The State of Third-Party Insurance Verification – Research Report
A national supermarket chain known for its health-oriented and gourmet selections faced a significant challenge when it came to third-party suppliers. With stores across the country and a heavy dependence on fresh, local products, the supermarket chain had developed over 20 unique sets of insurance coverage requirements for all of their various suppliers, taking into consideration many different risk profiles - from produce and cleaning supplies to kosher goods and electronics.
While the supermarket chain was progressive in managing third-party risk and worked hard to create these category-based supplier insurance requirements, they found that their current insurance verification provider could not effectively implement all of their rules with great success. As a result, the chain was unknowingly contracting suppliers with outdated or insufficient insurance coverage and unintentionally excluding small, local suppliers from participating in their network.
With Evident, the supermarket chain has transformed their insurance verification process. They leveraged Evident's unique capabilities to develop insurance requirement templates for each vendor type. So far, they have more than 50 unique sets of requirements, which enables them to verify all of their vendors automatically, while allowing the most precise sets of requirements possible. They now appreciate how much easier it is for suppliers to join their network and be fully compliant with their risk management requirements.