In today’s world, companies are expected to do the required legwork needed to ensure that their vendors, tenants, or borrowers are properly insured. This is to protect themselves from potential lawsuits that may occur as a result of incidents that incur financial loss. That said, actually following through with this task is easier said than done.
There are often complex legal requirements that must be met and a variety of specific documentation that is needed in order to ensure contractual insurance compliance for each third-party that a company might be involved with. For larger organizations, such as international real estate or hotel enterprises, this is a massive amount of data and would require an extreme amount of diligence to maintain. Due to the fact that it is unlikely that such a process could be done manually, the concept of insurance tracking software was devised.
What does insurance tracking software do?
Insurance tracking software allows for the easy collection, storage, and monitoring of all types of insurance related documentation and key data points related to insurance requirements. Not only does this software simplify the process of organizing pieces of documentation, but it also allows companies to easily retrieve global metrics related to all of their associated third-party entities. Companies can easily see how many of these entities meet their contract requirements, view detailed data for each, and update or delete information quickly.
Why is insurance tracking software necessary?
While it is theoretically possible to do this work by hand, it is not at all realistic. Storing physical copies of all required documentation would be a secretarial nightmare, and would require a large amount of space. Many companies end up tracking millions of individual documents; storing these digitally on a secure server makes much more sense than buying a few warehouses to fill with paper documents. In addition, many insurance tracking software packages are equipped to programmatically determine compliance for each document based on a pre-set array of flexible requirements. This automates the task of marking certain entities as compliant, and limits the amount of potential human error involved in the process.
The bottom line is that in today’s extremely competitive business environment, minimizing potential risk is of the utmost importance. It is not uncommon for a single incident to sideline a business’s operational capability for a long period of time, if not forever. The only way to reliably and efficiently meet the demands of risk management in a fast-moving global economy is to leverage technology in order to streamline and automate much of the process. Many large corporations continually rely on insurance tracking software to effectively centralize and manage the ever-increasing amount of insurance related data and documentation that they must ensure meets their particular contractual requirements. This software makes the business world a better place by ensuring that those who experience loss have that loss recuperated, and those who are responsible for the incident are properly protected.
Business Credentialing Services (BCS) gives its clients access to one of the industry’s premier insurance tracking software packages: Certus™. This proprietary software is a flexible database customized to display a range of key data points including but not limited to vendor certificates of insurance, associated data, documents, and detailed compliance metrics. BCS also provides its clients with the CERTUS™ API, which is a web service that gives programmatic access to all client data, including files and metrics. With the API, clients can work with their internal IT department and automatically retrieve and organize CERTUS™ data through their existing systems seamlessly. These extremely valuable pieces of technology are made even better when coupled with the abundance of insurance expertise and professional customer service that is provided on a daily basis by the insurance experts at BCS.
Hold harmless language (a/k/a indemnity language) is found in most contracts and agreements, with the purpose of transferring the obligations of one party to another to defend and make whole the other party for legal liability, typically related to the services, work or nature of the contract.