Large and mid-sized companies that have in-house risk managers find CertTrack to be an indispensable addition to their toolbox. Risk managers can use CertTrack for their contingent liability management. Simply relying on a diary system or paper files may cause your firm to engage with vendors that do not have the insurance you require of them. It is even estimated that over 25% of the insurance data collected by firms is incorrect. With CertTrack, your risk management department can be set up to approve certificates internally or the service can be provided by CertTrack staff – assuring an increased compliance rate and better data quality.
Easy for Managers
CertTrack provides a way for risk managers to verify each certificate of insurance that comes in, be reminded when that vendor’s insurance expires and have an “open item” indicator until verification is obtained. CertTrack is designed and maintained by seasoned insurance professionals. You can rest easy knowing that questions will be answered by experts in the field – not by a call center a world away.
Another dynamic risk managers enjoy is the ability to monitor carrier solvency. CertTrack can be built out to capture carrier financial ratings or other key metrics. With quick access to this type of information, your company will be able to respond to changes in market conditions. No longer will you have to react last-minute or be blind-sided by an insurance company default or downgrade.
Easy for Vendors
CertTrack is simple for vendors to use, as well. At your request, CertTrack sends an electronic note to your vendors, requesting their insurance information. This request can be forwarded by the vendor to their insurance broker to complete, or easily filled out by the vendor themselves. Once the insurance information is uploaded into the system, notification is sent to your designated personnel.
Easy for Account Managers
Salespersons and account managers at your firm can access the system to confirm coverage and send requests. This will save each account manager valuable time reviewing paperwork and focus on finding new clients and servicing existing ones.
If this product sounds like the answer to your certificate of insurance tracking needs, contact CertTrack today to discuss this solution and obtain a quote.