The State of Third-Party Insurance Verification – Research Report
Most supply chain solution providers spend a lot of time and effort managing their insurance compliance, but even the most successful risk managers don't know exactly how compliant they actually are. They might know approximately how many of their suppliers 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 in the event of an unforeseen accident.
Supply chain businesses have turned to Evident because we provide the most efficient third-party COI tracking to reduce administrative costs, streamline supplier onboarding processes, and enable safer diversification. Evident also works closely with our partner Marsh to provide non-compliant suppliers with the exact right insurance to meet corporate standards, ultimately making it much easier to get to "yes" so the business is covered.
Evident doesn't just store proof of insurance - 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 supply chain businesses verify proof of insurance either directly with their third-party partners 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 third parties have active and up-to-date coverage, 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 and your third-party partners.
See how one of America's largest natural grocery store chains uses Evident to maintain high product standards and reduce third-party risk by implementing category-specific insurance requirements for their suppliers.