Service Benefits
What You’ll Get By Outsourcing to CMS
- The peace of mind that comes from working with the most experienced certificate tracking company in the world
- Enterprise-level technology that is ideally suited for large companies with serious demands
- A complete on-demand archive of all your certificates
- Lower costs than if you managed your certificates internally
- Reduced risks by establishing an audit trail and improving vendor compliance
- Extensive reporting capabilities to generate reports on-demand
- The enhanced productivity that comes when you're finally able to focus on your company's strategic goals, rather than the tactical process of tracking certificates
Lower Costs
Inefficient certificate management can be costly, particularly in terms of manpower, expenses and claims arising from uncovered incidents. The inefficiencies come in the area of tracking and issuing certificates of insurance.
While outsourcing may seem like an added expense, CMS produces efficiencies which offset the cost of the service. Remember, one claim can easily reach the $100,000 level and probably will reach the $1,000,000 level in today’s litigious environment. Some savings that offset the cost of the service are:
- Increased liability protection from claims
- Improved work flow
- Postal costs are eliminated
- Decreased paper storage
- No additional hardware or software costs
- You can issue your certificates of insurance 24/7 to prevent you from not being able to work because you haven’t provided a certificate of insurance.
Enhanced Productivity
- Eliminate internal certificate management staff, or reassign your staff to mission-critical activities
- Error elimination through automation
- All certificate images are available 24 hours a day
- No need to look through files for archived certificates
- Access to our trained insurance professionals
- Timely response to vendor insurance questions
- Issue certificates 24 hours/day without the need of a broker
Reduced Risks
Electronic compliance tracking ensures you know which certificates of insurance from your strategic business partners are current and comply with your company’s established insurance requirements. Risk and Insurance Management Society states, “A certificate of insurance is not really a risk management technique; instead, it is evidence of a risk management technique (transfer)”. We assist our customers in making that transfer by verifying:
- Insurance coverage types
- Coverage limits
- Coverage expiration dates
- Certificate holder wording
- Additional insured language
- Confirm loss payee and mortgagee clauses
- Insurance carrier financial strength and stability
Increased Control
Extensive online tracking and reporting capabilities make it easier to monitor the status of every certificate. Standardized online reports include:
- Certificates by insured company
- Active certificates by insurance producer
- Certificates by requirement and status
- Certificates by expiration date
- Report showing when letters are release
- Listing of vendors requiring renewal certificates
Streamlined Administration Functions
Our proprietary system automatically generates letters—complete with company logos and digitized signatures. There are letters for:
- Requests for certificate
- Renewal notifications
- Cancellation notifications
- Non-compliant certificates
Decreased Storage Requirements
CMS can scan years of existing certificates onto a CD-ROM, eliminating the need for paper file storage. These archives are indexed and ensure certificates are properly stored.
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