Real Estate Investment Trust/Property Management Organization
A global real estate investment trust understood the importance of successfully implementing a comprehensive certificate tracking solution to minimize potential liability exposures. In addition, as a publicly traded organization, this firm was intent on determining ways to eliminate “knowledge” gaps regarding their financial exposures. Tracking incoming certificates of insurance was identified as a substantive way to improve organizational control structures, enhance compliance and reporting measures, and increase corporate profitability. Organizations who aggressively track incoming certificates of insurance are frequently able to reduce financial losses and litigation costs by transferring high risk and/or high frequency exposures to their tenants/vendors (indemnitors). The firm knew that handling this process internally - as it was not one of their core competencies - would not only expensive (an estimated 20% of operational costs) but would be overwhelming and rife with errors and inconsistencies.
The organization determined that tracking incoming certificates was an key control factor for their organization. They searched for an efficient and cost effective method to perform this process. After a lengthy evaluation, the organization determined that the best method to handle this process was to outsource the entire requesting / tracking process to an experienced Incoming Certificate Tracking company - Ebix.
A fully integrated solution was implemented built on the following exacting parameters:
By implementing the Ebix solution, this global organization was able to leverage both Ebix’s insurance expertise and its efficient tracking system. The result allowed the Trust organization to maintain economies of scale, gain higher compliance rates and achieve significant cost savings in comparison to managing this function in-house.