The State of Third-Party Insurance Verification – Research Report
End-to-end vendor and contractor insurance verification and fulfillment solution to drive risk visibility and conversion
Most construction businesses spend a lot of time and effort managing their insurance compliance, but even the most successful program managers don't know exactly how compliant they actually are. They might know approximately how many of their contractors have certificates of insurance (COIs) on file, but they rarely understand if all requested coverage types are present, if coverage values meet their requirements, or the risk from exclusions.
The consequences of not knowing are enormous, and can cause unnecessary damages to their business or brand reputation if a contractor is involved in an accident.
Construction businesses have turned to Evident because we provide the most efficient COI tracking to reduce administrative costs and streamline contractor onboarding processes. Evident also works closely with our partner Marsh to provide non-compliant contractors with insurance that meets corporate standards, ultimately making it much easier to get to "yes" so the business is covered.
Evident doesn't just store contractor COIs - we digitize all COI and policy elements so we can provide complete analysis of your exposure.
Evident automates the entire process - collection, verification, analysis, decisioning, storage, and monitoring of COIs and policies - and lets construction companies verify proof of insurance either directly with their contractors or with an insurance broker
Our workflows handle the tough stuff - we tackle the exceptions and even offer fulfillment to fill gaps in coverage, ensuring that more of your contractors have active and up-to-date policies, while greatly reducing your costs and administrative efforts.
Evident integrates guidance from insurance industry partners into actionable reports that eliminate redundant coverage and optimize premiums to reduce overall cost for you, your contractors, and your vendors.
See how one of the world's largest convenience store brands uses Evident to verify both franchisee and vendor COIs by automating requests, re-verifications, and decisioning to ease the burden of verifying coverage and reduce their exposure to risk.