Features | Infrastructure

iVexCR provides organizations with the total, cost-effective solution for the management of contractual insurance requirements. Custom requirements are easily created for instant publishing on the web or emailing to vendors. Compliance data, which may include certificates of insurance, endorsements, or other documents, is collected and stored online. Vendor coverage is automatically graded and scored by the system. Communication with vendors can be fully automated or individualized, as necessary. A complete communication record, and compliance history is maintained online for each vendor.

Why Track? In today's hard economic environment, tracking the insurance maintained by your vendors and contractors may seem like a low-value pursuit that's ripe for the chopping block. But such a view is short-sighted on many levels. First and foremost, credit-rating agencies such as Standard & Poor's now consider such traditional risk management activities as a component and driver of overall credit risk. In some industries, it is viewed as a key evaluative factor. Insurance underwriters also take the depth and quality of such programs into consideration when setting policy premiums. Finally, in today's world of high self-insured retentions, a dollar paid by your vendor's insurer is a dollar saved on your organization's bottom line. Coverage for one major claim pay for a life time of tracking expense. The solution is not to stop tracking insurance requirements, but rather to start doing so in an efficient and cost-effective manner.