Do Management Companies have trained resources to properly screen insurance?
VIVE Person writing

Do Management Companies have trained resources to properly screen insurance?

Screening vendors requires having a proper set of requirements and having a competent party validating the vendor’s information compared to the requirements. So, do management companies have an established set list of requirements for vendors to be qualified? Who within the management firm, who is responsible to verify if a vendor meets the requirements? Let’s take a look at the results:

Sample Size


50+


Industry


Property Management


Location


USA

The Claim

93% Management companies stated they had on hand insurance requirements prior to VIVE.


Ok, so who handled the review of what was submitted compared to the set requirements?


The Reality

  • 37% were reviewed by staff accounting personal
  • 57% were reviewed by staff property managers
  • 10% were reviewed by 3rd party compliance firms


In Conclusion

So, while most companies state they have requirements the vast majority of the review of compliance information submitted by vendors are done by non-risk trained staff members who have many other various responsibilities. 

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