We’ve reached Q4 2022 and for most organizations that means budget season for CY2023 is here.
Dozens of organizations have connected with us this year inquiring about COI tracking software, but many didn’t have an approved budget or have a change management plan on how to get buy-in from key stakeholders in the organization. Because they didn’t account for COI tracking software in their initial budget, many organizations couldn’t simply convince the appropriate risk, legal, and compliance leaders that onboarding new technology and the organizational change required was worth the investment.
So, as you begin to create your budget and plan for 2023, make sure to begin your vendor evaluation process now for COI tracking software. COI Pro is one of many providers that offer certificate of insurance tracking software for managing and collecting COI’s, sending renewal requests, and confirming third-party compliance, and there’s several vendors offering a wide range of features at various price points.
There’s a lot of factors to consider when evaluating technology, but here’s a few to prioritize:
- Purpose-built COI Tracking Software – There’s a lot of COI vendors out there and many of them provide add-on software or a module. That means their Engineering and Development team is not solely focused on solving your pain points.
- A Collaborative Partner – You and your team will have questions and need guidance. Whether you need additional product training or general questions about insurance requirements, select a vendor that has insurance and technology experts, available whenever you need them.
- Cost-efficient Software Provider – Insurance tracking software shouldn’t be near the same ballpark as what your organization is paying for their ERP or CRM software. Compare COI tracking features and the cost associated.
To wrap up, when putting together your budget for COI tracking software in 2023, talk to 3-4 vendors, communicate your criteria, document your findings, and make a recommendation to the key stakeholders about the technology, your change management plan, and the results you’re going to get from the investment.
If you have questions related to COI tracking technology or how to budget, reach out to us and we’ll talk you through the necessary steps.
