When construction risk managers and controllers evaluate Certificate of Insurance (COI) tracking software, two names frequently top commercial vendor shortlists: Billy (billyforinsurance.com) and myCOI (now part of illumend.ai).
While both platforms replace manual Excel spreadsheets and track subcontractor insurance policies, they are engineered around fundamentally different operational models. Billy integrates deeply with construction payment workflows and Procore directories, while myCOI emphasizes outsourced human review teams.
In this guide, we compare their verification engines, ERP payment hold workflows, pricing structures, and vendor submission experiences alongside SubDoc, the modern self-service AI alternative.
Direct Comparison Matrix: Billy vs myCOI vs SubDoc
The table below breaks down the technical capabilities, turnaround times, and total cost factors across all three compliance platforms:
| Evaluation Factor | Billy | myCOI | SubDoc |
|---|---|---|---|
| Primary Core Focus | Construction payments, lien waivers, & COI tracking | Managed insurance compliance & human review services | Automated COI tracking, endorsement checks, & payment holds |
| Verification Engine | Automated optical extraction + broker follow-up | Hybrid software + licensed human review team (24 to 48h turnaround) | 5-second AI OCR parser with instant endorsement validation |
| Pricing Structure | Custom annual contract ($3,000 to $8,000+ per year) | Custom per-vendor quote ($8,000+ per year) | Transparent: Free forever for 3 vendors; Pro at $20/mo ($14/mo intro; $96/yr annual) |
| Subcontractor Submission UX | Broker upload sequence | Subcontractor and broker portal login accounts | Passwordless magic upload links (zero logins or apps required) |
| Vendor Onboarding Fee | $0 to subcontractors | $0 to subcontractors | $0 forever to subcontractors |
| Endorsement Verification | Additional Insured & Waiver of Subrogation tracking | Deep manual policy review of endorsements and limits | Automated AI checks for CG 20 10, CG 20 37, CG 20 01, and CG 24 04 |
| Accounting & ERP Payment Holds | Native two-way Procore directory and commitment sync | Custom ERP integrations (Sage 300, Viewpoint, CMiC) | 1-click CSV payment hold export for QuickBooks, Sage, and Yardi |
| Setup & Deployment Time | 2 to 4 weeks (sales demo, onboarding, configuration) | 3 to 6 weeks (custom enterprise implementation) | Self-service in 5 minutes (no sales calls required) |
Deep Dive: What Is Billy and How Does It Work?
Billy positions itself as a construction-native risk management and payments platform. It focuses heavily on connecting subcontractor prequalification, Certificate of Insurance compliance, and accounts payable invoice holds.
Billy Strengths
- • Deep Procore Sync: Two-way integration with Procore project directories and commitment payment holds.
- • Lien Waiver Collection: Automates conditional and unconditional lien waiver exchanges tied to payments.
- • Construction-Focused: Designed specifically around general contractor project tiers.
Billy Considerations
- • Annual Contracts: Requires custom annual commitments ranging from $3,000 to $8,000+ per year.
- • Procore Dependency: Delivers maximum value primarily if your company already runs Procore.
- • Sales-Led Onboarding: Requires sales calls, demos, and contract approvals before account access.
Deep Dive: What Is myCOI and How Does It Work?
myCOI (illumend.ai) is an established enterprise compliance management platform that combines tracking software with an in-house team of licensed insurance professionals.
myCOI Strengths
- • Human Expert Review: In-house insurance specialists audit policy riders, umbrella limits, and endorsements.
- • Complex Risk Rules: Supports bespoke enterprise compliance rules for commercial owners.
- • Agent Communication: Automated outreach sequences direct brokers to upload through an agent portal.
myCOI Considerations
- • High Cost of Ownership: Bundled human review services result in annual costs starting at $8,000+ per year.
- • Turnaround Latency: Manual human reviews require 24 to 48 hours for document approval.
- • Complex Implementation: Requires multi-week setup and enterprise change management.
Why Modern Contractors Choose SubDoc as the Agile Alternative
While Billy and myCOI cater to large enterprise operations teams, growing general contractors and trade subcontractors often need a fast, transparent solution that does not require four-figure setup fees or multi-week sales cycles.
SubDoc bridges this gap by delivering enterprise-grade compliance automation at transparent pricing:
SubDoc reads ACORD 25 certificates and policy endorsement PDF riders in under 5 seconds with 99%+ accuracy, eliminating 48-hour human review queues.
Subcontractors and insurance agents upload renewed certificates with a single click from their phone or computer without creating portal accounts.
Export non-compliant vendor lists into QuickBooks Online, QuickBooks Desktop, Sage 100/300, and Yardi to prevent check runs for lapsed subcontractors.
Free Forever plan for up to 3 subcontractors ($0), and transparent Pro plans starting at $20/month ($14/month intro for the first 3 months) ($96/year) with zero setup fees or vendor charges.
Decision Guide: Which Platform Should You Choose?
- Choose Billy if: Your company manages all project workflows inside Procore, requires native lien waiver exchanges tied to ACH payments, and has the budget for custom annual enterprise plans.
- Choose myCOI if: You have a large risk department with complex customized insurance rules and want to completely outsource certificate auditing to external human insurance specialists.
- Choose SubDoc if: You want fast, automated COI verification, instant 5-second AI extraction, zero vendor fees, and seamless QuickBooks/Sage payment hold exports without a sales cycle or setup fee.