Insurance Certificate Tracking & Review

Business Credentialing Services provides a full service outsourced solution for tracking, monitoring and storing certificates of insurance.

Benefits

Administrative and Technology Savings

Outsourcing your certificate tracking to BCS will reduce expenses in many areas of your company by providing administrative and technological efficiencies and standardizing document processing, monitoring and storage procedures.

• Data Entry
  BCS efficiently inputs all critical information from insurance certificates into a secure centralized database. Stacks of unorganized certificates, scrambling to track down certificates from other internal departments and emergency calls to contractors and vendors for proof of insurance during your audits are all eliminated. The entire administrative burden of tracking incoming certificates is transferred to BCS freeing up your staff to tend to more value-added activities.
   

• Document Management
  Every certificate is digitally scanned and archived providing easy access to users. BCS copies the insurance certificates to CD-ROMs and sends them to you annually to comply with your internal record retention programs.
   

• Compliance-Monitoring
  BCS monitors and tracks each certificate based on your contract requirements to ensure that insurance certificates are current and meet requirements. When choosing contractors or vendors for new projects, you can easily check back to see if they were compliant for previous projects.
   

• Automatic Notifications
  BCS automatically generates expiration, failure and renewal letters for you based on your unique specifications. The timing and wording of the notifications is 100% customizable to specifically meet your needs.
   

• Reporting
  BCS gives you the ability to quickly and simply provide insurance reporting information typically needed by various departments within your company including risk management, legal, accounting and both internal and external auditing teams.
   

• Database Administration
  Reduce your IT staffing needs by utilizing the BCS system eliminating internal licensing, coding and maintenance costs for hardware and software.

Risk Reduction and Related Savings

Utilizing the BCS insurance tracking services will increase insurance related compliance and reduce your liability and workers compensation exposures and losses related to litigation. Since certificates are validated and tracked automatically you will know for each of your vendors and contractors if certificates are present, current and compliant with your established insurance requirements.

• General Liability
  Dramatically reduce your exposure to Bodily Injury and Property Damage work-related accident claims from vendors, subcontractors and tenants that are uninsured/underinsured.
   

• Worker's Compensation
  Most states require this coverage and will make you responsible for uninsured persons you hire to perform work on your behalf.
   

• Exclusions
  Certain exclusions may apply to your insurance coverage leaving your company fully liable for all claims from plaintiffs that cannot get compensated from uninsured responsible parties you hired.
   

• Audit Savings
  Auditors have quick access to insurance information and certificates during policy audits making audits simple and accurate allowing for better pricing for your company. In addition, you will reduce or eliminate charges for uninsured or undocumented sub-contractors since each insurance record should have an insurance certificate attached to it.
   

• Lower insurance premiums
  With an effective insurance certificate management system in place, underwriters may greatly reduce your insurance premiums upon evaluation of your automated processes and procedures.

Increased Management Control

Outsourcing insurance certificate management to BCS increases corporate control by centralizing the insurance tracking function and transferring accountability to our trained insurance professionals. BCS will help your management team control your company's insurance related policies and procedures by ensuring that reliable and timely information is obtained, maintained, reported and made available for decision making thereby achieving your programs intended results.

• Improve effectiveness of internal controls

  Smart companies look for ways to tighten processes and increase compliance in order to leverage Section 404 of the Sarbanes-Oxley Act of 2002.
   

• Apply rules by risk level
  BCS gives you the flexibility to tailor different rule sets to groups of suppliers, contractors, vendors or tenants based on their risk exposure.
   

• Manage Exceptions
  Every business has one-off exceptions to basic rule sets. BCS allows you manage these exceptions right down to the supplier or contract level giving you complete flexibility.
   

• Analyze Data
  BCS provides your management team with insurance intelligence by distributing monthly executive reports detailing compliance statistics and recommendations for changes to increase compliance based on best practices in your industry. In addition, all critical insurance information in the database may be exported to MS Excel for further analysis by your management team.