myCOI vs. Evident: Picking the Best COI Tracking Software
November 9, 2023
Certificates of Insurance (COI) are a crucial part of risk management for various industries. However, even today, many leading organizations still rely on manual tracking of these documents, which can lead to wasting hours of valuable time, unnecessary administrative tasks, and never-ending email chains.
In order to streamline their operations, several risk management professionals have started integrating COI Tracking Software such as Evident and myCOI. By utilizing these tools, they have been able to accelerate document auditing, renewals, and collections. Additionally, these solutions provide a way for teams to enhance compliance and gain a comprehensive understanding of the risks associated with their portfolios through analytics and dashboards.
We did a comprehensive comparison of two COI tracking solutions: Evident and myCOI.
Let’s dive into our COI Tracking Software Comparison Checklist! This article will help you pick the right solution for your industry, business, and team.
COI Tracking Software Comparison Checklist
When comparing the features that matter most for selecting a COI tracking software for your business, consider the following:
- Supported Coverage Types
- Data-Driven Benchmarks
Before we compare Evident and myCOI side by side, let’s take a minute to level set. Starting with: what is COI Tracking Software?
What is COI Tracking Software?
COI tracking software is a digital solution for businesses and organizations to streamline the collection, verification, and maintenance of certificates of insurance. It uses automation to ensure data accuracy and prompt renewals, while also creating significant time savings compared to manual tracking processes, enhancing overall efficiency in insurance tracking.
Why is COI Tracking Software Important?
Manually managing insurance certificates leaves gaping holes of inefficiency that can be filled with errors, which could have a big (and negative) impact on your bottom line.
COI tracking software reduces those chances for error by automating tasks, which can increase the probability of accuracy. It streamlines insurance and certificate management, cutting administrative costs, enhancing compliance, and improving risk management for businesses and organizations.
Evident vs. myCOI: Which Is the Best Solution for Your COI Tracking Needs?
While there are several certificates of insurance tracking software solutions available on the market, the key features and benefits vary from solution to solution. It’s important that you find the solution that will work best for you and your company. We took a deep dive to compare Evident COI tracking software with myCOI.
Evident COI Tracking Software Overview
Evident’s COI tracking solution is a comprehensive offering for business credentialing management. It leverages AI technology and benchmark data to streamline your COI processes and ensure that your insurance certificates are compliant with regulatory and commercial standards. Benefits of using Evident include:
- Workflow automation
- Customization for every industry
- Unlimited coverage types
- International support
- Centralize compliance hub
- And more
myCOI is a certificate of insurance tracking software built for users in industries such as non-profit, aviation, trucking, and entertainment. It offers auditing and tracking capabilities and is a one-size-fits-all solution for certificate of insurance tracking. In an attempt to be generic, myCOI requires each user to adapt to its system rather than customizing it. Other drawbacks include:
- Higher pricing than other similar solutions
- A confusing user interface and experience (as reported by users)
- Few integration capabilities
- Missing customization abilities
Using COI tracking software is table stakes in today’s fast-paced world, but it shouldn’t be overwhelming or time-consuming to learn.
Evident’s COI tracking software allows users to leave that all behind with its user-friendly interface that enables customers to easily integrate data and automate certificate of insurance tracking. It is a comprehensive platform for COI tracking, collaboration, and automation that boosts accountability and trust with your chosen partners.
On the other hand, myCOI has glaring drawbacks that could slow down the certificate of insurance tracking process and create inefficient workflows.
Evident is an all-in-one solution that has been designed for comprehensive offerings while still being user-friendly, making it navigable for anyone looking to streamline their COI tracking process.
myCOI vs. Evident Automation Offerings
The time it takes to manually complete each task for COI tracking can significantly impact business progress and the ability to move forward with specific projects or partnerships.
Furthermore, it can have ramifications on your bottom line. As a business waits for the COI process to be complete, there are other parties, like vendors, waiting for the green light to continue with the project.
Automation facilitates this process, allowing for projects to move forward toward their goals of completion.
Why Automation Is Important for COI Tracking
Comprehensive automation is an essential feature of quality COI tracking software. In addition to streamlining and expediting COI processes, automation minimizes and nearly eliminates the possibility of human error, which can lead to costly liabilities.
Those liabilities can vary from reputational damage that devastates trust among stakeholders to expensive legal ramifications. Regulatory violations, even if they occur simply from human error, may result in fines or legal actions. Automation enhances accuracy of the certificate of insurance tracking process by taking out the factor of human error.
Leverage Evident’s Automation for Faster COI Tracking
Evident’s solutions are designed with the user in mind. When it comes to COI tracking, businesses can start quickly and scale easily. Evident automates the entire COI tracking process, including:
Even after the initial COI tracking process has been completed, Evident has a monitoring feature to survey all credentialing documents and ensures compliance with corporate standards.
myCOI’s Gaps in Automation Disrupt Flows for COI Tracking
While myCOI does automate parts of the certificate of insurance tracking process, its lack of integrations still requires users to conduct part of the process manually. For example, to complete most compliance tasks, users will need to toggle between some integrations (like Procore) and myCOI, which disrupts workflows and takes longer to complete the task had it been streamlined with automation.
Evident has developed its solution to automate nearly every aspect of the certificate of insurance tracking process. myCIO has been designed so that some tasks are still manual. Although it may seem like manually completing one task would not be that big of a deal, that one task done repeatedly could end up eating up hours or days of your time. Evident understands that time is money for any business, so the software has been developed to automate tasks so businesses can have more space in their schedule to focus on other vital aspects.
Comparing myCOI And Evident Customization Capabilities for COI Tracking
Although it may seem like customization may be too big of an ask when it comes to business software, it is a feature that can make the COI tracking process a lot easier.
Every business has unique workflows, processes, and requirements. A customization feature allows the certificate of insurance tracking software to adapt to these specific needs, enhancing efficiency and aligning with the business’s operational structure and industry requirements.
Why Customization Is Important for COI Tracking
Customization in certificate of insurance tracking is crucial to be able to adapt for different industries and allow tailored integration of compliance requirements. This flexibility helps with accurate monitoring of the unique risks each industry and business faces.
A customization feature enables each business within any industry to tailor their COI tracking software to their needs to streamline processes that are unique to their organization.
Customize Your COI Tracking Process with Evident
Evident is built with our users in mind, boasting customizable workflows for any business, in any industry. Each customized workflow can handle the expectations of the COI tracking process to ensure that your third-party partners have active and up-to-date coverage without the administrative effort of having to tailor your existing workflow to generic software.
myCOI and Its One-Size-Fits-All Offerings for Companies
myCOI’s one-size-fits-all user interface seems to create confusion with its users, according to online reviews. The dashboard is designed to give users a non-comprehensive overview of the COI tracking process, with one online review stating that it does not offer a complete picture of the process.
Evident offers a customization feature for workflows so when companies decide to integrate this new software, it adapts to the company’s established workflows—not the other way around. myCOI tries to cast a wide net with its approach, but the lack of customization simply creates more difficulties for users trying to navigate the dashboard and find the information they need.
Evident knows that each business and organization is unique with different workflows and it has been designed specifically to cater to those individual needs of businesses.
Number of Supported Coverage Types on Evident vs. myCOI for COI Tracking
Putting a limit on any feature for a software can easily result in users hitting a wall when it comes to scaling their company. When managing different projects, vendors, and compliance needs, businesses need unlimited supported coverage types so they can customize their certificate of insurance tracking system for each scenario.
Why Unlimited Coverage Types Is Important for COI Tracking
Unlimited coverage types are vital for COI tracking as they provide flexibility and scalability. When dealing with a variety of projects, vendors, and compliance requirements, unlimited coverage types are needed to allow organizations to tailor their tracking system to the intricacies of each project or vendor, for thorough risk management.
Evident’s COI Tracking Software Is Accessible to Anyone, Anywhere
Evident is a global company with users throughout the world. The attitude behind Evident is to streamline business processes to facilitate the development of its users’ expanding their own business. With unlimited coverage types, Evident offers a COI tracking system that allows its users to scale as they take on more projects and expand their own offerings.
Limiting Coverage Types Limits Possibilities for COI Tracking
myCOI has limited coverage types for COI tracking, restricting the ability to tailor the tracking system to specific projects. With these limitations, myCOI makes it difficult to manage diverse compliance requirements. When businesses grow and take on more projects, limited coverage types could hinder effective (and essential) risk management. It also creates a situation of a lack of flexibility that is usually necessary for comprehensive COI tracking, which could create compliance issues.
Evident offers unlimited coverage types for businesses looking to expand so they can be more accessible to different vendors and expand the reach of their company. It is each certificate of insurance tracking software company’s choice to offer limited or unlimited coverage types, but myCOI’s choice of limited coverage types is an indicator that it is designed for companies that have a limited mindset.
Evident looks to facilitate COI tracking for businesses that are dreaming big and looking to scale. It offers unlimited coverage types so Evident customers can grow and scale as much as they want.
Different Kinds of Support with myCOI vs. Evident
One key factor to keep in mind when choosing a COI tracking solution between Evident and myCOI is the support offered and whether it is applicable to your company. COI tracking is a nuanced process with steps within steps and different requirements depending on the situation or industry.
Businesses that are scaling globally need to be able to access support from their certificate of insurance tracking software supplier in a timely manner so they can be helped no matter where they are in the world.
Why Global Support Is Important from Your COI Tracking Software Supplier
In our interconnected world, partnering globally with vendors is common. The certificate of insurance tracking process does not care where each vendor is from, their time zone, or their hemisphere; the process just needs to be done and done properly. Support from your COI tracking software supplier is vital for seamless worldwide operations. Prompt assistance ensures users can easily navigate international compliance procedures.
Get Support for Your COI Tracking with Evident
As a global leader in business credentialing, Evident’s network, aptly named The Evident Network, is composed of millions of businesses that span the world in more than a hundred countries. It is composed of different parties that are vital to certificate of insurance tracking including:
- And more
If one of these parties should need support, Evident is constantly available through customer support and its generative AI virtual assistant, Evie. This tool has been developed to deliver exceptional support by leveraging technology to understand the user’s situation and needs, followed by displaying personalized and actionable information to help them with their issue or questions.
myCOI Offers Limited Support to Its COI Tracking Clients
myCOI provides support through a helpline and email, but these traditional methods lack optimization for global teams and the fast-paced business environment. Users face delays, waiting for myCOI phone representatives or email solutions, consuming valuable business hours. Efficient and easily accessible support mechanisms are imperative for uninterrupted operations in today’s business landscape.
Support is best when it is immediately accessible to users of any software. myCOI’s traditional support methods, such as email, may eventually provide assistance, but time is lost in waiting. Evident’s AI-powered virtual assistant ensures on-demand support, available anytime, anywhere, enhancing user experience by providing timely assistance precisely when needed.
myCOI vs. Evident: Where Can You Find Data-Driven Benchmarks with Insurance Tracking Information?
The collection of documents for certificate of insurance tracking brings another opportunity to improve your business and that’s with data. Each of those documents contains data that can be leveraged to gain business insights and uncover patterns or gaps that can help businesses make informed decisions. Streamlining COI tracking is priority number one for both myCOI and Evident; however, Evident went one step further to turn that data from the documentation into valuable business insights.
Leveraging COI Tracking for Data-Driven Benchmarks
Data-driven benchmarks are crucial for companies to stay competitive. They can:
- Offer clear metrics to gauge performance
- Identify strengths
- Pinpoint areas for growth
- Show industry trends
- Reveal patterns among businesses
These benchmarks guide smart decision-making, improve strategic planning, and help companies stay competitive by adapting strategies based on real-time insights and industry standards.
Evident’s Network of Millions Turns Data from COI Tracking into Valuable Benchmark Reports
The Evident Network has extensive membership, allowing for specific market data from various industries to be in one centralized location. Leveraging this information from COI tracking, data-driven benchmarks can be pinpointed to identify risk gaps compared to peers. Evident is designed so that its users can receive actionable reports and recommendations for optimal risk mitigation.
No Network and No Insights With myCOI
myCOI uploads COI tracking documents for specific use but lacks a centralized, searchable repository. This hidden data impedes comprehensive industry gap analysis and hinders competitive insights. myCOI has created a system with scattered information within documentation that makes extracting mass data impossible, limiting the ability to proactively address industry-wide challenges or gain a competitive edge with unique business insights.
While both myCOI and Evident developed certificate of insurance tracking software with the intention of facilitating the process, only Evident had the foresight to continue developing its offerings. The initial point of the software is to streamline COI tracking, but there are always opportunities to improve businesses and one of them is through business intelligence with benchmark reports and data analysis.
myCOI leaves data in inaccessible places, which is just leaving money on the table for your business. Evident’s centralized location of data creates endless opportunities to gain insurance insights into your own business and what’s happening in your industry.
Conclusion – Which COI Tracking Solution Is Right for Your Business?
After this side-by-side analysis, it’s clear that Evident surpasses myCOI in various aspects, establishing itself as a better COI tracking solution.
Evident’s strengths lie in its comprehensive automation, customization, extensive coverage group, unparalleled support, and data-driven benchmarks, offering a holistic COI tracking solution.
While myCOI provides automation and tracking capabilities, it falls short in user-friendliness, customization, support, and leveraging data for business insights. Positioned as a generic solution, myCOI may suffice for standard companies, but for global enterprises seeking to elevate operations through AI and data-driven insights, Evident proves to be the more fitting choice.