The State of Third-Party Insurance Verification – Research Report
One of the world’s largest convenience store brands oversees over 5,000 franchises in the United States. Franchisees are required to carry general and contractual liability insurance, along with other specialized coverage. To verify franchises had obtained required policies, the company had to oversee, collect, store, analyze, and monitor certificates of insurance (COIs) for each franchisee. It accomplished this with third-party vendors plus several internal, manual processes. In addition to a dangerous lack of visibility into insurance compliance, the process required a significant amount of labor.
With Evident’s Insurance Verification solution, this major convenience store brand now has an automated service it uses to greatly simplify the verification process. Evident’s solution verifies COIs and 750,000 individual data points from franchisees by using a customized solution to automate requests, reverifications, decisioning, and other important insurance information. Additionally, if franchisees do not meet insurance requirements, the solution routes them to Marsh — the world’s leading insurance broker and risk adviser — so they can acquire insurance that meets the brand’s standards and requirements.