The State of Third-Party Insurance Verification – Research Report
August 3, 2021
In order to be effective, insurance verification must be an ongoing process. By their very nature, insurance policies expire – with a meaningful portion expiring every month – necessitating a robust tracking, collection, and verification system. But simple re-verification at expiry is grossly insufficient, as policies can be cancelled both by the Insured as well as the insurance carrier (e.g. due to non-payment), leaving your business unprotected.
Indeed, a 30-day notice of cancellation is one of the most common insurance requirements, but processing them comes at a cost. If you are doing insurance verification in-house, it can involve everything from physically handling the incoming mail, to reaching out to the Insured, to reviewing their new COI, or escalating when they don’t provide it. If you work with an insurance verification provider, they may not even support this fundamental use case, and even if they do, relying on the updates is usually done in a manual and cumbersome manner.
Evident’s insurance verification solution addresses all the above issues in a neat, automated, and completely-transparent-to-you manner. Simply route all notices of cancellation to Evident, and we will handle the rest.
When Evident receives a notice of cancellation, this critical piece of information is incorporated into the Insured profile and our system immediately proceeds to ensure you stay covered – we ask the Insured for proof of continued coverage, and evaluate it against your criteria. The cancellation is recorded in the Insured profile to enable all the exception-handling workflows, including reminders and escalations to collect the coverage information and robust non-compliance communication if the policy is found to be deficient. Best of all, thanks to a heightened level of automation, Evident includes this service in our subscription offering at no additional cost to our enterprise customers.