Simplify Tracking of Insurance Certificates

Tracking insurance certificates is the solution. It simplifies the process, minimizes risks, and ensures compliance. We’ll explore the challenges of manual tracking and the advantages of a better approach. We’ll also introduce Contract Advantage WebElite™, our software for managing insurance certificates.  What is unique about our approach is that you can associate insurance certificates with your contracts so that you always know if insurance coverage changes or expires, you can see the contracts that will be affected.

Why Do You Need to Track Insurance Certificates?

Insurance certificates prove you’re protected. If a vendor’s insurance lapses, you could be liable if something goes wrong. Tracking certificates helps you stay updated about your coverage, preventing unexpected financial losses and legal issues.

Tracking also ensures compliance. Many industries have rules about insurance, and contracts often require specific coverage. Failing to meet these requirements can result in penalties and damage your reputation. A good tracking system helps you stay ahead, avoid non-compliance, and operate confidently.

Challenges of Manual Insurance Certificate Tracking

Manually tracking insurance certificates means gathering certificates, checking them for accuracy and expiration dates, and storing them in files or folders. This takes time, especially as your company grows and you have more certificates to manage.

Manual tracking also leads to mistakes. It’s easy to miss an expiration date, lose a certificate, or overlook important details. These errors can be costly, exposing your business to risks you didn’t anticipate.

Another issue is that certificates often end up scattered across different departments or with various people. This makes it hard to get a clear picture of your overall insurance coverage.

As your business gets bigger, manual tracking becomes even more difficult. It’s tough to keep up with all the certificates, vendors, and contract requirements. This administrative burden takes time and resources away from your core business activities.

Use Contract Advantage WebElite for Certificate Tracking

So, how do we fix the problems of manual tracking? We use technology to make it easier. That’s where Contract Advantage WebElite comes in. Our tracking software has the following tools to help you track insurance certificates.

Centralized Storage

You can have a central place to keep all your insurance certificates – no more digging through files or folders. With Contract Advantage WebElite, everything’s in one spot, making it easy for the right people to find.

What data can we track?

The Insurance Tracking module is very flexible.  It can track certificates in summary or detail.  At the summary level, the system tracks the insurer, contracting party, type of insurance, coverage amount, and the start and end dates of coverage.  At the detail level, the system also tracks insurance agents, producers, contacts, phone and email, coverage limits and occurrences, multiple insurance software on a single certificate, and more.

Automated Reminders

The software sends automatic email alerts when certificates are about to expire or need to be renewed. Your upcoming actions are always visible on your Contract Advantage Dashboard.  This helps you stay on top of things, so you’re always protected.

Insightful Reporting

Whether you are on the sell side (as the insured) or the buy side (as the covered), the reporting system provides customizable and sortable reports and analytics. Some of the interesting kinds of information that you can report include:

• if an insurance carrier’s rating has been downgraded, what contracts may be affected?

• What insurance carriers provide a particular type of coverage, like Cyber Coverage or Board of Directors?

You can see how your insurance coverage is doing make smart decisions about your insurance and manage risks better.

Seamless Integration

Finally, Contract Advantage WebElite connects your insurance certificates with your contracts. You get a complete picture of your obligations and insurance needs. This improves visibility and supports better decision-making across your organization.

Contract Advantage WebElite Benefits

Let’s talk about the advantages Contract Advantage WebElite brings to your insurance certificate tracking.

First, it makes everything more efficient. By automating manual tasks, the software frees up your team’s time and resources. With increasing workloads, effective automation is required.  Your team will be more productive and better able to address the things that require special efforts.

Additionally, it reduces risk. Proactive tracking and alerts minimize the chance of coverage lapses, protecting you from financial loss and legal trouble. With Contract Advantage WebElite, you can be confident your insurance is always up to date.

Moreover, it enhances compliance. The software helps you meet contract obligations and regulations, ensuring your business stays on the right side of the law. This avoids penalties and builds your reputation as a responsible company.

Ultimately, insurance tracking software leads to better decisions and protects your assets. The customizable reports and analytics offer valuable insights into your insurance coverage. You can spot trends, optimize coverage, and make choices that support your business goals.

Request a Contract Advantage Demo Today

To wrap up, effective tracking of insurance certificates is helpful for any business. Contract Advantage WebElite simplifies certificate management with features like centralized storage, automated alerts, and insightful reports. You gain control over your insurance program.

Visit our website or request a demo to see how it can improve your contract management. Remember, good risk management starts with efficient insurance tracking. Don’t leave your business vulnerable. Make compliance management easier with a tracking solution.