Name: Simplifying Third-Party Insurance Verification
Start: 2021-10-28T18:00:00Z
End: 2021-10-28T18:00:36.000Z
Location: BrightTALK

The world's largest enterprises rely on Evident's fully-automated, fully-digital insurance verification technology to help them reduce third-party risk, improve compliance rates, and ease the burden of third-party decisioning through automated risk signaling and continuous coverage monitoring. Learn more at evidentid.com.

Last year alone, the commercial loan industry saw a 14% increase in volume, but with this rapid growth has come higher loan origination costs, and lower potential revenue returns. This is due to the addition of more people to cover the increase in applications, coupled with inherent human error. What can be done to automate the process, and what are the benefits? 

Our industry experts Tim Scholten, President of Visible Progress, and Paul Mackowick, General Manager of Financial Services at Evident, discuss how applying machine learning to the insurance verification process for commercial lending can:

- Lower cost structures 
- Increase loan approval velocity 
- Set up the lender for successful use of AI in the future.

In this 30-minute webinar, our experts will cover:

- Where are lenders losing money in today's loan origination process?
- What steps in the process can benefit from automation today?
- How does automation help your Bank avoid false positive force-place insurance?
- How could the origination process be streamlined by applying AI?

Busy? Register still, and we’ll send you a short webinar snippet based on what you care about - just select your interest on the form.

Step Into The Future of Commercial Lending

Based on data from hundreds of thousands of verifications, Evident’s latest research report demonstrates that large enterprises have an average of $2 billion in uncovered insurance requirements due to non-compliance with requirements by their third-parties.

Enterprises in certain industries (i.e. grocery, transportation, convenience stores, etc.) assume more third-party risk due to the sheer number of partnerships they maintain, while industries with smaller ecosystems (i.e. telecommunications, restaurant franchises, etc.) tend to see greater third-party insurance compliance rates due to more straightforward requirements.

In this webinar, watch Evident’s Co-Founder & Chief Product Officer, Nathan Rowe, Dana Thomas, VP - Operations, and Third Party Risk Association Chief Executive Officer & Co-Founder, Julie Gaiaschi, discuss industry-specific third-party risks and trends, as well as opportunities for enterprise risk managers in each segment.

Key Takeaways:
- Gain clearer understanding of industry-specific third-party risk profiles and insurance verification challenges, with insight from segments like: financial institutions, government entities, and manufacturing, in addition to those listed above
- Hear specific data points around third-party coverage types, common limits, and the number of insureds (verified by Evident) that meet enterprise insurance requirements
- Learn more about areas for opportunity and how enterprises can automate multiple functions and integrate them throughout the third-party insurance verification process

The State of Third-Party Insurance Verification: Industry Trends & Risks

Enterprises are outsourcing more critical business functions to third parties than ever before, which means that enterprises are also assuming more third party risk than ever before. Risk managers that deal with tens of thousands of vendors, franchisees, and other partners must enforce insurance requirements so that the enterprise is covered in the event of a loss, but as the complexity and cost of coverage grows, small businesses are finding it difficult to comply. Incorporating a custom insurance verification and placement program allows third parties to obtain the exact coverage needed, at the right time and at the right price, to provide products and services for the enterprise. In this webinar, learn how Evident, the only fully-digital, fully-automated insurance verification and monitoring solution is partnering with NEXT, the leading digital insurer 100% dedicated to small businesses that offers fast coverage and instant certificates of insurance, to make it easier for small businesses to get the best coverage and get to work, improving insurance compliance rates and mitigating enterprise risk.

Managing Third-Party Risk with Custom Insurance Verification & Placement

Evident is introducing a new Individualized Assessment Tool aimed at allowing a case-by-case adjudication of your data subjects criminal offenses to determine relation to the job and business necessity. Come hear from Evident's Customer Success team on how to best implement this new tool as part of your workflow.

Evident Individualized Assessment Tool: Implementation & Usage Tips

As enterprises become more dependent than ever on third-party partners, they’re concurrently taking on a significant amount of risk, especially if they’re not adequately verifying insurance coverage. Failure to complete this critical step in the third-party onboarding or renewal process can result in considerable financial losses for the enterprise as they scramble to remediate claims and defend themselves against lawsuits.   In this webinar, Evident’s panel of experts will present several case studies to illustrate how we’re helping our customers solve this pervasive challenge. You’ll hear about: - The global pizza chain that was struggling to maintain franchisee insurance compliance - The leading supermarket whose technology and process could not accommodate such a large and diverse group of suppliers - The upstart service provider that’s managing different requirements for several large brands across a massive supplier base  We’ll teach enterprise risk managers how to avoid common mistakes, and you’ll come away from this webinar with a checklist to help you boost your third-party compliance rates so you can reduce your overall risk and spend.

5 Steps to Improve Third-Party Insurance Compliance & Reduce Enterprise Risk

Evident’s new research report - based on an analysis of tens of thousands of records - sheds light on the shortfalls of third-party insurance coverage, observing that 75% of third-party vendors don’t meet insurance requirements of the companies that hire them. Our findings, which we’ll outline in more detail in this webinar, indicate that current vendor insurance practices are failing despite significant expense and effort, putting companies at risk for losses and liability in case of a lawsuit against a third party. Without verifying third-party insurance, businesses of all sizes – and more often enterprises with “deep pockets” – can be exposed to immense legal fees regardless of the claim’s merits.

In this webinar panel, four of Evident’s senior executives will present findings from our research report, as well as the following:

Discuss statistical benchmarks for compliance levels, response rates, and various coverage types and amounts
Explain basic principles designed to help significantly increase your third-party’s compliance rates
Outline a step-by-step guide and analysis to ensure better third-party insurance verification processes so you can demonstrate compliance, save money, and, above all, reduce risk and liability.

The State of Third-Party Insurance Verification

Join this free webinar to learn about the power of insurance verification and why it is essential to managing third party risks so you can WIN WIN WIN in this brave new world!

Key takeaways:
- Why third-party insurance verification is one of the best (and easiest) ways for the retail industry - and affiliated businesses - to protect themselves against risk
- How insurance verification can help raise your compliance level across the board and enable you to safely diversify your supply chain
- Learn the 6 key steps to properly verify vendors’, suppliers’, and other third parties’ Certificates of Insurance (COIs)

Supply chains now require more diversification, vendors are being onboarded virtually at breakneck speed, and retailers are working with more third-party logistics partners than ever before to improve customer experience and ensure timely fulfillment. The only downside to this arrangement is that a fragmented partner network leaves businesses more vulnerable to vicarious liability. So how can retailers safely diversify their supply chains, enhance logistics, and onboard new vendors without risking it all? Join this webinar to find out!

Manage Retail, Logistics & Supply Chain Risks with Insurance Verification

Simplifying Third-Party Insurance Verification: How to Improve Communication, Compliance & Conversion

Nearly 25% of all third-party proof of insurance requests go unanswered. Why? There are many contributing factors, but the primary reasons are due to a lack of automation, digitization, and communication. The entire insurance ecosystem has traditionally relied on individuals to manually produce, transmit, extract, and analyze proof of insurance data, which creates a labor-intensive, error-prone verification process for all. Couple this with unclear communication of requirements, insufficient processes for supporting and managing third-party relationships, and an overall lack of adherence to outreach best practices at the enterprise level, and you’ve got yourself a recipe for failure. But fear not! Insurance verification should be supporting your business, not slowing it down, so let us help you uncomplicate it. 

In this webinar, Evident’s panel of experts will discuss tips and best practices for automating tedious verification processes and engaging your Insureds to improve conversion rates, reduce risk, and boost compliance levels.

Simplifying Third-Party Insurance Verification

Compliance

Insurance

Insurtech

Risk Management

Risk Mitigation

third-party

Verification

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Simplifying Third-Party Insurance Verification

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Evident