Third Part Verification Auditors

Third–party prequalification is a rapidly-growing business model providing companies with a convenient way to ensure contractors meet safety, fiscal, and other requirements before being hired to work on a jobsite.

How the Process Works

Companies, often called Owner Clients or Owner Operators, and contractors both pay to secure an account with a third-party auditor, such as ISNetworld®*, PICS®, PEC® Premier, Comply Works, and Canqual.

After establishing an account, the Owner Client uploads requirements specific to their companies, projects, and jobsites; and prospective contractors post detailed qualifications of their company and employees. If a contractor wants to work for an Owner Client, they must ensure they meet all of the needs of the Owner Client.

Throughout the process, the third-party auditor inspects and validates the documentation uploaded. Common types of documentation and requirements include safety programs, training programs, insurance information, workers’ compensation information, incident statistics, financial stability, and past performance

As an Owner Client’s needs change, the contractor must go into their account and update the documentation to meet these new requirements, or risk falling out of compliance.

Usage of Third-Party Auditors

The oil and gas industry is exceptionally receptive of this pre-qualification model. One of the main reasons for the acceptance is a desire to cut down on the staggering fatality rates.

The average fatality rate for all industries-U.S. workers is 3.8 deaths per 100,000 employees. Compare that with a 27.1 per 100,000 for offshore workers, according to data from the Bureau of Labor Statistics, and you can see wherein the need lies

In addition to limiting fatalities and injuries, third-party auditor services help Owner Clients limit liability. The popularity and effectiveness of these services is evident by the rapid growth the past several years by companies such as ISNetworld®*, PICS®, PEC® Premier, Comply Works, and Canqual, and others.

In a September 2013 press release, ISN®* touted how in a short 12 years of existence, the company has grown to service 320 Owner Clients and 50,000 contractor customers across more than 75 countries.

However, it is not only the oil and gas industry in which third-party auditor services is booming.

Textura Corporation, a provider of similar services to the construction industry, recently surpassed $15B in client construction value across the US and Canada. “We are constantly looking for ways to streamline the qualification process from both the subcontractor and general contractor viewpoints,” said Jonathan Halloran, EVP, Client Services, Textura Corporation In a press release issued by the company.

ISN®*’s press release also pointed out that the company’s business is expanding into markets outside of the oil and gas sector.

“ISN’s continued growth is due to the solid relationships ISNetworld helps to foster between our contractor customers and their clients,” says Joseph Eastin, President of ISN. “Our team is dedicated to the success of our members in all industries and regions around the world.”

As the use of these third party verification companies expand, Safety Services Company has witnessed an increase in demand from contractors needing help to maintain their account.

“Often time, the steps required to meet the requirements of owner clients can be daunting tasks,” said Safety Services Company Global Compliance Solutions General Manager Daniel Silverfield. “Because of our expertise in helping thousands of clients with the landscape and requirements of these auditors, we are able to help contractors establish accounts and secure Owner Client approval.”

Improve Your Third Party Verification Success Rate

The key to providing effective third party verification services is finding the sweet spot between qualitative and quantitative performance: delivering a warm, personal interaction while keeping the numbers in line.

One of the key statistics that clients continually monitor is TPV percentage. It’s the Big Daddy of third party verification. Simply put: Of all the calls that get warm transferred from the client to the verifiers, how many get through as “good sales?”

While that metric has a direct impact on the profitability of any campaign, the success rate doesn’t rest with The Sales Verification Company representatives alone.

In fact, TPV percentage can be dramatically increased if the sales agent properly prepares the customer for the verification call.

Here are our tips for sales organizations to improve their stats:

  1. The Customer Warm-Down.After you get a “yes,” but before you transfer to third party verification, briefly recap all program related information with the customer so the process runs more smoothly during the TPV call.
  2. Be Thorough.Answer all of the customer’s questions by the time the TPV call is placed.
  3. No Coaching.Don’t instruct the customer on what to say or how to answer. Instead, educate your customer on the terms that will be used during the TPV call. Make sure they understand the concepts.
  4. Time Check.Set the customer’s expectations for the length of the TPV call (i.e. “a few minutes of your time.”) But the script is a standard length, so don’t underestimate the time required – it will only lead to frustration. TPV is an important step for everybody, so make sure the customer feels good about the process.
  5. Be Reassuring.You have undoubtedly built some rapport with the customer during the sales process. Let the customer know that they’re not abandoned to TPV; that you’ll be back on the line after the verification to answer any further questions (only if this is your standard procedure, of course).
  6. No Talking.Do not interrupt the TPV script in process. This generally results in a failed verification. And watch any overspill of noise from your call center. Better to just put yourself on mute during the entire process.

Sales organizations spend a lot of time training their people on sales techniques and product specifics. Paying equal attention to TPV preparation is an investment that will pay off in efficiency and customer satisfaction

Nothing is more important to your clients than the integrity of the sales process. Understand that with every outbound sales call or in-person customer interaction, your reputation and industry standing is at stake.

Your role should be to protect that transaction, eliminate any misunderstanding and ensure a positive experience on both sides of the agreement.

Having a dedicated staff for TPV professionals creates custom campaigns to address your clients’ every need, and approach each customer interaction with patience, clarity and efficiency.

Regardless of your clients’ product or service, from retail energy and telephone services to insurance policies and credit cards, your TPV solutions can should ensure a quality sales and a positive customer experience.