Due Diligence and Ongoing Monitoring

  • 1.  Insurance Carriers

    Posted 07-13-2021 01:42 PM
    Good afternoon,
    Currently, my company does not have an of our insurance carriers and/or brokers in the vendor management platform for review.  How do other TPRMs handle their insurance carriers in Vendor Management?  How are they tiered with criticality & risk levels for other organizations?
    What suggestions for oversight are applicable?

    I would appreciate any insight.

    Thank you

  • 2.  RE: Insurance Carriers

    Posted 07-15-2021 05:29 PM
    As an insurance company we purchase insurance and reinsurance. We only track our direct relationships.

    For the corporate insurance program only the brokers who secure our coverage are tracked in vendor management.

    For the reinsurance program, we have some direct relationships with reinsurers. Those direct relationships are tracked in vendor management. We also have a reinsurance broker that secures aspects of our program. In that scenario only the broker is in vendor management.

    When you pause and think of the information provided to either the insurance broker or the insurance carrier, some of it is confidential. Some may even contain PII. A simple example is driver names, dates of birth and drivers license numbers.

    I hope this helps.

    Mark Ewert, CPCU, CIC
    Director Vendor Management
    Penn National Insurance