Transform the Insurance Industry
The Vision:
Transform the Insurance Industry
In 2009, three business veterans from construction, software and insurance formed the Company to develop a software platform designed to simplify the complexity of verifying insurance and contract compliance. More importantly, the vision was to transfer both the RI$K and work to the responsible parties.
The idea was to build a process so simple that an insurance carrier would have confidence that even the most disorganized certificate holder would be able to transfer risk to the parties who actually created the risk and thereby better protect the carrier’s profit potential on the premiums it charges.
The Problem
Verifying insurance and managing certificates for subcontractors, vendors and service providers is a time consuming, frustrating, and never-ending paper chase. Failure to manage this process properly can expose a business to substantial financial loss.
The Solution
Leverage technology to automate risk transfer, contract compliance and to verify insurance in real time.
The First Step
Protect Intellectual Property
Leverage technology to automate risk transfer, contract compliance and to verify insurance in real time.
The Hurdles
Process of Failing Forward™
The Inventors built and scrapped the entire software platform 4 times before they built an application that was flexible enough to handle all the variation and complexity required to create value for the insurance industry ecosystem.
COI-VERIFY’s intellectual property is protected by United States Patent Number: US 8,650,051 B2 SYSTEMS AND METHODS FOR INSURANCE VERIFICATION that was granted on February 11, 2014. The patent protection runs through December 31, 2031.
The Learning
Proof of Concept
Five years of failing forward provided an incredible education. The Inventors learned what the market demands, what the market is willing to pay and how to launch a successful implementation. Beta V5.0 was successfully launched in September 2015.
The Future: Artificial Intelligence
COI-VERIFY’s Virtual Risk Manager can be programmed to support any business vertical that requires proof
of insurance as a contract requirement.