| THE
CHALLENGE
A global real estate investment trust understood the importance
of implementing a comprehensive certificate tracking solution
to minimize potential liability exposures. In addition, being
a publicly traded organization, this firm was intent on determining
ways to eliminate "knowledge" gaps regarding their
financial exposures. Tracking incoming certificates of insurance
is a substantive way to improve organizational control structures,
enhance compliance and reporting measures, and increase corporate
profitability – based on the fact that most organizations
who aggressively track incoming certificates of insurance, are
frequently able to reduce financial losses and litigation costs
by transferring high risk and/or high frequency exposures to
their tenants/vendors (indemnitors). Handling this process internally
was not only expensive; an estimated 20% of operational costs,
but was overwhelming and inconsistent.
THE SOLUTION
This company determined that tracking incoming certificates
was an important control factor for their organization. It was
their intent to find the most efficient and cost effective method
to perform this process. After a lengthy evaluation, it determined
that the best method to handle this process was to outsource
the entire requesting / tracking process to an experienced Incoming
Certificate Tracking company, ConfirmNet. A fully integrated
solution was implemented based on the following factors were
of important consideration:
- The solution must provide all of the required features
necessary to accurately monitor insurance requirements
- The solution must provide centralized document storage
for all certificates, related notes, correspondence and managerial
actions on specific properties
- The experience level to the team handling the tracking
- The solution must provide 24/7 access to key staff in field
locations
THE BENEFIT
By implementing the ConfirmNet TrackCertsNow solution, this
global company is able to leverage our insurance tracking expertise
with an efficient tracking system and maintain economies of
scale to gain higher compliance rates and achieve significant
cost savings compared to managing this function in-house.
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