Overview
AP IMS addresses the on-going monitoring & validation of insurances for all suppliers under contract to a company. The insurance monitoring services are a natural extension to the assurance process within the supplier management system. This service is designed to be industry independent and can be offered instantly to your business.
How does the monitoring process work?
Achilles monitors and validates insurances for all suppliers under contract. Companies identify suppliers under contract and insurance types to be monitored and provide this information to Achilles. Achilles coordinates the registration of the supplier into the Supplier Management System and once this is done, records and monitors the insurance type, insurer, value and expiry dates of the certificates of currency. Achilles ensures that suppliers send updated certificates of currency on expiry, so that the Buyer organisation is not exposed to risks from inadequate or expired insurances.
Examples of Insurance types presently being monitored include:
• Workers Compensation
• Product Liability
• Professional Indemnity
• Motor Vehicle 3rd Party Property
• Public Liability
• Contracts Works Insurance
• Any other insurance types identified by the buyer using this service
Key Benefits
Buyers
• The outsourcing of this service enables independent tracking and validation of supplier insurance information, enabling internal resources to be dedicated elsewhere.
• The information is held on record and is available at any time for viewing / evaluation.
• Assurance that the right insurances and levels of insurance, will remain in place as required by contract terms and conditions.
Suppliers
• The independent monitoring of these details acts as a reminder service for suppliers and ensures the accurate provision of up to date information.
• Suppliers are registered in the Supplier Management System which provides a low cost and highly effective way to present their insurance information to buyers within Achilles managed buyer community, thereby reducing duplication of information and reporting.
To register your business for Insurance Montoring, please email apugsms@achilles.com.