Property Management Case Study
Customer is a commercial real estate owner, manager and developer with current locations in California, Florida, Georgia, Tennessee, Virginia, Arizona and Texas. Customer is operating a portfolio of properties representing over 73 million square feet. Investments include developed income-producing properties, shopping centers, industrial projects as well as, multiple properties under various stages of construction and development.
Business Challenge
With multiple business offices and divisions located through out the country the company collects thousands of certificates of insurance (COI's) annually. The company utilized multiple disparate resources dedicated to the management of COI's. In addition, corporate management had no ability to measure property occupant, vendor or supplier insurance compliance rates. In some cases business units were allowing tenants, suppliers and vendors to come onto properties, do work and then leave the properties, without having a compliant COI on file.
Objective
Corporate management wanted to have a system in place that would provide the ability to put payments to divisions on hold in the event that a property occupant, vendor or supplier did not have a compliant COI on file. Corporate management wanted to bring all divisions and offices into a standardized collaborative platform to ensure that the COI management process was efficient and defined. Corporate management also wanted to outsource to a solution provider that had certified insurance professionals on staff to leverage insurance expertise and knowledge.
Methodology
CertFocus created one portal for all locations and divisions to eliminate redundant data entry and consolidate data in one location. CertFocus assigned our in-house insurance professionals to review all COI's and related documents to further insure compliance. CertFocus put a system in place to integrate with accounting that enabled a hold on payments to non-compliant insured's.
Results
Compliance ratio's for customer is now averaging over 95%. Client now has recourse on insured's that are not in compliance in the event of faulty work or accidents. Client now has a standardized collaborative platform that ties all locations and business units into a centralized information portal. Corporate now has transparency into actionable data that can be leveraged to make smarter and more effective accounting and business decisions.
