National Real Estate Investment Trust
Commercial Real Estate
National Real Estate Investment Trust (Client)
Certificated of Insurance (COIs) and Properties
With over $5 billion in facilities, the Client faced a tremendous challenge in keeping up with the compliance and managing their property values, contacts, and COIs. The Client operates over 100 locations representing more than 10 million square feet, with multiple tenants and leases for each property. Amassing all the data required to responsibly and efficiently manage risk for these properties was difficult, and the in-house process of using spreadsheets was unreliable and cumbersome to track.
With Riskonnect’s risk management platform, the Client now has all their properties and property data within the system. COPE data is easily stored and managed for each location, and the Client manages sharing settings so that only a user that is listed on a property can see that property, adding a layer of additional security. Each property can have multiple associated leases. All leases are attached to a property so the Client can quickly see who the tenants are at that location, and they can quickly access their contact information. This is very helpful if something unforeseen happens at that location and the Client needs to contact the tenants.
The Client also uses the system to monitor Certificates of Insurance for all their tenants. A compliance feature visually ‘flags’ a COI if it doesn’t meet the minimum insurance requirements for the location. There are usually multiple COIs per tenant, often specifying different coverages, such as GL, Builders Risk, Property, Umbrella, and Workers’ Compensation. The system easily tracks all COIs, and automated workflow sends an alert if a COI is nearing expiration to help the Client manage tenant compliance. Property Managers/Assistant Property Managers receive monthly scheduled reports for COIs expired over 30 days, leases without active COIs, rejected COIs, and COIs pending supervisor review so they can easily manage every aspect of their properties. In addition, all claims are associated with a property, so they can quickly assess if there are any recurring issues at a certain location. If a particular carrier’s rates change, notifications can be provided to respective property managers.
The Riskonnect risk management work platform provides the Client with a secure and fully scalable cloud-based RMIS from which to manage their organizational risk data. The Client’s risk manager is able to run reports in a fraction of a second, and data quality is improved with data validations and workflows. Nothing escapes the audit trail within Riskonnect RMIS, ensuring the Client will have full visibility into the integrity of their data. With the Riskonnect risk management work platform, the Client’s risk management team is able to communicate with property managers via integrated social communication, and tasks are easily managed and tracked for follow up. Property Managers can send emails from the system to tenants without needing to grant tenants access to the system. These emails contain specifics regarding tenant noncompliance, and a copy of the email is stored on the certificate record along with the time and date of distribution. The easy to use web-based interface is intuitive and facilitates local adoption, while Riskonnect’s fully mobile functionality keeps the Client’s users productive while moving between properties.
For this large real estate investment trust company, the challenge of managing the multitude of COIs and leases was daunting and time consuming. Riskonnect RMIS not only provided the Client with a single data repository from which to manage their total organizational risk data, but an efficient system from which to track and manage their leases and COIs. With real-time COI status, they are able to ensure increased insurance compliance. With greater compliance, they are reducing their loss exposure. They now have a single location from which to view their COPE data, leases, tenants, and COIs. Automated reports alert Property Managers to those COIs and leases that need review or updating. These important tasks are now manageable, and much of the administrative burden of tracking these items has been removed, due to automated business processes. Management now has the ability to quickly report on Property, Lease, COI, Tenant, and Claim information, with ad-hoc and standard reports returning in a fraction of a second using real-time data.