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construction workers - insurance verification

Insurance Verification and Management, Reinvented

Did you know that

1 in 5 Insureds do not respond to companies' request for proof of insurance.

Source: Evident customer data

Average company has 23 compliance criteria, but some have up to 50.

Source: Evident customer data

Insurance premiums are expected to increase an average of 11.6% next year across all lines and claims.

Source: Business Insurance

Only 68% of third-party insurance policies have the company listed as an Additional Insured

Source: Evident customer data

Protect your business from these four market challenges

Visibility Problem

No visibility into insured network compliance and status

Approximately 50% of the enterprises that we speak to either don’t collect or don’t verify coverage.

Manual Problem

Slow and manual process to collect, review, decide and store COIs

It takes approximately 30 minutes to verify insurance and an additional 45minutes if it's not compliant

Compliance Problem

Lack of COI re-verification leading to no cancellation notices

Up to 75% of the network does not meet coverage requirements

Cost Problem

Minimal audit trail for claims and litigation

Premiums rose 14 of the last 16 quarters for both enterprise and 3rd parties

insurance verification

Our reinvented solution

  • We’re an out-of-the-box third-party risk management solution

    With end-to-end COI tracking solution

  • Our high-tech, secure platform extracts and digitizes all COI types

    We introduce new product updates every month

  • Authoritative verification and monitoring to detect changes

    No outsourcing or manual verification

  • Automated risk decisioning against your insurance requirements

    No erroneous communication with insureds

  • We provide Insureds with easy access to the exact right coverage

    No workflow or selling to get them compliant

  • Comprehensive, highly accurate view of third-party risk

    All through a comprehensive, easy-to-use dashboard

car manufacturing - insurance verification

We innovate across four categories

  • Deep Visibility

    Digitize all coverage data to enable transparency into insured compliance.

    Admin portal dashboard with full reporting of insured network.

    Compliance status available in any platform via API.

  • Automation

    Insureds or Brokers submit coverage evidence via branded, web or mobile UI.

    Evident’s software collects, extracts, digitizes and ------ decisions against customer’s coverage criteria.

    Can handle Insure-level criteria.

    Programmatic reverification (e.g. 30 days before expiry).

  • Getting to “Yes”

    Significant resources in the UI and customized landing page to maximize conversion.

    Non-compliant notifications with detailed reasons.

    Ability for Admin to set Compliance Exceptions.

    Embedded path to insurance expert and offers (via Marsh or preferred Broker).

  • Optimization

    Customer can leverage strong compliance, audit trail and reports for corporate insurance savings.

    Competitive insurance fulfillment options for insured network,

    Service will dramatically reduce 3rd-party risk at a 5-10x ROI

See for yourself

Comprehensive, accurate insurance verification without the risk

Case Study

See how one of the world’s largest convenience store brands uses Evident to verify franchisees’ COIs by automating requests, re-verifications, and decisioning to ease ythe burden of verifying coverage and reduce their exposure to risk.

State of Third-Party Insurance Verification Report

Download Evident’s research report about third-party insurance verification and risk management to see statistical benchmarks and analysis, plus a step-by-step guide to help businesses reduce risk, save money, and demonstrate compliance!

Ready to reduce your third-party risk with automated Insurance Verification and Fulfillment?

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