February 16, 2022 | 36:45 min
“As the market continues to change, and as subcontractor and risk transfer losses occur, Risk transfer is not really becoming a request, it’s really becoming a requirement in order to transfer risk from one party to another.” - Justin Voerster.
In this episode
For decades, businesses have required certificates of insurance (COI) from subcontractors, tenants, vendors, suppliers, and other third parties to confirm evidence of insurance. This is important to confirm that risk transfer can occur as expected in a written contract. Problems and gaps are often only uncovered after a claim occurs and coverage that was expected to be in place does not exist. Modern processes and technology that can improve third-party risk management now incorporate machine learning and automated tracking.
Sharon Fox, Director of Business Development at TrustLayer and Justin Voerster, AVP at Kraus-Anderson Insurance, join us this month to describe the risks, challenges, and solutions.
About this podcast
Ilume, a podcast for bright minds on risk, brought to you by Kraus-Anderson Insurance. Listen and learn about current strategic business risks from industry experts and insight leaders. Co-hosts, Seth Hausman and Heather Burmeister, are looking forward to bringing you insightful conversations and practical ideas, in a light, friendly, and fun format.