certificial
17 Sep

Adjoint and Certifical Announce Strategic Partnership

BOSTON & NEW YORK — Adjoint and digital insurance verification InsureTech, Certificial, are pleased to announce their strategic partnership with Adjoint to enable Certificial’s real-time insurance verification platform.

Certificial is transforming today’s manual Certificate of Insurance (COI) process for global insurers, corporate risk managers, suppliers and subcontractors. COIs are required for most businesses, specifically to protect financial interest of stakeholders. Today these required documents are predominantly stored as physical paper documents and manually entered into business systems. The reliance on paper documentation poses a major threat to enterprise risk management programs, as there isn’t a simple way to validate that the certificate is still active. In the event of an insurance claim, if a corporation is not covered under the contractor’s policy, the policy is expired or even cancelled, the corporate is at risk of liability. Legacy COI management platforms are siloed and limited to the management of a snapshot of the policy, rather than providing an accurate, live and ongoing view of global compliance.

Adjoint’s secure technology will provide an industry platform with Certificial to transform the process of insurance verification for global risk managers and insurance companies alike. Real-time digital insurance verification and continuous tracking promotes transparency across the value chain and ensures the accurate status of policy coverage information. By connecting insurance systems to Adjoint's technology, real-time policy information is gathered directly to enable instant, verified policy sharing. Adjoint's technology provides a clear, time-stamped record of activity and secure communication channel to all relevant stakeholders.

Certifical is a fresh, holistic approach for agents, insureds, and risk managers to efficiently collaborate in a central place. Stakeholders have the power to instantly create, view, and update insurance requirements, as well as share and grant endorsements in real-time. Corporations enter policy and limit requirements to be continuously compared against insurance policies, exposing those that are fraudulent or do not meet requirements. Leveraging ecosystem data increases stakeholder compliance, greatly reduces risk and creates opportunities for actionable automation. For example, a construction company working with contractors that have verified insurance can access a building to perform work duties. The moment a policy does not meet requirements or is expired, data is leveraged to revoke building access and further mitigating risk of a contractor continuing to perform work. In addition to active verification, Certificial automates the renewal process, which eliminates the need to re-request information on an annual basis.

“Certificial has finally addressed the persistent insurance verification challenge to eliminate repetitive, manual processing and greatly improve compliance” - Richard Magrann-Wells, Head of Adjoint North America and former Executive Vice President with Willis Towers Watson.