s site, especially if they are in the credential key program. Plus, the strict verification process vendors undergo might weed out their competitors.
This leaves property managers with very compliant service providers, which is a win for both parties.
Intensive background checks
Apart from reviewing COIs, property managers can request Compliance Depot to go deeper and review vendors’ criminal records and credit checks.
The tool will gather all these documents and check for compliance to ensure everything is in good standing.
Shortcomings of Compliance Depot
While Compliance Depot offers convenient features and benefits, not every property manager and vendor is happy with it.
Vendors pay to be listed on RealPage’s vendor marketplace and to have their COIs verified. The price was $75 per year at the time of writing this article. Every vendor must pay this fee even if they don’t get hired for a project.
Poor customer support
Users complain that getting someone to pick up your call takes too long. Plus, you might have to go through several people before getting the right person.
With all these shortcomings, you need to seriously consider whether Compliance Depot (RealPage) is the tool you want to use to handle your COI management.
In this next section, we’ll be reviewing 4 of the best Compliance Depot alternatives you can consider for the job.
Jones: Best for real estate and construction companies
Since we wrote this piece, we thought we’d introduce ourselves first.
No need to worry; we’ll keep the review as honest as possible so that you can decide if Jones is the best RealPage alternative for you.
Unlike Compliance Depot, Jones deals with three important parties:
— Property managers
As these three parties are interconnected, they all benefit from Jones.
For example, tenants can use our platform to hire pre-vetted vendors without worrying if they’re compliant or not.
Regarding vendors, most of them can agree that collecting COIs is a tough battle.
Without a clear communication channel, vendors find it frustrating to provide documents only to discover that most of the time they’re not compliant.
In our experience, 90% of COIs from vendors aren’t compliant the first time they’re submitted.
We solve this problem through branded emails that contain the least insurance jargon to increase COI collection rates and speed up the verification process.
We take away the stress of knowing you’re not protected from risks.
We do the heavy lifting for you: collecting the documents, verifying them for accuracy, automatically following up with vendors, and much more.
Advantages of Jones
Jones automates COI collection and follows up with vendors who haven’t renewed their insurance.
Our verification process is also automated with a 99.9% accuracy rate. It takes 5 hours on average, making us one of the fastest COI verification tools in the industry.
Excellent customer support
Jones’ support team is responsive and reliable. The best part is that tenants can contact our customer support with insurance-related questions without involving vendors or property managers. This frees up your time so that you can focus on other things.
Once you sign up with Jones, the implementation process with our team takes a few weeks, not months.
And thanks to the intuitive and easy-to-navigate layout, it only takes a few days to learn and get used to the tool.
Furthermore, approving vendors is a one-click process as you can quickly view their COI status on the home screen.
Shortcomings of Jones
Not every tool is 100% perfect. Jones is no different.
Currently, we only serve property managers in real estate and construction companies, including their insurance brokers.
But this is an advantage for companies in these industries as the product is specific and tailored to their needs compared to other Compliance Depot alternatives.
TrustLayer: Best for all stakeholders in the insurance circle
TrustLayer is a Compliance Depot alternative that connects all stakeholders so they can mitigate risk. It divides its target audience into three groups:
These are vendors who use TrustLayer for real-time proof of insurance for frictionless onboarding.
Property managers can use TrustLayer to request COIs, verify them, and track vendor compliance.
Instead of doing the heavy work, requestors (property managers) can hire brokers to offer live verifiable proof that a vendor they’re about to hire is compliant.
However, they are more focused on selling their platform to brokers than the other two. The brokers then provide the software to their clients or manage insurance compliance on behalf of their clients.
As a matter of fact, they’re trying to create a digital policy verification system. This will work directly with the carriers so that policy information and cancellations can be digitally processed through brokerages, enabling brokers and their clients to process insurance certificates more seamlessly.
Advantages of TrustLayer
Easy to use
TrustLayer’s onboarding process isn’t technical. It has an intuitive design making it easy to navigate. Plus, the development team is responsive and will quickly help you get the most out of the tool.
TrustLayer’s dashboard is eye-catching, rich, and insightful. All collaborators/partners see their compliance statuses in real-time right on the homepage.
Leaves decisions to brokers and clients
The tool doesn’t automatically approve a vendor’s COI without input from the broker and their client. This maintains better working relationships between all the parties involved.
Shortcomings of TrustLayer
Below are some of the issues with TrustLayer.
Inaccurately verifying vendors insurance docs
While TrustLayer says that it tracks your entire documentation workflow, users complain that it’s not as accurate as it claims to be regarding documents like W9s, attestations, and other contracts.
TrustLayer doesn’t do lease extractions or contract requirement extractions. (We actually had a customer who signed with TrustLayer and switched to Jones because TrustLayer couldn’t do contract extractions.)
While they do try to sell to General Contractors and Developers, they are industry agnostic, which means their product is not focused on construction and may have some limitations that don’t resolve industry-specific needs.
myCOI: Most automated COI management software
myCOI came onto the market after the 2008 market collapse when companies started thinking about how they could better manage risks.
While Compliance Depot was only started three years later, the two tools have been neck and neck with each other.
The only difference is that myCOI is laser-focused on COI management and tracking. It even does quarterly proactive outreach to confirm if vendors/tenants are actually still paying for their coverage.
Advantages of myCOI
Here are a few things you’ll love about myCOI.
Responsive customer support
Their support team will occasionally call your company’s insurance team and they are responsive to customers. They offer a streamlined approach for your internal and external teams.
While this is a general function for all COI management tools, myCOI goes a step higher to offer real-time tracking like non-compliant notes, expiration dates, and policy numbers.
You can deal directly with their insurance agents. myCOI gives them real-time access to view your contract insurance certificates. This removes the telephone game as vendors don’t have to follow up with agents physically.
Shortcomings of myCOI
Sure, myCO’s advantages are compelling, but they have a few flaws that might make you think twice.
Tenants and vendors need logins
This creates a huge barrier to entry and reliance on tenants/vendors just to get on board. As a result, it may take a long time to onboard and implement myCOI.
COI review takes much longer
The tool’s COI review process isn’t as quick as you might need it to be. It takes longer, especially during the popular renewal seasons.
Docutrax: Best for all industries
Docutrax is another COI management software that can help reduce your risk of exposure to third-party liability.
While it’s old and outdated software, it has two benefits you might appreciate.
One is that it can simultaneously track up to 500 COIs and other insurance documents. This is handy for commercial real estate companies with many buildings to manage.
Secondly, like Jones, Docutrax doesn’t completely rely on its system to verify all the insurance documents. They have a team of licensed insurance experts to manage the entire process for you. They can spot any minor errors that the system missed.
Advantages of Docutrax
This feature comes in handy for users on the go. You can log in to the platform anytime to track leases and maintenance schedules and view your COI verification process in real-time.
Vendors and tenants are often overwhelmed by insurance jargon when asked to produce their COIs, reducing the collection rate.
Docutrax understands this and tries to create personalized and branded emails to make the collection process easier.
Insurance broker collaboration
Docutrax allows the vendor’s insurance broker to access their systems through secured web forms. This takes the heavy work of COI submissions away from vendors or tenants, which is also a win for the property manager.
Shortcomings of Docutrax
Docutrax is excellent, but not every tool is best for everyone. Here are some of its disadvantages.
Steep learning curve
Sure, it won’t take six months to get used to the tool. But the system is outdated with a clunky dashboard, which takes time to navigate.
Tenants and vendors can’t access the platform
Docutrax only allows property managers to access their system. Vendors and tenants must send their documents by email to property managers to review them. This is more tedious for both parties when you have to make several follow-ups.
After going through this review of RealPage alternatives, it’s time to choose.
You need the best tool to manage your COI compliance professionally and accurately. Not every option may meet your needs.
Here’s the lowdown:
- Use TrustLayer if you want a RealPage alternative that’s easy to use, affordable, and can connect all stakeholders.
- Choose myCOI if you’re looking for a highly automated and affordable Compliance Depot alternative.
- Go for Docutrax if you’re a large enterprise that needs COI Management software that can verify many documents at once.
- If you’re looking for a Compliance Depot alternative for the Real Estate and Construction industry with fast COI verification rates, use Jones.
Our tool automates all processes from COI collection and verification to tenant/vendor communication. We have an average audit time of 5 hours and a rate of 99.9% accuracy for auditing COIs.
Ready to take us out for a test drive?
Book a demo today to improve your property’s performance.