Effectively Managing Third-Party Risk With Full-Service COI Tracking
In principle, everyone involved in issuing a commercial insurance policy should have read and understood the entire document before its implementation. Yet, with insurance policies becoming longer and more complicated than ever, verifying that a vendor is adequately protected requires excessive time and resources when performed in-house. In response, bcs has developed a full-service approach that seamlessly combines our risk management software platform, the bcs app, with the human expertise necessary to facilitate client communication and decision making for a more efficient insurance audit.
Personalized Service and Customized Accounts
We at bcs understand that a one-size-fits-all mentality invites risk and ignores the industry’s trend toward increasingly specialized policy lines. Our account managers work directly with clients to identify the key threats affecting their business, based on factors such as industry and geography. Once bcs has developed a customized strategy to suit your needs, implementation is simple. The bcs app is capable of supporting any number of vendor categorizations and their respective rule sets.
As part of bcs’s full-service insurance compliance management solution, auditors are extensively trained to facilitate vendor registration on their designated accounts. They develop a thorough understanding of your unique priorities and concerns in order to effectively analyze lengthy and complicated insurance policies for potential gaps in coverage.
Proactive Communication and Easily Accessible Data
Open communication among the key players makes an enormous difference in how well an organization manages its risk and transfers losses to its insurance policies. bcs compliance auditors work directly with service providers and their agents to ensure that a policy is accurate and meets the terms that have been agreed upon by all parties. Any essential documentation will be stored and categorized in the bcs app, which will then automatically notify vendors of upcoming renewals before a policy or license expires.
Should you wish to, you can access critical data and a comprehensive overview of your account by logging into the bcs app. Each user receives complimentary user access training via mobile support or a web conference. The bcs app provides a searchable database of dependable, compliant vendors so that you can:
- Track overall compliance rates across registered vendors
- Search for new vendors by service or area
- Track the progress and remaining deficiencies on specific vendor accounts
- Retrieve all files for review
With the full-service solution, bcs’s innovative technology supplements human capital developed through specialized training and superb customer service. Our goal is to save your company time and resources by filing, tracking and analyzing the documentation required to ensure that you only hire the best-protected service providers. However, if you prefer to manage your documents in-house, our self-service option can simplify the process.
Learn from the pros about risk-mitigation, document tracking, and more, with expert articles from bcs.