Name: The State of Third-Party Insurance Verification: Industry Trends & Risks
Start: 2022-09-28T18:00:00Z
End: 2022-09-28T18:00:56.000Z
Location: BrightTALK
Rating: 5

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

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

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

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

The onset of COVID-19 has been a tremendous challenge for companies. Employee safety, closures, shifts in demand - all have tested businesses. Companies have scrambled to put in place measures to respond, including monitoring employee health, shifting to remote working, and safeguarding workplaces. Unfortunately, many of these new actions have raised serious questions about privacy.

Whether you’re bringing employees back to the workplace, extending remote work, or considering a hybrid of both models, companies of all industries and sizes need to address new privacy concerns as they react to the pandemic. In this in-depth webinar designed for privacy professionals, Hillary Wandall, SVP, Privacy Intelligence and General Counsel at TrustArc and David Thomas, CEO of Evident, will dive into the new challenges created by the global COVID-19 outbreak.

Topics will include:
- Implementing a pro-privacy approach to COVID-19: managing health surveys and responses, tracking symptoms, and contact tracing
- Effectively implementing remote work policies to manage privacy risk
- Developing expectations for employee privacy to increase trust and retention during the pandemic

Privacy & The Pandemic: Managing Risks Created by COVID-19

The California Consumer Privacy Act (CCPA), which went into effect on January 1, 2020, gives consumers the right to access, delete, or opt out their personal data. Under CCPA, companies are not only obligated to furnish, delete, or opt consumers out of the sale of their data, they’re also required to verify every requestor’s identity to avoid inadvertently sharing sensitive data with fraudsters.

After a giant GDPR loophole was exposed, it quickly became understood how easily cybercriminals were fraudulently submitting data subject requests in order to gain access to personal data that isn’t theirs. While this is certainly one reason to incorporate adequate identity verification into the consumer rights request workflow, cybercriminals aren’t the only threats that businesses need to worry about.

Opportunistic data protection and privacy lawyers will be proactively scrutinizing processes to see if companies will make mistakes and accidentally furnish data to the wrong person so they can sue on behalf of their consumers. Additionally,  CCPA consumer rights requests will likely shine a light on companies’ data protection practices, as the 2019 Carlton Fields Class Action Survey indicated that the next wave of class action suits will result from data breaches.

In this webinar, we’ll discuss potential DSR threats from three different groups: cybercriminals, privacy lawyers, and data subjects, and how to avoid attacks with proper identity verification that offers an appropriate level of assurance that’s compatible with business’ specific needs.

Key Takeaways:
The importance of getting an automated DSR fulfillment workflow in place to handle a high volume of requests securely, consistently, and compliantly
The role identity verification plays in avoiding DSR denial of service attacks
Discuss how to implement “reasonable” verification that is frictionless for consumers and lawyers, but that keeps the bad guys out

Identity Verification for CCPA Compliance: Trial & Error

Demonstrating Compliance Through DSR Fulfillment Automation with Identity Verification

Companies that are  flooded with thousands of DSRs all at once are at greater risk for a denial of service (DoS) attack that can overwhelm CSR and IT staff. In this scenario, manual processes reach a breaking point, in which businesses can’t safely respond to requests within the required timelines (usually 30 to 45 days depending on the regulation). With CCPA right around the corner, there’s no time like the present to start thinking about your company’s plans to circumvent DoS attacks and streamline DSR processes, which, according to the new regulations, must now include identity verification prior to fulfilling each request.
 
Join a lively panel discussion with experts from Integris Software, TrustArc, and Evident, and get ready to pose your toughest DSR fulfillment questions live as they explain:

• Why you must address data subject rights as a big data problem
• How to automate identity verification of DSAR requests
• The critical components of DSR lifecycle management
• The importance of privacy- and security-by-design
 
Each registrant will receive a copy of the white paper, Solving DSAR’s Big Data Problem – Four Recommendations Plus the One Thing You Should Never Do 
 
Can’t make the webinar? Don’t worry. Register now, and we’ll send you the recording.

How to Avoid a CCPA Data Subject Request Denial of Service Attack

2019 brought about some of the most highly anticipated, newsworthy developments in cybersecurity—from rampant data breaches of all sizes and types to the countless bots that are still impacting social media and political discourse, among other identity-centric innovations. It was certainly a year of change for the identity management world, as policymakers debated the benefits of facial recognition technologies in the spring, and come fall, the world is getting to experience the negative effects of smart cities in real-time with the protests in Hong Kong. As we stand at the precipice of 2020, it’s hard to imagine how the identity and security landscape might change. In many ways, all of the prominent issues of 2019 will become even more prevalent and controversial. 

In this webinar, we’ll outline potential paths for a few different identity and cybersecurity trends, especially as privacy and data protection regulations like GDPR and CCPA continue to normalize, forcing businesses of all sizes, industries, and locations to demonstrate compliance with new and evolving data security obligations.. Additionally, more recent trends like deepfakes are sure to be influential on the upcoming U.S. 2020 election and on the growing number of data breaches, which means staying one step ahead of the cybercriminals will be paramount to successfully combating their efforts. 

Join us to learn about the five biggest identity security trends from 2019 that are most likely to mature in 2020, as we discuss how yesterday’s trends will impact tomorrow’s political, cultural, and digital landscape.

Identity is 20/20: This Year’s Trends vs. Next Year’s Predictions

Every use case differs in the way it defines and executes password resets, but ultimately it’s imperative for many platforms to verify users’ identities for each password reset request – from enterprise employees to government applications and even with e-commerce and other human-centric sites.

Platforms that integrate a secure identity verification method into their password reset process will benefit from having a greater level of assurance that the person initiating the reset is in fact who they say they are, and furthermore, will ensure that the user isn’t a bot or a bad actor impersonating an active user.

For industries like finance, insurance, and healthcare that deal with a lot of personally identifiable information (PII) and other highly sensitive data, leveraging more rigorous verification standards for password resets becomes especially critical.

In this webinar, we’ll discuss a range of identity verification methods with various assurance levels so that organizations of all sizes and industries can better understand how to build a password reset program that meets their specific security needs.

Key Takeaways
- Level set on why identity verification is important for account security and password reset interactions and how it affects every type of organization.
- In-depth review of the most effective identity verification methods for successful (and secure) password resets.
- Explore how identity verification works with multi-factor authentication for password resets.

Identity Verification: A Reset for Password Resets

More than 200,000 data breaches have been disclosed since GDPR went into effect, and industry pundits expect that roughly 36,000 more will be reported by the end of 2019.

The threat of a breach will never truly go away, even after the GDPR “transition year” comes to a close––it won’t matter how much we spend on cybersecurity training and technologies, because cybercriminals will always be one step ahead in identifying vulnerabilities and finding new ways to steal personal data.

Reporting a data breach within 72 hours and immediately notifying the affected data subjects is certainly the best way to demonstrate GDPR compliance, but it’s hard not to feel like data breach response efforts are an admission of defeat to the bots, hackers, and bad actors.

So, how can businesses stay GDPR compliant and avoid the financial burden of a data breach without sacrificing growth for security? The answer is simple: Never hold personal data.

Register for our webinar and learn how this is not only possible, but incredibly easy.

Key Takeaways
- Why cybersecurity costs continue to soar, but our data is no more secure
- The true cost of a data breach and how it can be avoided by simply holding less data
- How to keep up with growing digital demands while also protecting personal data
- GDPR has encouraged breach transparency, but has yielded few security solutions that actually solve the systemic problem of data storage and transfer… until now.

Know Your Data, Manage Your Risk I Hold Less Data and Mitigate Breach Liability

Cybercriminals can easily monetize stolen data, either by leveraging it themselves for fraudulent activity, or by selling it –– either way, they’re getting paid.

Digitally innovative hackers who target non-profit, educational, government, and other industries with minimal cyber defense mechanisms often find it easier to steal financial or medical records than it is to steal actual money, which further contributes to the value of personal data.

Companies are handling and collecting more and more personal data than ever before… just one small lapse or vulnerability, and a hacker can potentially gain access to volumes of sensitive personal data.

In this webinar, we’ll discuss why it’s just as important to safeguard your employees’ and customers’ personal data as it is to protect your bank account.

Key Takeaways
- Why cybercriminals prioritize data hacking for financial gain
- The increasing value of data translates directly to dollars saved/lost
- Mitigating the liability of handling data can be your best security measure

Money Makes the Cyberattacks Go ‘Round: Stealing Data Easier than Stealing Money

2018 was an important year for cybersecurity and privacy. The General Data Protection Regulation (GDPR) went into effect and the California Consumer Privacy Act (CaCPA) passed amid a flurry of high-profile cyber attacks.

While some organizations have prioritized compliance with the aforementioned regulations to prevent further damage and secure their reputations, others have simply treated them as suggestions for best practice, and have not yet implemented comprehensive processes and infrastructure to thwart cyber attacks and data breaches.

Such a broad discrepancy in how companies are tackling their cybersecurity and data protection efforts begs the question: What will happen next year?

In this webinar, we’ll discuss cybersecurity trends for 2019, with a focus on best practice recommendations as well as preventative measures that organizations can implement to protect themselves, their employees, and their customers from risk.

Trend Topics
- Cyber attacks powered by Artificial Intelligence (AI)
- Data security risks associated with high-velocity employment (gig/share economy)
- GDPR, CaCPA, and other regulatory impacts on cybersecurity and compliance
- End-to-end integrations for identity proofing and authentication
- Security by Design and by Default

Get Ready for 2019: Top Cybersecurity Trends

"Why Background Checks Should Be a Part of Your IT Security Program"

The term “background check” is not particularly well-defined –– it can mean many different things to different companies, and can also vary from type to type (and from vendor to vendor), but ultimately, having the right background checks in place can help organizations avoid serious IT and cyber security issues.

Those who have never purchased background checks can be understandably confused and overwhelmed by the broad range of options, when selecting the right check can be as simple as evaluating them based on a few key factors: cost, scope, diligence, and regulatory compliance.

Determining the best checks for your specific business needs can be a challenging undertaking. Some companies require background checks that are more comprehensive, while others may opt for checks that are less detailed and less costly.

In this webinar, we’ll discuss the most common background checks available today, how they support a comprehensive IT cyber security program, and their applications in several different use cases, ranging from small businesses to enterprise-level organizations.

Key takeaways:
- Complete summary of all primary background check types
- How background checks support a comprehensive (and compliant) cyber security program
- Examples of which background checks work for specific company and industry use cases
- Learn how automating background checks can minimize friction and reduce liability

Not All Background Checks Are Created Equal

In today’s digital landscape, is it possible to know with absolute certainty that someone is who they say they are online?

Physical documentation like social security cards, driver’s licenses, school IDs, and law enforcement credentials can easily be obtained by imposters, and identity proofing is key to avoiding risks associated with theft and impersonation.

Businesses can and should leverage identity verification now more than ever to reduce friction in their onboarding processes, prevent fraudulent users from accessing sensitive data, and build trust in their brand.

Companies no longer have to choose between growth and security––new technologies are helping organizations of all sizes operate with confidence, knowing their constituents have been accurately verified.

In this webinar, we’ll outline the fundamentals and the importance of identity proofing, while providing practical tips for implementation across a variety of use cases.

Key takeaways:
How identity proofing works across multiple use cases
Why identity proofing is a category, not a binary, one-size-fits-all solution
How authentication differs from verification
How to automate identity proofing with the latest tools and technologies

The Case for Identity Proofing: Reduce Friction, Minimize Risk, & Build Trust

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

Risk Assessment

third-party risk

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

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