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The Problem

A certificate of insurance is only proof that at a point in time insurance existed

Risk Managers, Procurement Departments and others want simple assurance that their Suppliers and other third-parties have valid insurance coverages that meets their requirements and protects them against potential loss.

The age-old method of validating this insurance coverage is to collect a Certificate of Insurance (COI) which is a piece of paper that verifies insurance for the day it was issued. The only way to continuously verify insurance would be to collect a new COI every day.

The Solution

GRMS has built live data integrations between GRMS and the companies providing proof of insurance. Using this technology, GRMS digitally pulls insurance verification data directly from the databases of insurance providers and continuously monitors the data against our client’s requirements essentially eliminating the need to request a Certificate of Insurance (COI).

If the supplier’s insurance provider is a member of our network, our client will have real-time verification of the Supplier's insurance coverage and compliance. The GRMS Veritas platform will immediately alert our clients to any problems, including cancellations or reductions in coverage.

If the supplier insurance data is not yet available through direct connection with their insurance provider, manual (though still digital) verification is facilitated by GRMS.

Currently available in the U.S. and Canada.



Benefits

  • Eliminates the need to collect and assess a Certificate of Insurance (COI).
  • Eliminates the need to collect and assess a “renewal” COI.
  • Real-time comparison of verified insurance levels against client requirements.
  • AM Best Ratings are continuously monitored and updated.
  • Insurance Agents are verified thus eliminating fraudulent COIs.

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