Vendor Risk Management As a Service
Modevity, LLC, a leading Commercial Intelligence company established in 2004 specializing in Investigative Due Diligence Research and Vendor Risk Management (VRM) Services, announced that the company is rolling out their Third-Party Vendor Risk Management Services Support to Captive Insurance Industry.
Modevity provides an array of Third-Party Vendor Risk Management Reporting and Assessment data that can support Captive Insurance Company’s Compliance Program.
The Captive Insurance market has been expanding over the last few years, it nearly doubled in 2020, according to the “2021 Captive Landscape Report,” compiled by consulting firm Marsh. Across industries, Captives have increased in popularity, accounting for $60 billion in gross premiums, an increase of more than $6 billion.
This rapid growth is not happening by accident, it is part of a major shift in the industry brought on by a customer base looking to take greater control of their insurance needs. Making their insurance more affordable and more flexible is certainly something companies want. For many larger companies and certain individuals, Captives provide both affordability and flexibility, giving them the control, they seek.
“Captive Insurers rely heavily on vendors and service providers for various functions, including technology solutions, actuarial services, and claims processing, etc.,” stated Thomas J. Canova, Co-Founder, CMO. “So, it is critical for those Captive Insurance companies to manage their third-party vendor risks to ensure that the organization can continue to provide its insured members with the best possible service and protection from potential losses and issues from an array of third-party risks,” continued Mr. Canova.
Modevity Vendor Risk Management as a Service supports organizations in mitigating varied third-party risks by utilizing powerful database technology, AI, and vendor assessment data and automation to provide real-time risk management reports.
Modevity Vendor Risk Management Services provide actionable intelligence for risk avoidance including- Operational, Financial, Reputational and Cybersecurity in detailed risk rating reports that assist clients in evaluating their vendors and service providers.
Modevity provides Captive Insurance companies with extensive vendor background vetting, assessment questionnaire automation, continuous monitoring, and vendor risk scoring and reporting services.
Media Contact Information
Thomas J. Canova
Co-Founder, Chief Marketing Officer