Certfocus & Industry News

Welcome to CertFocus & Industry News. CertFocus is the service and compliance leader in SaaS-based Certificate of Insurance tracking and related document management to the Fortune 500 and leading public sector community. Along with our commitment to provide the industry’s highest levels of service and compliance in Certificate of Insurance tracking, we also want to provide you with valuable news and happenings content. Please visit our newsroom as frequently as you like to access relevant industry news, to find out where CertFocus will be exhibiting, and to see what events we are sponsoring.


Why You Should Create a Culture of  Vendor Compliance When It Comes To Your Supply Chain Risk Management

Posted by marketing@certfocus.com on April 18, 2017

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Growing evidence suggests certificate of insurance (COI) management services must go beyond the basic service of certificate tracking to actually facilitate an increased level of COI compliance. On average, seven out of ten received COIs from your vendors are shown to be out of compliance. The risk presented to companies is very real, and the need for companies to do more than just track COIs is clear. With dedicated account management from seasoned and credentialed insurance professionals for each customer, CertFocus transcends typical vendor compliance tracking, and institutes a true Culture of Compliance.


The complexities involved in reviewing COIs relies on human experience, and insurance domain expertise with technological support for complete accuracy and efficiency. Expert and credentialed insurance professionals review documentation and identify the nuances, trends, and patterns that machine-based recognition systems fail to comprehend. Once these human-identified deficiencies are rectified, specialized technology can perform quality assurance checks and generate reports.

 

When analyzing the opportunity for high-level economies of scale, outsourcing services for COI management can level the knowledge and expertise that in-house resources often lack. The specialized infrastructure of dedicated COI management provided by CertFocus, delivers this expertise in a cost-effective manner at a fraction of the price of in-house operations. Furthermore, using a reputable and proven COI management company can make your business more attractive to insurers, and limit your exposure in the event of vendor failures.

 

CertFocus provides dedicated account management from credentialed insurance professionals to each customer,” explains Jeff Krieger, Vice President Marketing of CertFocus. “No other company provides this level of service. To employ the level of expertise we provide, it would be cost prohibitive for anyone else. We are in our own league; honestly, we do not have any competitors.”

 

While others may claim to employ the skills of insurance professionals, none aside from CertFocus provide dedicated account managers with that level of insurance knowledge. Other vendors in our industry provide account managers that may be inexperienced employees – incapable of answering in-depth questions first-hand, and are missing out on the critical coverage details that the CertFocus insurance professionals are trained to identify. Placing credentialed insurance professionals in account manager roles for drastically improved COI management performance and enhanced customer service- is part of our Culture of Compliance at CertFocus.

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We understand the ongoing demands certificate management places on organizations – and as such, we provide each customer with a seasoned CIC, CPCU, CISR, and/or CRIS certified insurance professional as an Account Manager,” says Krieger.

 

Also, we are equity partners with the Insurance Services Office (ISO), which brings with it a reputable history of analytical expertise. This professional collaboration raises the bar higher than any other COI management company. Where others stop at tracking or diagnosing compliance, we go further by remedying issues and increasing COI compliance.

 

Many companies are exposed to the tremendous risks associated with COI noncompliance. While tracking COI compliance is important, even more so is correcting issues. At CertFocus, our Culture of Compliance delivers unmatched COI management. With credentialed insurance professionals as account managers, and a proven, flexible, and scalable COI management system, CertFocus delivers over 90% compliance – the highest in the industry.

 

Learn more about how CertFocus can improve your business by downloading our Free Whitepaper: "Increasing Certificate of Insurance Compliance."