Hey there! In this video, I provide a quick overview of how to read your franchise report, which you may receive daily, weekly, or monthly. I break down key metrics like total franchisees, policy status, and compliance status, so you can easily interpret the data. I also highlight the importance of these numbers for understanding your franchise's performance. Please take a moment to review the report and let me know if you have any questions!
What’s Included?
Each of these metrics plays a critical role in helping franchisors maintain insurance compliance, reduce risk exposure, and ensure all locations are properly protected. Here’s why each one is included in the Executive Summary Report:
Total Active Franchisees – Franchisees with Active Coverage
→ This number represents the locations that currently have verified and active insurance policies in place. It’s essential for understanding how well-covered your brand is at a glance.
Total Non-Verified Franchisees – Franchisees with Missing Proof of Coverage
→ Some franchisees may have coverage but haven’t submitted valid proof. This metric helps you pinpoint locations at risk of non-compliance due to missing documentation.
Total Lapsed Coverages – Franchisees with Expired Coverage
→ These franchisees previously had coverage but let their policies expire. This is a high-priority risk because uninsured locations leave your brand exposed to financial and legal liabilities.
Compliant Franchisees Count – Franchisees That Meet All Your FDD Requirements
→ These franchisees have submitted valid proof of insurance that aligns with your Franchise Disclosure Document (FDD) requirements. This count helps you track who is fully compliant and in good standing.
Non-Compliant Franchisees Count – Franchisees That Do Not Meet All Your FDD Requirements
→ These locations lack sufficient coverage or valid proof and may be at risk of violating their franchise agreement. Addressing this group proactively helps avoid liability, audit issues, or franchise disputes.
Total Pending Franchisees – Franchisees That Have No Insurance to Score (Send Them a Note)
→ These franchisees haven’t provided any insurance documentation at all. They need immediate follow-up to ensure they secure proper coverage as soon as possible.
User Access – Very Important!
→ Every brand should have a dedicated person receiving this report, tracking compliance, and keeping franchisees engaged. Encouraging participation during internal all-hands meetings ensures franchisees understand their obligations and stay on top of their insurance requirements. Don't forget to mention Rikor monthly, a little bit goes a long way.
