JLT Canada is insurance matter expert for InsuraSync technology: managing director

The tool monitors rental housing tenants’ proof of insurance to check for insufficient coverage

JLT Canada is the insurance matter expert for a technological tool that determines whether rental housing tenants have the appropriate amount of insurance, said Suzanne Liberman, managing director of life sciences, healthcare and real estate at JLT Canada, in an interview with Canadian Insurance Top Broker.

The brokerage is teaming up with CertiSync International, which produces InsuraSync, a tenant insurance compliance management program.

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InsuraSync allows tenants to upload their most recent certificates of insurance through a personalized secure online portal, which will help minimize client administration costs. CertiSync’s team then reviews the tenant submissions to ensure they meet the requirements stipulated in the lease, highlighting any gaps in coverage and working collaboratively with tenants to correct.

JLT Canada became involved when CertiSync realized they would need an insurance partner with international weight to help those property management company clients define their insurance needs, said Liberman.

A team from JLT Canada will meet with the property management firm to understand its risk management needs and what tenants should possess in terms of insurance. JLT Canada is willing to do an insurance optimization study and a total cost of risk study for the corporation even if that corporation is not a client, according to Liberman.

“We’ll review the leases to determine whether the leases are up to 2017 standards and then create the data points [for monitoring] and it is CertiSync that does the actual monitoring,” said Liberman.

However, this is not a move to replace the company’s own broker, Liberman insists.

“What we provide is a subject matter expertise. We’re not going in there to be someone else’s broker,” said Liberman. “That is made very clear before we even get into the room.”

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The system helps mitigate a challenge for property managers and administrators who are left to determine whether their tenants are accurately submitting proof of insurance documents. If these professionals are unable to accurately confirm that a tenant’s submission meets the requirements of the lease, this can leave organizations highly vulnerable to insurance liabilities, states JLT Canada’s release announcing the partnership.

Proper insurance coverage for tenants is an issue for risk managers in this field that “keeps them up a night,” said Liberman. “If you can basically take that off the plate of a risk manager or a risk management team, imagine how much easier it is to do the other things that they have on their plate as well because this is a big deal.”

Paul Perras, managing director of CertiSync, welcomed JLT Canada’s involvement in a statement.

“We are pleased to add JLT Canada’s deep in-market insurance expertise to our proven methodology for managing compliance,” said Perras. “Together, we offer the market the first comprehensive solution for maximizing portfolio insurance strategies, and then collecting and maintaining proof of tenant insurance that aligns with lease requirements.”

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Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.