Corporate insurance is one of the most important aspects of the successful development of any business. There are three main reasons for this:
- Employees feel more comfortable in your company when they know that their health and life are insured. In other words, they will be more willing to come to you, which means hiring staff will be much easier.
- Lawsuits in the event of an accident can reach hundreds of thousands of dollars. This will negatively affect your organization financially and reputationally. However, insurance can solve all of these problems.
- By purchasing insurance, you can be assured that you won’t have to worry about accidents at work and be assured that they will be resolved safely.
It can be concluded that insurance in any enterprise is very important, whether it is construction, medicine, transport, or any other business.
The basic document for insuring employees, equipment, and facilities is the Certificate of Insurance (COI). It contains the most important aspects of insurance. However, when it comes to large enterprises, registering COI becomes a real problem.
Imagine that you have several thousand employees who use several hundred pieces of equipment located in several buildings. Each of those items requires an insurance document. That means there are more than a few hundred of them at your company.
For each of these certificates, you need to keep track of important factors like expiration date, coverage terms, and so on. Imagine having your employees do this manually. Such work requires hiring additional people to work with insurance, and all their time would be spent working with documents, not identifying weaknesses or minimizing risks.
The Solution To The Problem
To get rid of paperwork forever, start working with CTrax!
CTrax is a COI tracker software that controls the entire insurance documentation process. It automatically scans COIs, adds them to its database, and tracks any changes related to your documents. Most importantly, CTrax can handle ANY number of documents, even if their number reaches several hundred. In other words, your employees will get rid of paperwork and be able to focus on other insurance-related tasks.
How Does It Work?
CTrax downloads and verifies each certificate through its system, thereby verifying its authenticity. This is the process that takes 99% of employee time, as it is quite labor-consuming for a person, but not for the software. It manages incoming certificates better and faster than anyone, even the most highly qualified employee. During processing, CTrax captures and enters all info associated with insurance documents into the system. This allows it to track the critical parameters of each certificate as well as send out expiration notifications for each document.
There are some really big companies that have already entrusted their COI to CTrax:
The university is one of the top 100 public universities in the country with about 20,000 students. The method of manually scanning 300 COIs took about 10 hours a week and was ineffective because errors or flaws in the documents were found in the process. With the implementation of CTrax, this problem has been solved. Towson University now has accurate data on each certificate and can manage it efficiently.
The State Of Nevada
With about 1,000 COIs throughout the state, every one of them should have been accounted for. However, this was not the case, because it was impossible to manually check such a large number of documents. This caused a lot of problems, one of which was getting certificates that had expired over a decade ago! CTrax was the solution that helped the Department of Administration move to automated certificate control processes and solve the existing problems.
Port of Corpus Christi Authority
In its line of business, this organization has high insurance risks. In addition to insuring its employees, it needs to insure the docks as well as a large number of buildings along with their contents. Airlines, Deliveries, Uber, No limit.
COI tracking at the Port of Corpus Christi Authority previously did not meet even the minimum requirements. All certificates were tracked in an Excel spreadsheet and required hours of manual data entry. Of course, this led to mistakes in operation and loss of important data. Through the use of CTrax, they were able to achieve 100 percent compliance in the processing of insurance documents.
Gilbert Insurance Group serves the valley as well as Arizona with a variety of insurance products and high-quality service. The company provides solutions for risk management, implementing CTrax in their everyday workflow. They help construction companies stay in compliance and lower risks and errors in their tasks.