Jones, an insurance compliance solution for real estate and construction, has launched The Jones Network, redefining the way tenant, vendor, and subcontractor insurance compliance is currently managed.
Today, commercial real estate portfolios and construction firms have to deal with outdated, analog insurance compliance management. Property managers spend hundreds (sometimes thousands) of hours collecting and reviewing insurance certificates, endorsements and documents from the same vendors multiple times over.
It causes project and payment delays, increases operational costs, and fails to fully protect companies from claims.
The Jones Network provides the industry with a single source of truth for verified insurance data, eliminating the need to collect and review every insurance document from scratch.
Instead of focusing on collecting insurance data for every tenant, vendor, and subcontractor multiple times over, property management and construction teams get instant access to any insurance data they need, allowing them to manage compliance in a much smarter way.
“The idea of data democratization is not exactly new. The rest of the world moved in that direction a long time ago,” says Omri Stern, CEO and Co-Founder of Jones.
“We no longer chase job seeker resumes—we have LinkedIn. We no longer research contacts for decision makers in the sales process—we just go to Zoominfo. Yet, the real estate industry continues chasing every single insurance certificate again and again. We asked ourselves – why isn’t there a database for insurance data? So, we went ahead and built one. That way, insurance compliance will finally stop being a roadblock to transactions and projects.”
The Jones Network is already live in hundreds of New York City properties.
“We were managing insurance compliance with Jones for years and recently implemented The Jones Network in our properties. We already see cost optimization and even higher service standards for our tenants.” says Jonathan Kaufman Iger, the President & CEO of Sage.
“We also finally have visibility and control over such areas as vendor procurement. Jones tells the team how likely a vendor is to be compliant in seconds, so they can make truly informed decisions and plan accordingly.
The idea of building a network of vendors and insurance data has a huge potential to enable our managers to operate more intelligently. It will allow us, as an industry, to provide a level of service that commercial tenants expect and be smarter about focusing on more meaningful tasks instead of reviewing insurance certificates. This is what modern-day CRE standards require, and what modern-day PropTech solutions should look like.”
Today, The Jones Network is available for NYC-based properties and construction projects. In 2023, the company will expand access nationwide and continue adding new functionalities and capabilities to technology stack.
The Vendor Profile: an insurance coverage profile for each vendor alongside predictive analytics on the probability of achieving compliance.
In-Network Vendor Discovery: If a vendor’s COI has ever been collected by anybody at your company, no need to request it again. Access a vendor’s COI in one click.
Features Available Today:
— Access over 30,000 vendor profiles that include verified insurance documents, contacts, and broker emails
— Predict insurance compliance status based on insurance coverage data and calculated against a property or a construction project’s unique insurance requirements
— Share insurance certificates within your company’s properties and projects, eliminating the need to collect the same document twice
— Activate automated software workflows to achieve compliance with vendors, subcontractors and tenants.
Features Available by EoY 2022:
— Access to insurance coverage data will be expanded nationwide
— Jones will add tenant insurance coverage data
Jones is a B2B network that connects real estate managers, construction companies, and commercial tenants with pre-approved vendors for hassle-free procurement. This is made possible by streamlining insurance compliance through AI-driven software and open APIs. Instead of initiating an insurance compliance process that lasts days (sometimes weeks), Jones customers can find, check and verify compliance instantaneously through Jones Network.
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