When it comes to physical document storage, many things can go wrong: you can slip and forget about specific records, document dates, and other relevant data, papers can get accidentally destroyed or lost, information could be incorrectly inserted, etc. Everyone wishes to avoid this, and the best way to do it is to automate and let sophisticated software handle all of the manual labor. It will give you and your team more time to cover other essential business matters without worrying about document management quality.
CTrax is specially designed software that helps you track and manage certificates of insurance and other related documents.
Batch Uploading
Batch uploading is also referred to as data ingestion. It is a process of uploading multiple files to an online database in an automated manner.
Once you translate your COIs into digital form, using the Optical Character Recognition feature, you can import them to the CTrax library/database, where you can manage and track them. Imagine if you had to do it one by one – it would take ages. But CTrax allows you to upload a whole batch of certificates of insurance and supporting documents simultaneously, significantly reducing risk and possible human error.
CTrax is a Portal for COIs
If you are handling many certificates of insurance, they are probably not all yours. You may sometimes have an insight into many COIs, especially if you do business with several vendors, producers, providers, or other types of third parties. In these cases, you could act as a middleman responsible for COI management.
Luckily, CTrax has got you covered. Besides batch uploading, the tracking system lets you remove the boulder from your back by allowing all third parties to upload their COI to CTrax independently. They will all be stored in the same database, where you can easily access them. The system checks the status of all COIs with on-the-spot verification because if an accident or damage occurs due to hiring a contractor without a valid COI, your business may be forced to pay tens of thousands of dollars.
This feature also allows you to group COIs by project, so all data from users working on the same project are grouped and stored in the same subdatabase, easily accessible to all included parties.
In other words, the CTrax system acts as a COI portal, which scans documents, recognizes errors, groups them by project, and safely stores them in a cloud-based library.
CTrax has many other useful features that make your COI tracking process easier. The goal is to reduce the pressure and responsibilities of manual management by completely removing manual labor and introducing an automated system. An automated system will improve your workflow, staff communication, productivity, and time management and foster a culture of transparency and accountability.
Since you won’t have to pursue clients for updated COIs or spend too much time finding the documents you need and tracking their expiration dates, you can significantly increase response rates.
