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Risk Toolbox Unveils Certificate of Insurance Tracking Service

February 16, 2014

Hi-tech risk management firm Risk Toolbox has launched a cloud- based service, CertTool, to assist businesses with the collection and management of Certificates of Insurance (COIs).

According to a release, managing COIs is a complex, labor- intensive and often inaccurate process associated with high administrative expense and poor levels of compliance. Risk Toolbox's method can reduce costs 50 percent or more while eliminating 70 percent of data entry.

"We are very pleased to be able to offer a comprehensive risk management solution that removes a considerable administrative burden while reducing exposure to unnecessary third-party claims," says Martin Mick, CEO of Risk Toolbox. "CertTool is an ideal service for property managers, contractors, retailers and public entities who are required to collect COIs from their tenants, vendors and contractors. In addition, insurance agencies are providing CertTool as a value-added service to their own clients."

Risk Toolbox noted that this online B2B risk management product uses proprietary algorithms to evaluate, monitor and communicate with all parties involved in the process. Compliance verification and notification are automated, inherently improving timeliness, attention to detail, and better rates of insurance coverage compliance.

CertTool has garnered early acceptance by private and public companies, business services and municipal governments. "We expect a great 2014," says Mick. "Once you see the system in action it practically sells itself."

CertTool is a subscription-based system operating in real-time from any device with access to the Internet.

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