PARSIPPANY, N.J. – Hi-tech risk management firm Risk Toolbox, Inc. has launched an innovative cloud-based service, CertTool, to assist businesses with the collection and management of Certificates of Insurance (COIs).
Managing COIs is a complex, labor-intensive and often inaccurate process associated with high administrative expense and poor levels of compliance. Risk Toolbox's unique method can reduce costs 50% or more while eliminating 70% 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."
This advanced online B2B risk management product uses proprietary algorithms to rapidly 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."