Monitoring and evaluating the risks facing your organization helps you plan for and mitigate worst-case scenarios. Internal risk can be difficult to quantify, and it gets even more complicated when you’re assessing risk from third parties. Third-parties with whom you do business could present reputational and other risks you can’t predict, but their liability and business insurance policies can also protect you.
Many companies rely on verifying a third party’s insurance coverage as part of their third-party risk management procedures. But it’s not an easy process, it’s often manual, complicated, and frustrating.
Whatever team handles COI tracking in your organization – risk management, legal, or compliance — they’re probably tired of the spreadsheets, the unanswered phone calls, and emails, and the wide range of coverage types they need to monitor to demonstrate compliance. Even when third parties respond and supply a COI, it’s not always an accurate snapshot of coverage.
TrustLayer was built to help customers to digitize and modernize their insurance verification practices. As we’ve grown, we’ve identified a few things your business can do right now to improve your COI collection, management, and monitoring processes.