Please describe any leading technologies or innovative ideas that you feel could benefit [client] as it relates to this commodity/service or provide specifications for alternative solutions. (i.e. cost out strategies/improvements).
In the event that a Resource is deficient in specific areas of Independent Contractor qualifications, nextSource will assist the candidate to cure those areas. One of the most common areas that require adjustments or procurement is in satisfying client insurance requirements. nextSource has a strategic partnerships with Bunker, a digital insurance marketplace for insurance procurement. This relationship provides nextSource resources an option to achieve compliance across a variety of insurance scenarios to reduce risk, streamline onboarding and get projects started faster. Below are a few of the most common scenarios that the nextSource-Bunker partnership supports:
- Insurance Requirement Assessment: Leveraging Bunker's collection of insurance data, this peer-to-peer industry comparison of requirements identify appropriate coverages and limits to impose on independent contractors and suppliers to minimize the friction of excessive legacy requirements.
- Existing IC/Supplier Audit: Digitize existing PDF certificates of insurance, compare coverages and limits to requirements, resolve any noncompliance and set automatic notifications for future renewals, which Bunker can fulfill.
- New IC/Supplier Onboarding: Bunker is a natural fit within the standard onboarding process to provide appropriate insurance or collect existing certificates based on requirements to get IC/Suppliers to work faster.
- Enterprise Lift & Switch: Most Enterprises require the IC to name other vendors and MSPs as "additional insured" on their COIs. If the enterprise switches a named vendor, for example, all of the ICs on that program have to change this on their COI. This causes a huge headache for everyone involved - enterprise, agent of record, MSP, contractors. When Bunker is the single source for all of this information, these changes can be completed behind the scenes, without impacting any other groups.
Through our partnership with Bunker we are able to boast a 90% resolution rate of non-compliant and expiring COIs, as well as reduce the insurance compliance process from weeks to days (many times faster!).
When a supplier/contractor engages Client through your program, what are the true advantages to the IC?
Through our partnership with Bunker, the supplier/contractor receives direct benefits regarding their insurance experience in the following ways:
- Buy the minimum: the majority of contractors don't want to buy insurance, so by knowing exactly what is required we can provide the minimum threshold for the contractor to satisfy the contract and get to work.
- Simplicity: By knowing what is required, including the specific language, we fulfill insurance 3-4x faster than a traditional broker with less back and forth emails for everyone.
- COI Sharing: When the contractor is required to share insurance with any other company (ex. landlord), we have a simple feature to "share" their compliance with those groups - no emails, no PDFs.
- Carrier Direct Pricing: The contractor receives the same pricing they would if they went directly to the insurance carrier. The carrier pays Bunker a commission out of their pocket.
- Usage-Based Insurance: Bunker has developed proprietary insurance products built for independent contractors. They have flexible terms (ex. 3-months) and flexible projects (ex. Adobe Web Design) and cost 30-40% less than traditional insurance products.