InsurePro: Evident Achieves Key Milestone for Certificates of Insurance Verification
March 23, 2022
Evident Achieves Key Milestone for Certificates of Insurance Verification
Industry-Leading Technology Solution Automates Over 90% of Verification Process
ATLANTA, March 23, 2022 – Evident, the leading provider of third-party insurance verification for enterprises, reached an important milestone with its latest release. Evident’s SaaS Insurance Verification solution, the premiere COI verification platform, now automates more than 90% of the verification process, including document data extraction, verification decisioning, compliance remediation, and insured re-engagement.
“We’re delighted to have reached this critical milestone,” said Evident Founder and CEO David Thomas. “Automation done right is the key to both accuracy and velocity. Large enterprises can no longer afford the errors and inconsistencies that result from human-driven manual processes and analysis.”
The Evident platform uses automation to drive the following critical verification steps:
- Extraction: Our patented data extraction technology captures and digitizes data from all COIs, reducing the average number of errors from 15% for a typical human-assisted extraction to less than 1%.
- Decisioning: Our customers’ businesses are complex – they average over 50 different criteria per COI that must be reviewed, verified, and decisioned upon. Evident’s decisioning technology enables our customers to easily manage and change their decisioning criteria in real-time.
- Remediation: Evident provides fulfillment options that enable immediate remediation of coverage gaps, giving third parties an easier path toward achieving full compliance.
- Re-engagement: Our average customer communicates with their Insureds up to 8 times per year as part of ongoing verification. Evident’s platform automatically manages these communications and monitors Insureds for any status changes, including policy updates and renewals, to support and demonstrate compliance.
“InsurePro was designed to remove the friction that’s typically involved with placing and verifying contractor coverage, and Evident is at the center of our compliance program,” said Founding General Manager, Prakash Mohandas. “Our goal is to make our customers’ risk management processes faster and smoother, and without Evident’s automated, user-friendly technology, this simply would not be possible.”
Evident is the only fully-automated, fully-digital insurance verification solution built from the ground up to reduce enterprise risk, spend, and manual effort. The world’s largest organizations rely on Evident’s game-changing insurance verification and credentialing technology to help them make fast and informed decisions about engaging new vendors, suppliers, franchises, and other third-party partners without compromising their data privacy. Evident is a VC-backed technology startup, headquartered in Atlanta, GA. Learn more at evidentid.com.
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