Logically, human actions can be classified in one of two ways: either a refined, robotic type process that enhances success – or performance errors caused by lack of training, understanding and knowledge. Inadequate attention and poor effort are other reasons that can contribute to unwillingly made mistakes and slip-ups called human errors.
Errors, attributed to the human factor, are an inevitable part of any process performed by people. We totally understand that humans are an essential part of the production, but it is prudent practice to ensure the proper tools are in place to aid in performance.
Mistakes in performance, no matter the type, especially when it comes to tracking certificates of insurance, can be costly.
Welcome to Human 2.0
CTrax is built to automate certificate of insurance management so your staff can be more efficient and effective than ever. Using smart-capture OCR technology, this feature-rich, user-friendly program automates your requests, collection, and compliance resolution through a single, centralized repository.
Our Smart-Capture OCR engine achieves an industry-best 99.9% accuracy for processing COIs as part of a digital transfer two-step procedure. It significantly reduces the chance of human errors, while the automatic renewal requests feature tracks upcoming policy expirations.
Since the system serves as the cloud-based COI portal, you can access your claims 24/7 from anywhere in the world.
With CTrax, you can choose to manage the repository and processes yourself, or you can subscribe to Plus Services and let the JDi team of compliance experts oversee everything, from requests to cancellations.
Advantages of Enhanced Digital COI Platform
Using an automated system takes a boulder off your back. The manual work that COI management requires is a lot of time and attention. Using a Digital COI Platform will leave you and your team more time to dedicate to different matters because the system reduces manual support by handling time-consuming actions automatically.
There are several significant advantages and benefits an enhanced digital COI platform brings.
Compliance Improvement
Expired, fake and unnecessary claims could lower the protection you are expecting from insurance policies. Without a digitized document storage product, you end up with clutter in your filing cabinets, not to mention the search time needed to retrieve a certificate manually. Automated processes oversee all claims, warn you about expirations and send renewal requests. Risk transfer is a major contributor to lowering your internal insurance premiums by decreasing your loss ratio. It leaves a better impression when applying for insurance.
Administrative Burden and Cost Reduction
Employees can manually track COIs for up to 15 hours each week, which costs businesses time and money. Storing everything in the cloud saves you a lot of space and management. Transferring Certificates of Insurance into digital form reduces the cost of manual labor.
Enterprise-wide Reporting and Communication Enablement
The global search bar allows users to discover any document rapidly and will produce results based on any complete or partial search. Your team can be anywhere worldwide with access to the cloud stored data, making communication much easier and more efficient.
IT Spend Reduction with The Cloud
IT services can be pretty costly if you operate on your own. Storing and managing data requires experts in the field and lots of effort. An automated, cloud-based solution helps you save IT expenses and make data access and transfer faster.
Maintain control of the entire process, including collection, evaluation, and follow-up communication with your Insureds.
Final Remarks
At JDi, we know that many businesses have serious concerns about the correct handling of Certificates of Insurance. Human errors are ever frequent and impossible to avoid. To help your personnel work more productively and efficiently we designed CTrax to automate a substantial part of the risk transfer process.
With one tracking system for certificates of insurance, you can secure your WC and GL Loss ratio and prevent premium rate increases. This system is entirely autonomous and built to cut down on manual tasks, such as entry, filing, and administration of COIs, and does not even call for in-house IT expertise!
Why is CTrax Important for Managing Certificates of Insurance? – CTrax
CTrax is the go-to solution for automatically tracking Certificates of Insurance. In a nutshell, it streamlines the process of managing incoming policies and risks.
