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Do Management Companies track insurance?

Do Management Companies track insurance?

Once a vendor is setup and approved, the process to track insurance is an ongoing hardship for the management firm. Policies expire and need updating annually. Policies can be cancelled mid-term and notices need to be managed to be made aware if coverage is no longer in place. Is there a system to track all of this information? How is it managed? Let’s take a look at the results.

The Stats:

  • Only 23% of management firms reported actually tracking insurance prior to VIVE being hired.  

Of the 23% how do they track?

  • 62% utilize tracking with their internal accounting system.  While functional, features are very limited and is fully dependent on manual input and internal management of data.
  • 38% utilizing 3rd party Vendor Compliance Services outside of VIVE converting to VIVE for added functionality compared to competition.

In Conclusion

So, while most management companies have stated requirements prior to VIVE, most do not track and those that do track insurance have limited tools to do so and several clients have transferred to VIVE to gain added functions from a professional 3rd party vendor compliance company.

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