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Prior to the COVID-19 pandemic, many multi-billion dollar corporations weren’t looking for a new, better risk management solution. Countless organizations, including in industries such as construction, operated with antiquated software, developed in-house or multiple solutions cobbled together that didn’t integrate. Furthermore, some companies were still performing their insurance tracking and risk assessments by hand – at best, on Microsoft Excel spreadsheets or at worst, with pen and paper.
However, with the near 18-month shut down of businesses during the pandemic, many companies discovered there were serious deficiencies in how they looked at risk management. As a result, according to recent research, 79% of businesses surveyed say they will be more dependent on risk management going forward.
Even prior to COVID-19, many insurance companies and general contractors were starting to notice irregularities and inefficiencies in legacy certificate of insurance (COI) compliance and prequalification processes. However, the pandemic was the major catastrophic event that brought many of the issues to light and started to cause a shift in larger businesses within industries (e.g., construction) that were historically resistant to adopting new processes and technologies prior to COVID. Furthermore, in 2019, new research uncovered an overall underutilization of risk management technology.
Granted, some companies were using software for some risk monitoring and tracking. However, performing COI and prequalification tasks often involved using multiple software programs, developed by people unfamiliar with risk management, as well as on outdated technology. Because those solutions weren’t all part of the same systems, nor created at the same time, the programs didn’t integrate. Additionally, there were still many risk tracking and monitoring functions performed without any information technology (IT), advanced or otherwise.
Performing risk management, either by hand or with poor and outdated software solutions, takes a lot more time and results in increased costs – due to errors, inefficiencies, increased staffing needs and other issues.
If a business is underutilizing software and other technological solutions for sensing, tracking and modeling risks, or it lacks awareness of the roles people play in controlling risks, then risk management becomes more challenging. Furthermore, this lack of awareness undermines company growth and the achievement of strategic goals.
However, companies that have become more proactive about all aspects of risk, including linking COI compliance, prequalification of vendors and subcontractors, and other aspects of risk management to key strategic and financial goals, typically achieve higher relative growth. Smart businesses prioritize risk management from the top down and view risk management as a proactive tool and not merely focused on loss and protecting assets.
Our advanced, fully integrated software solution, combines CertFocus, Prequal, COI management tools and other risk management services in one fully customizable platform. Vertikal’s comprehensive, enterprise solution provides organizations with the ability to protect themselves from vulnerabilities that can affect profits and harm their reputation. With our platform, businesses gain a host of benefits that go above and beyond anything they could develop themselves:
Take a look at what other businesses are saying about us:
"Vertikal services have been vital in identifying risks and levels of exposure for our subcontractors. Their customized PreQual form and financial qualification criteria allow form specific tailoring based on the needs of each project."
John Sullivan, Skanska
USA Civil, Senior Vice President of Operations
"Vertikal is customizable, flexible, and scalable."
Mike Bruskin, Turner Construction,
Vice President Director of Procurement
With labor markets forcing companies to pay employees higher wages, businesses small and large can improve productivity and reduce cost with technology. Why manage data or software in-house when you can pay a company to manage it better at scale. Vertikal tools help businesses proactively manage risk to achieve superior strategy, innovation, resilience and growth.
COI Management
