Uncertain Times and the Impact to Carrier Rating Compliance

The average Certificate of Insurance contains approximately 5 policies, usually covered by 3 – 5 different Carriers. To ensure your Suppliers are compliant with their insurance coverage requirements, you’ll have to check at least 3 Carrier ratings per Supplier; most of which require a rating of A- or higher.

Now consider the average midsize organization maintains 10,000 Certificates of Insurance to cover its Suppliers. This would require a manual review of at least 30,000 policies just to check Carrier compliance. And, since this is all based on point-in-time information, the rating could change between reviews at any time.

So I ask, how compliant is your organization with monitoring Supplier Carrier ratings?

During a time of so much uncertainty, even the largest organizations are seeing signs of financial distress. Protecting your business and ensuring your Suppliers maintain compliance has never been more important. Certificial offers the ability to automate this entire process and ensure continued compliance by leveraging dynamic data – not Certs.

Every policy stored on Certificial is assigned a Carrier and NAIC number. Certificial maintains a database of all current Carrier ratings which is updated daily via our AMBest integration feed. This ensures every policy stored on Certificial has an accurate Carrier rating used to continuously compare against requirements.

There’s no longer a need to check each policy; Certificial alerts you of any Carrier rating deficiencies at the moment policies are provided by Suppliers. And, we’ll alert you at any point after should that compliance status change.

Stop wasting countless hours analyzing point-in-time information. Protect your business with Certificial’s dynamic data feeds and never worry about Carrier ratings or other critical insurance requirements again.  

Contact info@certificial.com to learn more about our AM Best integration.

Additional References:‍

Business Insurance ‍

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