Picking the right third-party insurance tracking and verification software for your organization comes down to a few factors, including features, insurance expertise, and pricing. Today we’ll go over some FAQs about how to select a third-party insurance tracking and verification software, then dive into a high-level overview of eight solutions currently available. Let’s get started.

In this guide

—FAQs About Third-Party Insurance Tracking and Verification Software
—Jones
—myCOI
—Ebix
—Trustlayer
—Docutrax
—RealPage
—BCS
—SmartCompliance

FAQs About Third-Party Insurance Tracking and Verification Software

Ask these four questions when picking between different third-party insurance tracking and verification software to get a feel for the strengths and weaknesses of the solution.

Note: interested in exploring how Jones can help you automate your compliance management end-to-end and de-risk your projects or portfolio? Talk to our team of experts today!

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How does the software handle expiring COIs?

Lots of risk and property management teams we speak to struggle to track insurance document expiration dates. The pitfalls of expiration date tracking we’ve seen include:

  • No automated notifications when an insurance policy is expiring
  • No standard procedure for requesting renewed insurance documents
  • Teams waiting until the last minute for renewals

Third-party insurance tracking and verification software should make chasing renewals easier, or automate the process entirely. What does that look like? Some software might send property or risk teams emails in advance of the expiration dates, alerting them that they need to collect updated insurance documents. 

Jones takes the process of renewals off the plate of property and risk teams by offering the option to send automated emails to third-parties 30, 14, 7, and 3 days in advance of insurance document expiration.

Does the software allow you to waive coverage gaps?

Risk teams need the flexibility to waive or accept third-party insurance gaps when business needs outweigh risks. Make sure the software you select gives your risk managers the ability to accept coverage gaps in certain instances, especially for trusted vendors, tenants, or subcontractors, so you can implement your insurance risk strategy.

We’ve heard that some third-party insurance tracking and verification tools inundate third parties with emails about coverage gaps without giving the team the option to waive or accept the gaps. This makes it difficult for risk teams to effectively implement their insurance risk strategies.

Jones gives property management and risk teams the option to waive, accept, or send coverage gaps to third-parties.

How does the software integrate with existing business systems?

If you choose a software that doesn’t communicate with the software your organization already uses, you’re going to create more harm than good. 

Make sure the software you choose to manage the collection and review of your third-party insurance documents plays nice with the core parts of your tech stack. For construction companies, that may include Procore, CMiC, and Sage 300. If you’re in property management, ask if it integrates with Yardi and MRI.

How is the software priced?

Not all third-party insurance tracking and verification solutions are priced the same way. Some, like Jones, are priced on a predictable per square foot model for CRE and offer unlimited document review for GCs. Others charge per individual document review, or to add a new third-party into their system. Choosing a solution that’s priced in a predictable way makes it easier to budget for.

In addition, some software only provides barebones service as part of their base pricing and hides features like human insurance expert document review behind a paywall. If you’re looking for third-party insurance tracking and verification software make sure that’s what you’re actually getting–not just a glorified Excel spreadsheet.

Some software companies also charge third-parties to upload their insurance documents. Jones never passes the cost on to our customers’ vendors, tenants, and subcontractors.

Best Third-Party Insurance Tracking and Verification Software Tools 2024

There’s lots of good third-party insurance tracking and verification software on the market today. Here’s a quick overview of 8 of the leading tools, each with their own strengths, weaknesses, and ideal use cases.

Third-Party Insurance Tracking and Verification Software #1: Jones

Jones helps CRE and GC brands derisk their properties and projects by improving the process of collection and review of third-party insurance documents. 

Reasons to Use Jones

jones-third-party-insurance-tracking-and-verification-expirations-gif

  • Handles collection of third-party COIs, with login-free document uploads that boost collection rates 
  • Reviews COIs and endorsements for compliance as part of base pricing, with specific expertise in construction-specific endorsements, Blanket Additional Insureds, and “arising out of” verbiage
  • Extracts insurance requirements from leases and contracts during onboarding 
  • Provides real-time compliance status reports to help risk managers address areas of concern, like inconsistent waiver policies or high rates of insurance gaps

Reasons Not to Use Jones

  • Only serves commercial real estate and construction organizations
  • Strict enforcement of requirements may be an adjustment for some companies

Industries Jones Serves

  • Construction
  • Commercial Real Estate

Notable Jones Clients

  • Harvey-Cleary Builders
  • Lennar
  • JLL
  • Empire State Realty Trust

Third-Party Insurance Tracking and Verification Software #2: myCOI

myCOI provides a cloud-based COI tracking tool supported by a team of insurance professionals.

Reasons to Use myCOI

  • 15 years in business
  • Centralizes all insurance documents in one east-to-locate place
  • Insurance expert document review services are offered behind a paywall

Reasons Not to Use myCOI

mycoi forum quote

  • Customers report slow document review times (days if not weeks during busy periods)
  • Online reviews have been very critical of myCOI’s integrations, particularly with Procore
  • Former myCOI customers have complained about missing requirements and coverages during document review

Industries myCOI Serves

  • Manufacturing
  • Waste management
  • Cannabis sales
  • Commercial Real Estate

Notable myCOI Clients

  • Dole
  • DJJ
  • Thompson Thrift

Third-Party Insurance Tracking and Verification Software #3: Ebix

Ebix is a full service COI management that is publicly traded, but recently filed for bankruptcy.

Reasons to Use Ebix

  • Publicly traded organization on the NASDAQ exchange
  • Wide variety of industries served
  • Over 200 employees on their professional services team

Reasons Not to Use Ebix

ebix third-party insurance tracking and verification bankruptcy post

  • Recent bankruptcy filing increases risk for business disruption
  • Insurance gaps sent to third-parties via PDFs in emails, which can end up in spam folders
  • Former customers shared that Ebix’s reporting features are updated inconsistently and difficult to use

Industries Ebix Serves

  • Aviation
  • Banking
  • Healthcare
  • Transportation

Notable Ebix Clients

  • Norfolk Southern
  • Kenny Construction
  • Cargill

Third-Party Insurance Tracking and Verification Software #4: Trustlayer

TrustLayer is an all-in-one COI tracking, collaboration, and automation platform that increases accountability and trust.

Reasons to Use Trustlayer

  • Insurance expert document review services are offered behind a paywall
  • Follows up on expiring third party COIs
  • Provides actionable compliance analytics

Reasons Not to Use Trustlayer

trustlayer g2 review

  • Online reviews criticize the quality of Trustlayer’s OCR (Optical Character Recognition) technology, and claim they still have to “review every document manually”
  • Trustlayer’s Procore integration can only track subcontractor insurance documents on a global level, and is not able to implement project-specific requirements
  • Former customers have reported that Trustlayer asks third-parties for insurance that goes beyond their agreed upon requirements

Industries Trustlayer Serves

  • Grocery stores
  • Commercial lending
  • Staffing
  • Manufacturing
  • Construction

Notable Trustlayer Clients

  • Petsmart
  • Pacific Seafood
  • Meow Wolf

Third-Party Insurance Tracking and Verification Software #5: Docutrax

Docutrax is a best-practices risk management and technology company that provides clients with managed compliance services.

Reasons to Use Docutrax

  • Tracks documents beyond COIs including leases, inspection reports, and maintenance schedules
  • Dashboards make monitoring real-time compliance status simple
  • Offers organization-branded emails to improve collection rates from third parties

Reasons Not to Use Docutrax

docutrax third-party insurance tracking and verification software review

  • Online reviews highlight Docutrax’s inefficient customer service
  • Former Docutrax customers have reported that Docutrax occasionally makes mistakes and marks noncompliant insurance documents compliant
  • Complicated document upload process causes friction with third-parties who are trying to submit insurance documents

Industries Docutrax Serves

  • Food service
  • Construction
  • Healthcare
  • Retail

Notable Docutrax Clients

  • Shake Shack
  • Massachusetts Bay Transit Authority
  • HCA Healthcare

Third-Party Insurance Tracking and Verification Software #6: RealPage

RealPage is a technology platform built for real estate owners and managers, providing software solutions for property management, sales and marketing, and applicant screening.

Reasons to Use RealPage

  • Designed specifically for (and only serves) the real estate industry
  • Users report fast data gathering and high quality training from RealPage’s implementation team
  • For larger organizations looking for property management tools alongside third-party insurance tracking and verification, choosing to do everything through RealPage is an option

Reasons Not to Use RealPage

real page review

  • Numerous online reviews are highly critical of RealPage’s customer support system
  • Insurance compliance is only one very small part of RealPage’s offerings and isn’t necessarily the organization’s primary focus
  • Former customers report that RealPage is “very expensive compared to competitors”

Industries RealPage Serves

  • Commercial Real Estate

Notable RealPage Clients

  • Mark-Taylor
  • UDR Apartments
  • Flaherty and Collins

Third-Party Insurance Tracking and Verification Software #7: BCS

BCS is a company that provides third-party insurance tracking and verification software for vendor and tenant COIs. 

Reasons to Use BCS

  • Offers both software-only and full outsourced third-party risk management services
  • Provides helpful COI and insurance related informational content and resources
  • Dashboards with compliance statistics are well organized and easy to understand

Reasons Not to Use BCS

BCS pricing

  • Minimal online review and customer testimonial presence makes it hard to see how customers actually like using BCS
  • Per vendor pricing model punishes you for bringing new vendors onto your properties or projects
  • Software-only solution is little more than a spreadsheet template
  • One former longtime BCS customer called their monthly bill from BCS “staggering” and said he wished they received more value for the cost

Industries BCS Serves

  • HOAs
  • Hospitality
  • Construction
  • Healthcare

Notable BCS Clients

  • Trinity Industries
  • Davidson Communities
  • Gilbane

-Party Insurance Tracking and Verification Software #8: Smart Compliance

SmartCompliance is a platform providing automated COI management and tracking services.

Reasons to Use SmartCompliance

  • Online reviews mention highly trained and skilled professional services staff
  • Product is easy to use and straightforward even for people who are not familiar with COIs and third-party insurance
  • Organizes all third-party insurance documents in one place

Reasons to Not Use SmartCompliance

smartcompliance review

  • According to online reviews, emails sent to third-parties explaining insurance gaps are “challenging for vendors to follow and understand their insurance deficiencies”
  • SmartCompliance’s servers are unreliable, with one customer reporting that SmartCompliance is “often down for a whole day to a week and a half, at minimum, three times a year”
  • Multiple reviews criticize the high cost of SmartCompliance

Industries SmartCompliance Serves

  • Energy
  • Healthcare
  • Food Service
  • Education

Notable SmartCompliance Clients

  • Assured Partners
  • Heico Construction Group
  • Pacific Coast Companies, Inc.

Getting Started with Third-Party Insurance Tracking and Verification Software

Now that you know a bit more about third-party insurance tracking and verification software you’re ready to start evaluating tools for yourself. Why not start with Jones? Get in touch with us via the form below to learn more about how Jones can help your organization track and verify third-party insurance.