Evident Unveils Groundbreaking Benchmark Report Highlighting Risks in Third-Party Insurance Coverage Verification

ATLANTA, Nov. 15, 2023 /PRNewswire/ -- Evident, a pioneer in merging compliance and efficiency, has released a comprehensive benchmark report addressing the challenges faced by enterprises in verifying third-party insurance coverage. The findings underscore a significant hidden liability within networks, leaving businesses susceptible to financial losses.

The Benchmark report focuses on: 

• Delving Deeper into the Problem: The report meticulously examines specific coverage types and industries, shedding light on the financial implications involved. By addressing this issue head-on, businesses can proactively safeguard themselves against potential risks.
• The Importance of Insurance Compliance: Ensuring that third parties possess the correct insurance coverage is paramount for enterprises. The report emphasizes the need to verify coverage to minimize risk exposure across various partners, including franchisees, vendors, suppliers, tenants, and sub-contractors.
• Uncovering Poor Credentialing Verification Programs: Ongoing research reveals the shortcomings of many credentialing programs, leaving organizations exposed to substantial risks. Despite significant efforts invested in verifying proof of insurance, these programs often deliver poor performance.
• How to Protect Your Business Today: The report provides actionable insights on gaining a comprehensive understanding of third-party risk and implementing effective business credentialing measures. Don't let hidden liability compromise your enterprise; learn how to protect your business today.

The benchmark report provides a comprehensive snapshot of key non-compliance issues, revealing:

• 16% of members were granted exceptions to the client's own guidelines
• 36% of members responded to the initial request but did not complete the compliance process

Additionally, we also uncover the most common limits and coverage types for the following industries: 

• Construction
• Convenience Stores
• Electronic and Technology Retailers
• Government
• Grocery 
• Manufacturing
• Real Estate
• Restaurant Chains
• Retail
• Transportation

The entirety of the report can be downloaded from the link here.

About Evident
Evident is the global leader in business credentialing with a network of millions of businesses across more than one hundred countries. By connecting insurers, enterprises, and the many businesses they rely on, our platform enables verification of precise requirements ensuring they meet compliance standards. Powered by cutting-edge AI, Evident's platform balances rigorous credentialing with accelerated business results. Learn more at evidentid.com.

Media Contact:
Allison Schoner
862-368-5637
[email protected]

SOURCE Evident