Challenge

Manual processes are creating opportunities for errors, delays and gaps in coverage.

The manual process of verifying vendor insurance compliance via phone calls and emails is not only time-consuming, but also prone to errors and delays. The static nature of COI's means that by the time they're received, the information may already be outdated, leaving businesses vulnerable to gaps in coverage.

Businesses risk paying millions of dollars in lawsuits from accidents caused by suppliers. It’s impossible to guarantee that your supplier has the right coverage when you manually check once a year. They could stop payments, change coverage or simply not have enough coverage if multiple clients were impacted.

Solution

You. Insured. All the time.

apexanalytix ensures that your suppliers have continuous compliant insurance coverage through integration with the Smart COI Network–covering 90% of business insurance policies in the US and Canada.

 

As part of apexanalytix’s supplier onboarding and management solution, suppliers provide all of the required data (including insurance, tax ID, bank account, etc.) in an online supplier-facing portal. The data is automatically verified with trusted data sources to ensure that suppliers are onboarded compliantly and then continuously monitored.

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Continuously monitored coverage.

If one of your suppliers’ coverage falls below your thresholds, the supplier and their insurance agent are automatically notified to resolve the issue ASAP.

 

For high-risk supplier segments, you can automatically block the suppliers until the coverage is restored.

Two contracts being compared in a contract compliance recovery audit

Continuously monitor your suppliers' insurance.

Real-time insurance compliance management seamlessly integrated in the apex platform.

No More Relying on Outdated Point-In-Time COI’s

Elevates COI tracking to real-time COI monitoring that is completely automated ensuring you always know the status of your vendor’s coverage beyond the certificate date.

Ensure Coverage Requirements are Met Quickly

Easily create and manage templates by coverage or vendor type. Add your requirements to simplify and streamline your COI requests so you get the information you need without tedious back and forth.

Gain Proactive Visibility with Real-Time Updates

Receive proactive updates on changes to policies, renewals, coverages and agency transitions all in real time.

Efficiency & Accuracy to Cut Through Red Tape

Reduces the COI acquisition process from 2-3 weeks to 10-15 seconds with efficient workflows and live COI monitoring. This frees up time for higher-value activities and scales with your growing supplier network.

Features

Automated COI Management, Solved.

apexanalytix's supplier-facing solution was built to rapidly onboard and manage suppliers without error prone manual tasks like email exchanges.

Onboard

1. Supplier Onboarding

1. Supplier Onboarding

During onboarding, every supplier is required to provide insurance agent details.

Questionnaires

2. Coverage Requests

2. Coverage Requests

Your requirements are sent to the supplier's agent through the Smart COI Network.

Comparison

3. Requirements Comparison

3. Requirements Comparison

Insurance agents confirm that the coverage meets your requirements or resolves directly with the supplier.

Continuous Validation

4. Continuous Monitoring

4. Continuous Monitoring

Any change in coverage prompts an automated assessment against your requirements.

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Resources

Want to learn more?

Hundreds of product overviews, reports, customer-led webinars and on-demand product demos.

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Product Briefs

InsurancePro - Autonomous insurance compliance management.

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Product Briefs

Instant Supply Chain Risk Management

Ready to Roar?

Fill out our contact form and we will be in touch shortly to discuss how the apex platform can help with insurance coverage monitoring.

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