Have you ever wondered with whom you are doing business?
Did you know that insurers are relying on an ever-increasing number of third parties for essential business functions. This leads to open risks for the organisation. Main Insurance regulators such as OIG, OCC, FFIEC, CFPB and others are increasing their focus on third-party risks. Their goal is to identify potential third party risks, verify third parties you do business with are compliant and minimise customer possible risks derived from insurance agencies.
Centralized Vendor and Data Management
AdWISE Assure vendor management solutions help you manage all your vendor information, such as contact information, financials, contracts, and insurance certificates, in one easy to manage web-based application.
How do we do this?
- Manage Third Party Risk and Due Diligence – We provide a powerful solution that gives you the ability to quickly perform due diligence and score your vendors on multiple variables to auto-calculate and identify the overall risk breakdown of each vendor.
- Easy to Use Dashboard Interface – Our vendor management solutions are able to deliver information and easy accessibility to important vendor information, easy access to reports, vendor document library, and other essential vendor information.
- Comprehensive Reporting – We generate reports which give clear visibility into high-risk vendor relationships, the status of vendor assessments, and your organization’s overall risk exposure. We offer complete audit-ready predefined reports that display key information about all vendors stored in the system, classification ratings for all vendors, all attributes associated with the due diligence process, highlights Vendors and contracts that are missing key information and reviews such as classifications, due diligence, and contract expiration dates.
Benefits of Vendor Management solutions in Insurance
- It provides a detailed picture of your risk exposure from vendor relationships
- It helps in organizing your vendors for easy review and access
- It creates a consistent standardized third party management process to increases efficiencies
- It generates centralized reporting for greater decision making and resource management
- It enforces third party risk management policies and controls and in order to ensure regulatory compliance
- It saves time, effort and cost by significantly reducing resources and expenses required to perform risk analyses and maintain vendor oversight
Vendor Issue resolution in Insurance in India
Effective issue resolution and dispute resolution procedures ensure that problems and disputes are handled as quickly as possible and are solved at the lowest possible management levels in the insurance sector in India. The vendor staff and the company staff person responsible for delivery of the particular program component would determine each issue. Issues need to be documented in an electronic Program Issues Log that is easily accessible to the Vendor Manager, vendor Program Manager, and IT Business Process staff. The Program Issues Log consists of a description of the problem, the person the issue is assigned to for resolution, the resolution description, the escalation and escalation date.
For each vendor resolution issue in the Insurance sector in India, the IT Business Process staff and the vendor staff should jointly determine the persons responsible for resolving the issue and the expected resolution date. The lowest most appropriate level of management will resolve issues depending on the nature of the issue. Unresolved or open issues that are past the due date should be escalated to the company’s Vendor Manager and the vendor’s Program Manager during regularly scheduled status meetings. If the Vendor Manager and vendor’s Program Manager cannot agree, these issues should be escalated to the Contract Executive and the vendor’s Program Executive and Account Executive.