The Impact of COI Tracking on Cost Savings in Property Management

November 27, 2023

In the realm of property management, where financial stewardship is paramount, the ability to identify cost-saving opportunities is nothing short of a triumph.

The VP of Finance at a property management organization shares a compelling testimonial about how Certificate of Insurance (COI) tracking has become a linchpin in their financial strategy, playing a pivotal role in not only saving money on insurance renewals but also dramatically reducing overall insurance claims costs.

The Financial Challenge Before COI Tracking

Before implementing COI tracking, the VP of Finance sheds light on the challenges faced by the property management organization. Managing finances in an industry inherently laden with risks requires a careful balance. Without insights into the transfer of risk to third parties, unnecessary expenses were difficult to identify, leading to a potential financial burden during insurance renewals.

“As someone entrusted with managing our organization’s finances, I am delighted to share the incredible win of how COI tracking has played a pivotal role in saving us money on our insurance renewals while dramatically reducing our overall insurance claims costs.”

COI Tracking: The Game-Changer for Cost Savings

Enter COI tracking—a solution that goes beyond mere compliance and becomes a strategic tool for financial success. The VP of Finance highlights how data surrounding the transfer of risk to third parties has been instrumental in identifying opportunities for cost savings.

“Armed with data surrounding our transfer of risk completely to third parties, we have not only eliminated unnecessary expenses but also improved our relationships with insurers and reduced the financial burden of insurance renewals.”

Eliminating Unnecessary Expenses

COI tracking provides the property management organization with valuable insights into their risk landscape. By understanding the extent to which risk is transferred to third parties, the VP of Finance can pinpoint and eliminate unnecessary expenses that may have otherwise gone unnoticed. This strategic approach not only enhances financial efficiency but also contributes to a leaner and more focused financial strategy.

Improving Relationships with Insurers

COI tracking not only identifies cost-saving opportunities but also fosters improved relationships with insurers. Armed with accurate and up-to-date data, the property management organization can engage in transparent and collaborative discussions with insurers, leading to better negotiations and potentially more favorable terms during insurance renewals.

Reducing the Financial Burden of Insurance Renewals

The impact of COI tracking is most evident during insurance renewals. The organization can approach renewals with confidence, armed with a comprehensive understanding of their risk profile. This not only reduces the financial burden associated with renewals but also ensures that the organization is adequately covered without unnecessary costs.

A Strategic Financial Triumph

In an industry where risks are inherent, leveraging tools that provide insights into the financial implications of risk transfer becomes a game-changer.

As more organizations recognize the value of COI tracking beyond compliance, the property management industry is poised for a paradigm shift toward financial efficiency and strategic financial management. COI tracking is not merely an administrative task; it’s a strategic tool that empowers organizations to achieve financial success while navigating the complexities of risk in the property management landscape.

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