In the world of evolving technology, Insurance Agencies are not only competing to manage legislative, governance and legal issues that affect their business practices and growth, but also competing with themselves by adopting latest technology trends to sustain and grow in the market.
While businesses involved in Construction, Oil & Gas rely on Insurance Agencies to verify their certificates, contracts and to protect their agencies from E&O related exposures involved in certificate compliance, the volume is increasing for the Insurance Agency to review their client certificate/contracts. This rising complexity of contracts and the need to validate the certificates has become an enormous challenge for many insurance agencies.
ExdionCCR is an InsurTech product offered by Exdion that uses contract compliance management solution to sidestep potential risks of non-compliant contracts/certificates of Insurance. It also facilitates Insurance Agencies & their clients to mitigate E&O related conflicts in Contract Compliance Management.
ExdionCCR Platform: Keeping Up With Compliance Checks
As customers, certificate/contract compliance checks become more complicated with manual efforts, this leads to various other risks like increase in time, labor cost & E&O issues. To keep pace & be competitive, your agency should try to manage such mundane activities with automation.
An Insurance Agency may have hundreds and thousands of contracts to review on a monthly/annual basis, depending on the size and reach of their business. Each contract consists of a wide variety of coverage details or forms involving multiple sub-contractors, vendors and the volume of compliance check transactions to be performed, considering numerous clauses and contingencies.
ExdionCCR Platform helps agencies to mitigate E&O by Automatic Certificate Compliance Checks & document procurement management, contract administration and facilitates in handling all the tasks associated with Contract Life Cycle, with ease.
It brings in multiple features together to make a comprehensive contract compliance management process smoother. The four core principles that all agencies should focus on, include:
- Turnkey model Implementation.
- Ease of Access.
- Little-to-no change automation adoption.
- Cost Effectiveness.
Benefits of ExdionCCR
ExdionCCR Platform helps insurance agencies to:
- Manage all contract details, deadlines and legal responsibilities automatically.
- Automatically coordinate and remind all relevant parties to perform their respective tasks.
- Capture and automatically review all certificate data with contracts to provide a summary of non-compliant information.
- Acts as a document library.
- Review and retain minor discrepant/ non-compliant information.
- Manage full contract compliance lifecycle.
Conclusion
ExdionCCR is the ultimate Contract Compliance Lifecycle Management solution that helps insurance agencies streamline processes at every stage of the contract life, right from the start of a project till compliance management is achieved throughout the project. When insurance companies work under strong pressure, there is an increased degree of risk in each deal, which makes an automation software investment necessary for managing the risk of the company. ExdionCCR provides benefits to the company and leads to new efficiencies and productivity levels. Learn more about ExdionCCR and its smart features that address comprehensive contract compliance.
Also Read: E&O Risks and Automated Policy Checking
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