Risk comes in many forms and is often difficult to quantify. Assessing risk from third parties that you do business with is even more challenging. Verifying insurance is the best way to mitigate that risk – but it’s not easy. In fact, it’s manual, complicated, and frustrating, with too many moving parts.
Risk management, legal, compliance, operations and business development teams are tired of the spreadsheets, the unanswered phone calls and emails, and the wide range of coverage types they need to manage to demonstrate holistic compliance. Even when organizations are able to get in touch with their third-party network, they still don’t have an accurate snapshot of coverage.
As we’ve worked with our customers to digitize and modernize their insurance verification practices, we’ve identified a few things your business can do right now to improve your COI collection, management, and monitoring processes.
Automate COI Collection
Businesses need a way to easily collect COIs that doesn’t involve back-and-forth calls and emails that organizations have traditionally relied on for the initial part of the COI verification process. It needs to include managing contacts, responses, follow-ups and exceptions.
Automate COI Analysis & Decisioning
To get the most value from collecting and digitizing COIs, companies require a decision engine that will help them determine adequate coverage against corporate requirements.
A quality COI tracking and management tool will have an analysis engine to examine total coverage to identify inefficiencies and redundancies to determine the business’ overall risk and not just their and their network’s compliance.
Companies are looking for a more reliable and cost-effective way to verify COIs to determine compliance with corporate policies before allowing them into their network.
Compliance should reflect actual authoritative coverage not just the presence of a COI. Is the coverage current? Are the coverage amounts correct? A quality solution should be embedded in the insurance industry and should be in touch with authoritative sources constantly.
Continuous Monitoring & Re-Verification
There’s a real need for a solution that can identify which policies are about to expire, and send automatic reminders to renew coverage, while verifying multiple insurance policies and re-verifying to ensure that the company’s entire network has adequate coverage.
Ongoing Reporting & Communication
Lastly, another thing to expect from a quality COI tracking and management solution is the ability for an organization to communicate seamlessly with their network about insurance coverage
An easy-to-use app with a robust dashboard is also beneficial for companies to stay organized and maintain regular contact with their partners, vendors, franchisees, etc.
Evident’s COI tracking and management solution is designed to provide a comprehensive, highly accurate view of your partner and vendor network risk. We automate the entire process – from collection, verification and analysis, to decisioning, storage, and monitoring of COIs and policies – to help remove the burden of managing your partners’ compliance. With this unprecedented visibility, we can identify program-level opportunities to cut cost or reduce risk.
Stephanie Peterman is a recovering journalist with 15 years of marketing and communications experience. She began her career as a writer and managing editor before spending several years working in the ad agency world. Stephanie has worked for software startups for the last 5 years where she discovered her true passion for technology, digital privacy, cybersecurity, and helping businesses better understand their third-party risks.