Insurance is an integral part of any business. Not only does it act as a mechanism to protect your employees’ interests, but it also saves you from insurance claims, which can sometimes amount to hundreds of thousands of dollars.
If your business is large enough, you can’t manage it without COI tracking, a system that allows you to monitor the movement of insurance documents for both your company and the one from which you hire employees. COI tracking will save you from paperwork and allow you to track many parameters of insurance documents, thereby creating exactly the kind of secure environment you need to run your business properly.
To make sure that COI tracking is effective, you need to understand the entire process of its work.
The COI tracking process consists of the following steps:
Loading and Recognition
Let’s start with the fact that you have a business that you have properly insured. As a result, you have several dozen insurance documents, each with many parameters that need to be tracked.
You have two ways to do this – monitor these documents manually or use software that will do it for you.
COI Tracking automatically recognizes uploaded documents using OCR technology that immediately reads and enters COI data into the system. This saves you and your employees hours of manual input.
Let’s take the process as an example:
All you need to do is upload your certificate of insurance and enter your email address.
The system will start downloading and recognizing your certificate.
The result will look like this (with your own information of course!).
The recognized document will be sent to your email.
We will also follow up with you to make sure that everything is okay and that you have received your COI. Human validation will also take about 1-2 hours, so expect another email from our support.
As you can see, the procedure is very simple. Downloading and processing a single document takes no more than 30 seconds.
The system analyzes uploaded documents to identify a lack or excess of insurance coverage to determine a company’s total risk. The system accurately looks at the insurance requirements, comparing the scanned data to the limits of the vendor certificates, identifying any exceptions.
The results after such a check are staggering – quite often it is found that the required compliance rate does not exceed 40%. Usually, such figures are the result of expired coverage or inconsistency of insurance coverage with contract requirements.
In addition to the level of compliance, the system helps identify fake insurance certificates through a two-step verification process. In the first step, the system reads each insurance certificate, extracts data from it, and places it on a waiting list. The next step is performed by a team of analysts who verify the information from the reading process, thus identifying fakes.
CTrax users always have the option of contacting the company to verify the policy. This is part of the Plus Service package, which you can find out about by clicking here.
The system tracks the status of each policy by determining many parameters. The most important one is the expiration date of the insurance certificate.
When the number of insurance documents in your company is too numerous to track manually, it is quite difficult to keep track of each of them. So the system does this work for you, and as soon as it detects that one of your policies is about to expire, it automatically sends notifications to your email. You can set up a number of days – 7, 15, or 35 to notify you of renewal requirements.
The system can also be configured to send automatic certificate renewal requests to insurance companies. These documents will be added to your system automatically.
So it’s safe to say that CTrax increases productivity – your employees will spend less time managing documents and more time reducing risk. Plus, you’ll have complete control, allowing you to instantly view all insurance certificate information from anywhere, thanks to cloud-based data storage.
Minimizing risk exposure is a key element of insurance certificate management. CTrax can help ensure all risks and lines of business are covered through automation. With automated processes, organizations limit the likelihood of human error.
Updating and managing all information related to insurance certificates has never been easier.