VeriSourceTM helps companies mitigate third-party and supply chain risk by enabling them to easily and efficiently manage insurance prequalification for vendors of all sizes, verify which vendors meet coverage requirements, and keep on top of vendors’ policy expirations.

Get an at-a-glance view of vendors’ compliance with your insurance requirements

  • Centrally track and maintain insurance coverage information for all of your contractors, suppliers, and other vendors using a single, web-based application that offers the flexibility to meet the needs of any industry
  • Quickly see each vendor’s status to verify which ones meet your company’s coverage requirements
  • Leverage vendor dashboards to easily access all your vendors’ insurance coverage details and certificates of insurance (COIs)
  • Integrate VeriSource to share key vendor data – such as current insurance status – with procurement, ERP, risk management, or other enterprise or proprietary systems, enabling a more complete view of vendor relationships and your supply chain

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Streamline vendor insurance prequalification and management processes

  • Use KPI (Key Performance Indicator) charts to easily monitor your program
  • Efficiently keep on top of policy expirations with reporting for you and automated email reminders for your vendors
  • Confirm the validity of your vendors’ coverage: as a value-added service included with our software, Veriforce® auditors review all submitted insurance data against a vendor’s COI

Accelerate vendor time-to-work

  • Eliminate guesswork: in the vendor’s view of VeriSource, COI Tracking Actions highlight exactly what must be completed to get compliant with your insurance requirements, getting them to work more quickly
  • Speed the onboarding process: VeriSource uses Action Badges and a simple, ACORD standard-based template to make document upload requirements clear, and data input highly efficient for vendors
  • Minimize data entry: any insurance coverage details input to VeriSource for another hiring client are auto-populated when new hiring clients are added, providing an efficient starting point for the vendor

Manage vendors of all sizes - large and small - in one place, saving time and money

  • Avoid the hassle of tracking COIs for small, low-risk vendors separately: unlike some solutions, a VeriSource subscription is affordable for even your smallest contractors, suppliers, and other vendors, so there’s no need to manage them outside of the application
  • Help ensure participation by smaller, local vendors, enabling you to get the best value for your company, rather than potentially limiting your contractor pool to non-local, higher-priced options

Tailor your insurance prequalification solution to support your company’s specific procurement and risk management requirements

  • Leverage the software’s flexible, client-side configuration capabilities to group your vendors based on their size, work types, or other criteria or risk factors and customize each group’s insurance requirements
  • Automatically enforce vendor compliance with insurance requirements that align with your company’s procurement and supply chain risk management policies, including the ability to specify unique vendor-specific requirements

Gain a comprehensive view of vendor compliance beyond your insurance requirements

  • Simplify management of contractors, suppliers, and other vendors with integrated VeriSource applications to manage safety prequalification, as well as contractor compliance with PHMSA OQ Rule and DOT/PHMSA drug and alcohol requirements
  • Get a one-stop view of each vendor’s compliance and commitment to safety so you can easily identify vendors that are ready to go to work, make more informed vendor selection decisions, and, ultimately, lower your risk