Insurance Vendor & Third-Party Management Software

Insurance Vendor & Third Party Management Software

In today’s marketplace, insurers are relying on an ever-increasing number of third parties for essential business functions. This opens the organization to greater risk levels than ever before. In addition, regulators such as OIG, OCC, FFIEC, CFPB and others are increasing their focus on third-party risks. These regulators want insurance companies to identify potential risks, verify that the third parties you do business with are compliant, and monitor changes that may increase risk exposure. The Quantivate Vendor and Third-Party Management solution helps insurance companies meet these critical requirements.

Centralized Vendor and Data Management

With Quantivate Vendor and Third-Party Management software, you can manage all your vendor information—such as contact information, financials, contracts, and insurance certificates—in one application. The system also provides comprehensive, on-time notifications of critical expiration and due dates.

Manage Third-Party Risk and Due Diligence

Quantivate Vendor and Third-Party Management is a powerful solution that gives you the ability to quickly perform due diligence and score your vendors on multiple variables to auto-calculate and determine the overall risk breakdown of each vendor.

Easy-to-Use Dashboard Interface

Quantivate Third Party Management’s customizable interface gives you at-a-glance information and easy accessibility to important vendor information. You can access reports, your vendor document library, and other essential information in one centralized location. Dashboards provide an overview of where each vendor sits in the third-party management process, along with their classification and risk breakdown.

Comprehensive Reporting

Quantivate's robust reporting capabilities give clear visibility into high-risk vendor relationships, the status of vendor assessments, and your organization’s overall risk exposure. Complete audit-ready reports using built-in templates that can be customized to fit your specific business needs. Reports include:

• All Vendor Report: Displays key information about all vendors stored in the system.
• All Contract Report: Displays key information about all contacts stored in the system.
• Third-Party Classification Report: Displays classification ratings for all vendors stored in the system.
• Third-Party Due Diligence Report: Displays all attributes associated with the due diligence process.
• Critical Vendor Detail Report: Displays all vendors classified as Level 1 – Critical.
• Exceptions Report: Highlights vendors and contracts that are missing key information and reviews such as classifications, due diligence, and contract expiration dates.
• Documents Requested and Not Received: A list of documents requested from vendors but not yet received. Includes links to drill down to the due diligence assessment for further review.
• Third Party & Vendor Management Executive Summary

The Features You Need to Succeed

• Vendor Classification – Understand your inherent risk
• Digital File Library – For easy storage and access to digital files, contracts, etc.
• Notifications – Notify specific employees of due dates
• Workflow Engine – Build workflows that control the routing and gathering of information
• Customizable Report Templates – Use prebuilt reports or customize them to fit your needs
• Dashboard Layout – “At-a-Glance” status viewing for quick decision-making
• Web-Based Application – Easy deployment and automatic updates and maintenance
• User Group Security – Set employee security levels and assign vendors to specific employees
• Auto Back-Up – Keep your work safe and secure
• Audit History Log – Track document changes by employee and vendor
• Optional Deployment Services – Save time and effort with optional services

Benefits of Quantivate Third-Party Management Software

• Gain a detailed picture of your risk exposure from vendor relationships
• Organize your vendors for easy review and access
• Create a standardized third-party management process to increase efficiency
• Centralize reporting for more effective decision-making and resource management
• Enforce third-party risk management policies and controls and in order to ensure regulatory compliance
• Reduce time, effort, and costs by significantly reducing the resources required to perform risk analyses and maintain vendor oversight
• Deliver complete information to senior management for strategic decision-making