“Right now, organizations spend numerous man hours tracking down COI from the vendors and tenants that they work with,” comments Kyle Evans, Director of Business Development, VersiTrax. Because of the strict business environment that many organizations exist in today, the need for risk compliance and management is absolutely crucial. “Regulations, accidents, and lawsuits are becoming much more prevalent every day,” he adds.
VersiTrax is blazing a trail into the future with intuitive features, convenient pricing, and special perks
The problem with compliance is that it is difficult. Manually contacting vendors one-by-one is tedious and takes a lot of time. “Furthermore, vendors may not submit the proper COI to companies on the first try, so a little extra digging may have to occur afterwards,” states Evans. Even the process of renewing the COI and making sure that occurs properly is time-consuming. VersiTrax is here to change this.
First, their software rapidly uploads their client’s list of vendors and tenants into the system automatically.
Onboarding clients into a software solution like this would typically cost a little bit of capital. However, VersiTrax keeps this step completely free since onboarding is so quick and effective with their software. They even offer a full 30- day trial at no cost to their clients. Also, because of their confidence in the solution itself, they don’t rope companies into long contracts. Instead, VersiTrax has opted to stick with monthly plans since they firmly believe that clients will be satisfied with their software.
These days companies face two major issues in the insurance space. For one, they are spending increasing amounts of money on hiring additional employees to track more and more COIs. Second, many companies are still tracking these COIs in Excel spreadsheets, which is extremely inefficient due to human time as well as the possibility for errors. “VersiTrax eliminates both of these issues,” emphasizes Evans.
To compete and outperform their competition, VersiTrax continually develops new features on a quarterly basis. To them, if they keep creating an effective COI tracking solution, then their clients can stay focused on their business. The good news is that last year they invested close to 30 percent of their revenue to Research and Development and Quality Assurance methodologies. VersiTrax is very much thinking about the future of their software, as well as the future of their clients.