When the ShieldHub team attended the Property Insurance Restoration Conference (PIRC) in 2018, those involved in the insurance industry were concerned that the absence of a property restoration industry standard had prompted inconsistency among insurance companies and TPAs. PIRC had established a forum for all segments in the property restoration industry to come together and discuss key topics and communicate possible solutions within the industry. Representatives from insurance carriers, third party administrators (TPAs), national and regional franchises, and contractors agreed that the absence of an industry standard had created an environment where compliance varied from one business to the other. This led to issues including the following:
♦ Contractors faced the cost of providing multiple background checks to meet the needs of different clients.
♦ TPAs responsible for tracking compliance confronted the arduous process of auditing every contractor working on their contracts.
♦ The sharing of background check reports prompted concerns around the handling and management of data, with little visibility of compliance beyond each TPA.
♦ Entities that managed compliance well enjoyed no visible advantage over those that did not.
It was agreed that an industry standard background check would benefit all within the industry, so a background screening committee was created to develop such a standard.
PIRC participants asked the Shieldhub team to share their expertise, and to explain how an industry standard had been created within mortgage field services. From these initial meetings, Shieldhub brought a wealth of knowledge and expertise to help create a property restoration industry standard. Working with key stakeholders from various segments, the team was able to create a recommended standard that was fit for purpose for the industry. The standard was officially launched at February’s conference in Salt Lake City. Jordan Hendler commented “We hope to see this recommended standard utilized to improve current burdens on contractors, insurers and TPAs, as well as lessen the liability for all involved.”
Interested in finding out more about the Industry Standard? Contact Shieldhub today to discover how our technology can streamline the background check process for you.