See how GRMS can help your company.
Schedule a Demo

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.



PROGRAM BENEFITS

Administrative
Cost Savings

DIV eliminates the need to constantly chase a point in time Certificate of Insurance (COI) document from your suppliers. Once the agent creates their account, all information is shared digitally making it more efficient for the supplier and insurance agent as well.

Higher Compliance
Rates

Once connected, the insurance agent is able to see exactly what compliance issues exist and can work directly with their insured (supplier) to correct any issues. Renewals are much easier as well since the expiration date is automatically updated in our platform which eliminates the need to collect a renewal COI.

Continuously
Monitored

Once the insurance agent is connected, then all information is continuously monitored for changes, lapses, and cancellations. Anytime a change occurs in the insurance company’s database, our platform is updated in real-time.

Client
Requirements

All insurance coverages are digitally verified and compared against each client’s insurance requirements including AM Best Ratings, policy requirements, policy limits, endorsements, Description of Operations language, etc. Any compliance issues are flagged



Don't miss our future updates.