Bunker, a San Francisco-based insurtech startup, has launched a program that provides real-time proof of insurance. Certificates of insurance are largely issued as PDF documents, which Bunker says are difficult to track, easy to fabricate, and can only provide static data. Because the insurance industry has not kept up with the pace of the changing economy, up to 40% of independent contractors are non-compliant at any given time, according to Bunker. This can leave businesses and contractors exposed to damages, even if they have a seemingly compliant CIO on file. Bunker’s Live COI will instantly reflect changes to an active insurance policy, notifying the certificate holder when a contractor’s policy is changed, canceled, or expired. Members can also build insurance requirements in the platform and share them in one click with contractors, easily tracking whether or not those requirements have been met. “We really appreciate that Bunker (has) taken a fresh approach to solving a significant challenge. Ensuring protection for independent talent is vital for a compliant and protected workforce,” said Marcus Sawyerr, CEO of freelance talent marketplace YOSS. “At YOSS, we believe instant insurance and the Live CIO are truly a game-changer for the collaboration with the enterprise. This initiative will ultimately create compliant economic opportunity across the entire ecosystem.”
San Francisco start - up Bunker has launched a programme that provides up - to - date certificates of insurance ( COI ) to collate claims and combat fraud . Nearly 40 % of independent contractors are not compliant , with their insurance coverage , at any given time , according to Bunker ’s research . This leaves businesses and contractors vulnerable to damages , despite having valid COIs on file . The insurtech ’s website will instantly reflect changes to active insurance policies , and notify COI members when their policies change , are cancelled or expire . It will also allow members to create and maintain their own insurance requirements and share them with contractors .