If you have been working for years in the Insurance industry like us, then you have probably sensed (more than once) that feeling of impending doom when you realize you have hundreds of certificates of insurance that still haven’t been correctly processed.
Issues That Can Seriously Harm Your Business
To make things worse, if you are still not using a certificate of insurance management software then you will have to waste excruciating hours manually processing the never-ending certificate of insurance files.
And it doesn’t stop there, because if you don’t give the proper amount of time and attention to your certificates of insurance, you will most likely be experiencing some of the following issues that will harm your business:
Document depository and storage management
Why waste time and money filing all your certificates of insurance when the Cloud can do the trick? Nowadays you are doing yourself and your company a disservice if you are still using file cabinets to store and manage all your certificates of insurance.
Manually doing this process can cost you many work hours, which can lead to quick mental wear out and consequently, unnoticed mistakes that will harm your business. To avoid this, CTrax uses its Optical Character Recognition (OCR) to quickly scan and upload all your certificates of insurance with a SaaS certificate of insurance tracking solution, which provides you with unlimited access to your certificate of insurance library from any secure computer or mobile device thanks to the Cloud.
In addition to that, you will have the option to quickly and easily import all your certificates of insurance in batches to our database, while also being able to organize them in different projects so you can comfortably and safely access multiple certificates of insurance according to vendor types, industries serviced, or types of coverage required.
Expired/Canceled COIs
You probably have had to come back and forth with a certificate of insurance just because you didn’t know if it had been canceled or expired. This is a very common scenario that can bring on countless problems which will start affecting your revenue, which is why we developed an automated renewal request process, so you can easily schedule renewal requests and generate emails that quickly let all the necessary parties know about their policy status.
You will be able to keep track of all these tedious details and manage with ease all situations, eliminating upkeep and maintenance, while providing automatic reminders/requests for expiring/canceled certificates.
Fake COIs
Even though you might be lucky enough to not encounter a fake certificate of insurance yet, you always need to be aware of the possibility. By using Optical Character Recognition, we can read, analyze and compare all your certificate of insurance information in a matter of seconds, with up to 99% accuracy, making sure all the data in the form is correct by comparing the scanned data with vendors certificate limits, identifying any exceptions and letting you know right away if there is any issue with the information provided.
As a result, you will be able to work every day feeling relieved that you don’t have to spend HOURS checking if a certificate of insurance is real or not because CERTii will do it for you.
Low Productivity
The amount of information each person can handle every day is limited. The more information you must manage, the less time you have to focus on more important tasks. We can see the damage this creates for you and your company by looking at the more than 15 extra hours a week it can take you to correctly track and manage every single certificate of insurance.
With a certificate of insurance management software, you will be able to stop worrying so much about managing documents and start focusing more on risk mitigation. You will also start saving time by avoiding being the middleman; thanks to its portal where producers, providers, and vendors can upload certificates of insurance directly and check the status for on-the-spot verification, taking away from your unnecessary workload.
This is just a glance of the up to 90% return on investment you can achieve, just like some of our renowned clients like Towson University and Gilbert Insurance did.
Stop harming your business and start automating!
After all is said and done, you are the only one that can take the first step toward the future. So, if you want to avoid all these problems from finding you and harming your business, check our CTrax demo today and start optimizing your work!
