Background

Insurance TechKNOWLEDGEy is changing the way Workers’ Compensation is being verified. Chasing a Certificate of Insurance to prove coverage is archaic and terribly inefficient. Smart technology is available to an auditor with an Internet connection to access our cloud based servers that contain Workers’ Compensation data provided by various state jurisdictions. This Workers’ Compensation data is the same data used by the states themselves, so we know it’s current and correct.

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Proof of Coverage Example 1
Proof of Coverage Example 2

Insurance TechKNOWLEDGEy began as two insurance agents that handled many construction accounts realized the fraud and ineffective means of conveying Proof of Coverage could be done electronically. These ideas became a software solution that the US Patent office agreed was unique to anything previously offered the insurance community.

Previous to Auditor Portal, finding “gaps” in the coverage periods from a policyholder was virtually impossible. Our software can analyze multiple years of data in seconds and graph the lapses in an easy to follow timeline. We estimate that 8-12% of all policyholders will have lapsed coverage sometime during their policy periods. We have even found that certain construction trades are more likely to have lapses due to the high costs and uncertainty of work.

All gaps or lapses in coverage leaves the higher tier (General Contractor) and their insurance company liable for the subcontractor’s injuries, should they occur during a lapsed period. This causes problems to the General Contractor that now has claims history, often times resulting in an increased Experience Modification factor that increases his premium.

The insurance industry is just beginning to hear about this new patented technology. With Insurance TechKNOWLEDGEy’s software, the Insurance Carrier can truly “know” who was and who wasn’t insured.

Insurance TechKNOWLEDGEy’s software products are currently in South Carolina. Our team is in the process of bringing Tennessee online as of July, 2015.