The Marsh Vendor Management Platform (VMP) helps organizations mitigate risks from third-party vendors by ensuring vendors procure required insurance coverage. The VMP allows vendors to purchase compliant insurance easily and provides clients transparency into vendors' insurance status. It benefits vendors through favorable insurance rates and simplified purchasing, and benefits clients by reducing administrative burdens and improving risk oversight of third-party suppliers.
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The article by Igor Zax, MD of Tenzor Ltd ( www.tenzor.co.uk ) is focused changes in distribution finance landscape and the way new developments such as Supply Chain Finance, Dynamic Discounting, credit insurance products and overall changes in supply chain management can revolutionize this area.Published at TFR (www.tfreview.com)
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Delivered at the International Microinsurance Conference 2014 in Mexico City (http://bit.ly/1rUzwBu) this presentation focuses on the need to understand the business compulsions and economics of the value chain members (Agents, MNOs and insurance companies) of mInsurance. It makes a case on existence of multiple mInsurance models and the business logic for each ... a comprehensive analysis of a complex subject.
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Top 5 Consumer Expectations in the Insurance Industry - InvensisInvensis
Read what Consumers want from their Insurers (http://goo.gl/wJxHKE) and how outsourcing can help insurers to satisfy customers in the insurance industry. Top Five Consumer Expectations in the Insurance Industry which will help to keep insurance companies agile and efficient, and make them ready to meet the changing demands of their patrons.
Invensis Technologies (http://www.invensis.net) a leading IT BPO company with more than 14 years of experience, specializes in providing customer care, document process automation and IT services to insurance industries which helps insurance companies enable to leverage the new opportunities.
Please contact us at sales {at} invensis {dot} net OR Call us Now from US +1 (302)- 261-9036, UK +44 203 411 0183, AUS +61 3 8820 5183, IND +91 80 41155233 or browse (http://goo.gl/xmCoeO) for more details on our services.
Case Study - MetricStream offers a comprehensive GRC solution that addresses a wide range of health care regulations to reduce the overall cost of compliance management.
Delivered at the International Microinsurance Conference 2014 in Mexico City (http://bit.ly/1rUzwBu) this presentation focuses on the need to understand the business compulsions and economics of the value chain members (Agents, MNOs and insurance companies) of mInsurance. It makes a case on existence of multiple mInsurance models and the business logic for each ... a comprehensive analysis of a complex subject.
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Read what Consumers want from their Insurers (http://goo.gl/wJxHKE) and how outsourcing can help insurers to satisfy customers in the insurance industry. Top Five Consumer Expectations in the Insurance Industry which will help to keep insurance companies agile and efficient, and make them ready to meet the changing demands of their patrons.
Invensis Technologies (http://www.invensis.net) a leading IT BPO company with more than 14 years of experience, specializes in providing customer care, document process automation and IT services to insurance industries which helps insurance companies enable to leverage the new opportunities.
Please contact us at sales {at} invensis {dot} net OR Call us Now from US +1 (302)- 261-9036, UK +44 203 411 0183, AUS +61 3 8820 5183, IND +91 80 41155233 or browse (http://goo.gl/xmCoeO) for more details on our services.
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Marsh - Insurer Innovation Award 2022
1. TDI Award 2022:
Marsh Vendor
Management Platform
(VMP)
To help organizations mitigate and manage
supplier risks.
April 2022
2. 2
Market Overview
Supplier risk management is increasingly important in a post-
COVID world
• Companies are increasing their engagements with multiple third-party
vendors partners to execute their corporate objectives.
• Third party supplier risks have increased, as organizations continue to
grow operations.
• Organizations are increasingly enforcing mandatory insurance
requirements on their vendors.
• It is administratively taxing to manage vendor compliance and
insurance certificates.
• Third party ERM platforms are costly to procure and manage.
• Vendors currently lack an efficient process to compare and purchase
compliant coverages online.
3. 3
Vendor Insurance Scheme Proposition
• Third Party Risk Management
– Mitigate risks from 3rd party vendors
– Ensure vendors procure appropriate insurance coverage
according mandatory requirement
• Broking
– Favorable terms and premium conditions
– Comprehensive coverage that meets requirement
– Portfolio based negotiation
– Financially stable insurer panel
• Administration
– Track and monitor insurance certificate renewal status
– Easy access to vendor insurance certificates
• Vendor Management Platform (VMP)
– 24/7 information access from cloud-based solution
– Real-time Data & Analytics dashboards
– Compliant with country-specific regulatory requirements
Vendor Management Platform (VMP) Benefits
Marsh Value Proposition
How is Marsh helping clients to effectively manage and mitigate their suppler risks
INSURER
Easy Process
Favorable Terms
Contractual Compliance
Policy Management
VENDOR
CLIENT &
PROCUREMENT
VENDOR
MANAGEMENT
PLATFORM
Data and Transparency
Risk Mitigation
Reduced Admin Effort
Compliance
Easy Distribution
Portfolio Solutions
Efficient Processing
Industry Data and Insights
4. 4
Client Industries
We focus on industries where clients tend to mandate insurance coverage from vendors & partners
Manufacturing
Chemical, electronics and
Medical
Real Estate
Commercial, retail and
malls.
Hospitality
Hotels, integrated
resorts & casinos.
Construction
Project managers
Transportation
Automotive and
Aviation
Supply Chain
Distribution & E-
commerce
Industries
Product Liability
Coverage
Public Liability
Professional
Indemnity
Employee
Compensation
5. 5
Platform Overview
We enable suppliers to evidence or procure the required coverages seamlessly and provides you the
ability to track vendor insurance status in real-time.
6. 6
Customer Journey Map
Simon is small business owner. He recently landed a contract with a major client and needs to ensure
he meets the insurance requirements mandated by the clients’ procurement team.
Understanding the
insurance
requirements
Vendor communicates
with the client company
to understand the
requirements for being
an approved vendor.
The client
procurement team
directs the vendor to
the Marsh Vendor
Management Platform.
1
Vendor account
registration
The vendor completes
a simple self-
registration process.
A Know Your Client
(KYC) check is
automatically initiated in
the background.
2
Broker is notified
of a new vendor
The Marsh broking team
has oversight of the
vendors and the
policies being
purchased on the
platform and can offer
support for the vendors
or insurers where
required.
3
VENDOR CLIENT
VENDOR MARSH
Vendor verifies or
purchases insurance
VMP will offer three
options; Evidence
existing coverage, Gap
analysis or Purchase
cover. The platform
allows the vendor to
ensure they purchase
a tailored insurance
package that fulfils
their requirements.
4
VENDOR INSURANCE
Vendor receives COI,
Client Dashboards
Updated
Upon purchased of
new cover, the
vendor receives
COI. Clients are able
to get a complete
overview of their
vendors and their
coverage statuses in
real-time.
5
VMP
Insurer Integration
VMP is integrated
with the insurer’s
system for live
quotations,
endorsements and
claims.
6
VMP
INSURER
7. 7
Vendor Management Platform
Overview and Core Capabilities
Core capabilities for core personas (clients,
vendors, brokers and insurers) available.
Multi-Tenancy - Ability to configure the platform
to support products and user journeys for
multiple clients
Multi-Product - Ability for vendors to purchase
multiple products in a single journey.
Multi-Language - English and Simplified
Chinese supported already.
Multi-Currency Supported.
Compliance and Security - Meets MMC
standards, Infrastructure design flexible enough
to meet local regulatory requirements.
CLIENT ZONE VENDOR ZONE
BROKER ZONE INSURER ZONE
• Insights and Dashboards
• Define vendor coverage
requirements.
• Easy to introduce new insurance
products.
• Seamless access to other Marsh
Digital solutions.
• Mobile and desktop experience
• Easy registration process
• Ability to evidence existing cover
• Seamless purchase journey
• Policy documents available online
• After sale services including claims,
endorsements, cancellations and
renewals supported
• Vendor onboarding approvals
• KYC and sanctions checks
• Customer relationship management
• Coverage evidencing checks and
reports
• Overview of all quotes, policies,
endorsements and claims
• Automated reporting dashboards
• API integration with insurers’
underwriting platforms
• Portal for underwriters to login in
• View submissions, policies, claims
and endorsements
• Upload / generate policy documents
• View and manage product definitions
• Dashboards and Bordeaux reports
8. 8
The hotel group has thousands
of vendors supporting it’s
chains across Asia.
These vendors are mainly
construction engineering
contractors and F&B suppliers.
The hotel group has risk
management requirements for
all vendors. Depending on the
vendor, this typically includes
public, construction, employer,
or product liability.
Prior to implementing our VMP,
the group struggled to ensure
that all vendors had the
necessary protection.
Case Study - An International Hotel Group
How we delivered key results across one of the world’s premier hotel operators.
Background
Procurement teams use the
platform as a single source of
truth allowing them to manage
vendor insurance status.
Risk management teams can
have the certainty that vendors
are appropriately covered,
allowing them to focus on the
bigger picture risk exposures.
VMP provides a one-stop shop
for vendors to easily procure
mandated insurance coverage
at a competitive market price.
The entire solution was
implemented within 3 months.
Solution
Lowered the cost of premium
by at least 10% for vendors.
Higher efficiency for vendors
in purchasing insurance,
receiving COI and onboarding
as a service provider.
Increased transparency for
the group on managing vendor
risk and ensuring vendor
compliance.
Ease of insurance distribution
to vendors and real time
product performance
management for insurers.
Results
Procurement teams have found
it difficult evidencing existing
vendor coverage but also
ensuring ongoing compliance.
Risk management teams have
struggled with risk exposures,
particularly with the uncertainty
surrounding the status of many
vendors.
Vendors themselves have been
unable to efficiently onboard
with the group as there is no
cost-efficient way to
find appropriate insurance
coverage.
Challenges