Why Integrate Compliance Software with MRI?
Having an efficient compliance solution is crucial. As we wrote about in an earlier blog post, COI mismanagement can lead to scary and expensive incidents.
Compliance management companies can help mitigate this risk, but their solutions are only truly effective if integrated efficiently into existing workflows. For example, the ability to view compliance information and initiate COI requests within companies’ core systems saved Jones customers hundreds of hours.
COI Audit Time
It’s critical for your compliance management solution to audit COIs in a timely manner. Quick audits will enable transactions to occur much faster between your tenants and vendors. Jones has one of the fastest COI audit times in the industry – Under 24 hours. Even during the busy COI renewal seasons, Jones average audit time only increases by 3 to 4 hours at most.
MyCOI customers have reported significant audit time delays around the busy renewal periods, and BCS (Business Credentialing Services) offers a 48 hour turnaround time.
COI Expiration Date
All integration partners display COI expiration dates within the MRI workflow. The Jones integration provides a compliance widget within MRI, and COI expiration dates are viewable there. Other integration partners display COI expiration dates within various tenant or vendor related tabs in MRI.
Jones is the only integration partner that features the ability to request a COI from a vendor or tenant directly within the MRI workflow.
Users need to leave MRI Software and then sign into MyCOI or BCS to request COIs.
This chart describes the bi-directional integration Jones has with MRI Software. Both databases feed data to each other in a truly seamless way.
COI Point of Contact Email
Imagine opening up your MRI account and seeing a vendor who is supposed to come to your property next week but their insurance status is not-compliant. You’ll need to get in touch with that vendor quickly, and get them compliant before coming on site. You’ll need to access their contact information to make this happen.
Most integration partners will sync addresses and phone numbers into MRI, but those won’t be helpful in getting the vendor compliant in a timely manner (the vendor’s general phone number probably won’t be the best point of contact for collecting a new COI).
Jones is the only integration partner that can store the best COI point of contact email directly with the MRI workflow, so you can quickly know who to contact without needing to search anywhere else.
Compliance Status within MRI
Jones is the only company that actually shows vendor and tenant compliance statuses within MRI. Other integration partners simply show an expiration date or other workarounds.
For example, MyCOI will show an expired COI as the earliest date allowed in MRI – 01/01/2008. MyCOI users will need to understand that an expiration date of 01/01/2008 on MRI means the COI is expired. Instead of workarounds like this, Jones clearly labels the status of all vendor and tenant COIs within MRI as either:
- No COI required
Here’s an example of how this looks in MRI:
Data Sync to MRI
Jones, MyCOI, and BCS all automatically sync data into MRI Software. You won’t have to worry about needing to manually sync data with any of these companies.
Data flows from MRI → Jones every 30 minutes, and from Jones → MRI every night.
Both MyCOI and BCS charge variable fees based on use.
Jones is most often priced by a flat fixed fee, so you can easily budget the cost into the big picture of your overall real estate operating expenses. Paying a variable fee per tenant or vendor COI tracked is hard to predict and can significantly increase over time. Jones may price a variable fee based on usage for certain classes of real estate, so it’s best to speak with a member of our team for a quote.
Lease Extraction Cost
MyCOI and BCS both charge per lease extraction. Their rates can start at $9 per lease and add up to thousands of dollars over the course of a year.
Jones offers an unlimited amount of free lease extractions.
The Bottom Line
The most robust, turnkey compliance solution within MRI’s partner connect program is Jones. While MyCOI and BCS can get the job done, Jones has the most seamless, bi-directional integration with MRI’s workflow.